LOS ANGELES, Aug. 16, 2016 (GLOBE NEWSWIRE) -- WGE Holdings Corp. (OTC:WGEE) today announced its gold production operations generated revenue of $1,020,000 in the second quarter ended June 30, 2016 compared with $279,000 for the preceding seven months since the company’s inception.
Net profit for the quarter was $422,000 compared with $65,000 for the preceding period. The company recently completed the process of reorganization and integration following its acquisition of an established and operational gold production platform in South East Asia.
The company, to be renamed Consolidated Gold Holdings Corp, currently operates two independent gold production facilities in Northern Indonesia with a total reserve area exceeding 60 hectares, and monthly production capacity of 15kg (approx. 500oz) of 99% pure gold. Production facilities include an established cyanidation-based gold processing facility -- including more than 40 ball mills, five flotation tanks, state of the art tailing facilities, on-site gold smelting and administration and office buildings. This operation complements the company’s heap leaching facility operating off a 3,500-ton capacity leach pad, which was recently upgraded with a state of the art carbon filtration plant, new plumbing and water supply and office facilities.
The company’s gold operations are located in a high grade volcanic hosted ore deposit which stretches in an arc across the northern part of Sulawesi Province in Indonesia -- an area originally surveyed and exploited by Newmont Mining, one of the world’s largest mining companies.
“I am very pleased to be able to report an inaugural profit for our recently acquired gold production operation. As we continue the process of increasing output at our existing facilities and bringing new production on stream, we anticipate continued healthy increases in revenue and profit for the remainder of the year,” said Herbert Adamczyk, chairman.
“We believe uncertainties in the global economy will underwrite continuation of the upward pressure on the gold price, which has now increased by 25% during the past six months. Our operations enjoy a very low production cost of approximately $500/oz. Against this background, we believe that a firm gold price, combined with our scheduled acquisitions of producing facilities in Indonesia and the Philippines, including a producing property with one million ounces in estimated reserves, will provide a healthy return to our shareholders over the reminder of the quarter and during the next two years,” Adamczyk said.
Full financial disclosure for the period can be reviewed under ticker symbol “WGEE” on the OTC Markets website.
About WGE Holdings Corp.
WGE Holdings Corp. (to be renamed Consolidated Gold Holdings Corp.) is a company with a strategic, high growth investment platform targeting countries in South East Asia, one of the world’s best performing economic regions, with a specific focus on mining and production of gold. The company has operating gold mines in Indonesia and is in the process of acquiring additional capacity through acquisition of additional reserves and production capacity both in Indonesia and the Philippines. The company’s gold production costs are amongst the lowest in the industry.
Some of the statements contained in this news release discuss future expectations, contain projections of results of operations or financial condition or state other "forward-looking'' information. These statements are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from those contemplated by the statements. The forward-looking information is based on various factors and is derived using numerous assumptions that may cause actual results to differ from projections. Words such as "anticipates,'' "expects,'' "intends,'' "plans,'' "believes,'' "seeks,'' "estimates,'' and variations of such words and similar expressions are intended to identify such forward-looking statements. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.