VHGI Generating Revenue and Announces Plans to Expand Gold Portfolio
On the other hand, Gold companies have found it more economical to acquire additional gold reserves through merger activities.
Gold manufacturers are increasingly seeking to secure their assets, cut costs and exploit higher gold prices; thus, there are frequent attempts at consolidation, a trend that is likely to continue through 2012.
My point is this: as the price of gold continues to rise, merger and acquisition activity is projected to increase, especially among medium- and small-sized producers in the industry.
It would be interesting to see if that becomes an option since I believe the Company speculates that there could be up to $55 Million in Gold from the sales of its mining operations.
After all, the global gold market generated total revenues of $67.2 billion in 2008, representing a compound annual growth rate (CAGR) of 20.3% for the period spanning 2004-2008. In comparison, the European and Asia-Pacific markets reached respective values of $8 billion and $21 billion in 2008.VHGI GOLD Completes Lease Payment through 2013 for Treasure Gulch Gold Mine
Enters into Discussions with Western Sierra to Further Expand Gold Portfolio
“We continue to move swiftly through Phase 1 Testing and inch closer towards gold production. Once started this effort is expected to increase our revenues dramatically,” stated Jim Renfro, VHGI President.
Scott Haire, VHGI CEO was quoted as saying, “Having had the opportunity to work closely with Western Sierra, we have made the decision to move forward with evaluating additional mining opportunities with them.” Haire continues, “We feel that the timing is right for VHGI to expand its footprint in the gold market and that Western Sierra has several very attractive opportunities that will bring tremendous shareholder value and demonstrate potential revenue growth on a massive scale.”
“There are several mines in Arizona with the potential of producing millions of ounces of gold, the opportunities are bountiful because more areas are being discovered that produce more reserves than the previous,” stated Renfro. “There are over 5 mines that Western Sierra presently has available that we are interested in exploring with each mine having the possibility of producing in excess of 300,000 ounces of gold. We do realize however that the key to any successful gold mining ventures are the locations. Our goal is to be in production and generating revenues by the second quarter of 2010,” continued Renfro.
To read the full press release, please visit: http://finance.yahoo.com/news/VHGI-GOLD-Completes-Lease-prnews-2035814796.html?x=0&.v=1
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