Westbury, NY (PRWEB) March 29, 2012
Geotech Oil Exploration Inc. (“Geotech”) (F: P19) is pleased to announce that the company has expanded the scope of its business to include exploration and development of mineral resources, primarily gold. In implementing that strategy, Geotech has acquired all the issued and outstanding shares of Morgan Resources, Inc. (“Morgan”). Morgan has a one hundred percent (100%) interest in the Hill of Gold project located near Tonopah, Nevada.
Tonopah has a long mining history and is called “Mining Town U.S.A.” It was the site of one of the largest mining booms in U.S. history and produced 178 million ounces of silver and 1.8 million ounces of gold. It is situated within the Walker Lane Trend which hosts some of the most famous gold and silver deposits in Nevada and California. These include the Comstock, Central Tonopah, Goldfield and Round Mountain districts. The Walker Lane Trend runs NNW-SSE along the California Nevada border and has produced more than 35 million gold equivalent ounces. Round Mountain, 50 miles to the north of Tonopah continues to be one of the largest producing mines in Nevada.
Prior operators of the Hill of Gold property conducted drilling and exploration programs which defined gold resources. Based upon their preliminary work, they believed that the property had the potential for hosting more than 200,000 ounces of gold. “We look forward to continuing that work by starting an aggressive exploration program and evaluating the potential of multiple targets on the Hill of Gold property. We expect that mapping and other exploration activities will commence in the next 90 days,” stated James Taormina, President and CEO.
About Geotech: Geotech Oil Exploration Inc., publicly listed on the Frankfurt Exchange (F: P19), is a resource exploration company focused on creating value for shareholders through the discovery and development of quality mineral resources primarily in the western United States. The Company’s quest for gold producing properties is the initial phase of this effort and management is of the opinion that this first acquisition provides a per share value in excess of the present quoted share price.
Address: 8 Maple Street, Suite 102
Westbury, NY 11590
Forward Looking Statements. This Company news release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.