Pahang, Malaysia (PRWEB) December 12, 2013
Verde Resources, Inc. (OTCQB: VRDR) is ramping up to hit production forecasts of 3,600 gold ounces annually with a target yield of $4.7M. This would be more than 2.6 times the current rate of production. This announcement follows the indications of large deposits of valuable Rare Earth Elements at the Company’s Pahang, Malaysia mine.
Verde Resources produced 1,005 gold ounces over the past eleven months. With $10M USD already invested into the Merapoh Gold Mine, the Company expects production to reach 3,600 ounces gold in 2014, with $4.7M annual yield, based on an average gold price of $1,300 per ounce.
An independent technical consulting firm has reported 4 tons (approximately 140,000 ounces of alluvial gold resources) plus potential of 30 tons (approx. 1,060,000 ounces) of lode gold for the Merapoh Gold Mine. The market values of these 1.2 million ounces of gold provide a potential revenue stream of US$1.56 Billion for Verde Resources.
The production increase at Site IV-1 of Merapoh Gold Mine is the result of the $10 million infrastructure investment. The mining equipment, processing facilities, laboratories and warehouses that are currently in operation at the mine site should allow the Company to reach their production target of 3,600 gold ounces for 2014.
In order to achieve maximum potential value, Verde Resources will continue to expand on gold production, conduct further exploration of the mine site for prospects of lode gold as well as other valuable Rare Earth Elements. Verde Resources is confident of making significant achievements in the year 2014.
Mr. Wu, President of Verde Resources, said “We are very excited that exploration works for lode gold resources and Rare Earth Elements are making such tremendous progress. We have always known that the Merapoh Mine was an incredible investment for our Company. But the indications of Rare Earths may well be the game changer that puts Verde Resources on the investment map.”
Rare Earth Elements are the key components for making a wide array of electronic products that are an indispensable part of our daily lives. From cell phones, to computers, to satellites to weaponry and MP3 players, they all require Rare Earth Elements. Verde is forecasting production of 2,000 tons of Rare Earth Elements annually, equaling $80 Million USD in sales per year.
Mr. Wu concluded, “Combined with our 4 tons of alluvial gold resources and potentially 30 tons of lode gold at the Merapoh Mine site, Verde Resources believes the discovery of Rare Earth Elements is a sign of great things to come for our shareholders. We will continue to aggressively explore our mine holdings to maximize value from our gold and Rare Earth resources. We strongly believe that 2014 will be the breakout year for Verde Resources and our shareholders.”
About Verde Resources, Inc.
Verde Resources, Inc. is an exploration stage mining company focused on global mining acquisition and development opportunities. Verde owns the management rights of Site IV-1 of the Merapoh Gold Mine in Pahang, Malaysia, which has four tons of alluvial gold resources, potential 30 tons of lode gold and has indication of large deposits of Rare Earth Elements.
For more information, please contact Michael Liang: 407-921-7032
Safe Harbor Statement
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.