PORT ST. LUCIE, Fla., Jan. 29, 2013 /PRNewswire/ -- Ghana Gold Corporation (OTCPINK: GGCO) is pleased to announce that in 2012 it produced a total of 18,878 grams (approximately $50 per gram and $949,573 gross annual revenues) in its first year of production (Production reports are based upon a consolidation of WAP and Ghana Gold Production).
Management's goal is to increase production by 20% in the first quarter of 2013. This will be achieved with the implementation of new equipment and concentration of alluvial efforts targeting expansion to the SW corner of the 133 sq km Jukwa Concession. The Company plans in February to commence mining in its new target zone within the Jukwa where test results have reached 2.5 gpt.
It is important to note that Ghana Gold's business model is to produce alluvial gold while conducting typical Junior Mining testing for hard rock deposits. This strategy maximizes shareholder value with current revenue while proving up additional gold reserves. Testing in the immediate future is planned at both the Jukwa and Ahenkro concessions. Together these two concessions combine to approximately 235 sq. km., both with long term production potential.
Robert Kirkcaldy, COO states, "The Company will be releasing monthly production reports on the second Monday of the following month for the previous month's production." Kirkcaldy also stated, "Revenues will be reported in quarterly filings as the Company continues its path to becoming a fully reporting OTC issuer."
SOURCE Ghana Gold Corporation