"It is very encouraging to continue to see high-grade gold resources associated with our latest exploration results."
Pahang, Malaysia (PRWEB) January 22, 2014
Verde Resources, Inc. (OTCQB: VRDR) is pleased to provide an update on the expansion plan to ramp up gold production at Site IV-1 of the Merapoh Mine in Pahang, Malaysia. The Company is currently building the new production facility that is expected to begin operation in the next two quarters of 2014. Based on the analysis of mining operation data, the Company is working to optimize the processing plants to best suit the geophysical structure of the deposits. The Company is expecting to run a total of seven production plants with the addition of heavy machineries to support the ramp up production in the next two quarters. Verde Resources is making every effort to be on target to meet the production forecast of 3,600 gold ounces for 2014 with a target yield of $4.5M, based on an average gold price of $1,250 per ounce. This would be an increase from 2013 by nearly 260% and the Company is planning to further increase the production by almost 180% to a projected 10,000 gold ounces by 2015.
In an effort to derive maximum potential value, Verde Resources is also pleased to update on the recent exploration conducted by the in-house geological team for lode gold resources at Site IV-1 of the Merapoh Mine. For the recent surface samples collected from the Site IV-1 prospect, part of the lode gold system returned encouraging results. The samples range from 10 g/t to up to bonanza grade of 61 g/t. Mineralization remains open at depth and will be further tested by drilling. Mr. Wu, President of Verde Resources, said, "It is very encouraging to continue to see high-grade gold resources associated with our latest exploration results. Our in-house geological team has expressed confidence on the potential for further discovery of abundant high grade lode gold resources at Site IV-I of our Merapoh Mine.”
Mr. Wu concluded, “We will use all proven and successful operation procedures in our effort to ensure optimized production that is the most cost effective. Verde Resources is optimistic in meeting our targeted expansion plan and will continue to aggressively explore our mine for high grade lode gold resources to maximize value for our shareholders. We strongly believe that the positive result from our recent lode gold exploration is a major driving force for Verde Resources in achieving the production expansion plan in 2014.”
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 and potential 30 tons of lode gold. Verde is also exploring for potential rare earth elements deposits in various parts of the world.
For more information, please contact Michael Liang: 852-21521223 .
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.