Goff Corp. Provides Information on Colombia's Dynamic Gold Production Increase Projected to Reach as Much as 3 Million Ounces in 2012 Valued at US$4.8 Billion
Goff Corp. provides information on Colombia's dynamic gold production increase projected to reach as much as 3 million ounces in 2012 with a value of US$4.8 billion - 30% coming from the district where subsidiary Golden Glory Resources is positioned
MEDELLIN, Colombia, Mar 22, 2013 (GLOBE NEWSWIRE via COMTEX) -- via PRWEB - Goff Corporation's ("Goff" or "the Company") (OTCQB:GOFF) wholly owned subsidiary Golden Glory Resources S.A. reports on increased gold production in Colombia over 2012 and increased investment by exploration companies.
Golden Glory Resources S.A, a Goff Corporation subsidiary, has announced its exploration program for 2013 on the Company's La Frontera Gold Project in Department of Caldas, Colombia. The program was initiated based on recently received Technical Reports and information developing from the Colombian Regions of Caldas and Antioquia where Golden Glory holds lease interests.
Goff Corporation President, Warwick Calasse explains, "Our subsidiary Golden Glory Resources has announced a multi-phase exploration program for the La Frontera Gold Project in Colombia. We are receiving data on the region that shows significant increases in gold production and according to officials, a lot of that can be attributed to informal gold mining that is now being registered and applying modern techniques and mining approaches. That's exactly what we have at La Frontera."
Several of the areas on the LGC15011 or the "La Frontera Prospect" were worked for 15 years by small Artisanal miners in the region. The entire lease set is comprised of 1227 hectares of mineral leases in the Aguadas area, Department of Caldas, located about 60 kilometers south of Medellin in Northern Colombia. Roughly 30% of the La Frontera property also straddles the Antioquia region.
According to reports from Colombia's mining regulator, Colombia's gold production grew 33 percent in the January-May 2012 period to 20 tonnes (643,000 troy ounces) of gold versus the same period last year due to new projects coming online.
"That (growth) was possible thanks to the increased number of projects that began producing in the provinces of Santander, Cauca and Antioquia," stated Mario Ballesteros, head of the Ingeominas regulator.
They also project that Colombia could produce around 3 million ounces of gold in 2012, twice as much as the 1.57 million ounces produced last year and much higher than the 501,500 ounces produced in 2006. At today's spot gold price, the total projected production value would be more than US$4.8 billion.
As a by-product of all of the new development, Colombia may attract as much as $5 billion over the next ten years, slightly higher than the $4.5 billion initially expected, according to industry officials. They have detected five new gold projects that will require approximately $5 billion in investment, and the lion's share is coming from foreign companies that are looking to develop the regional gold resources.
Golden Glory Resources expects to pursue its exploration program that will employ leading geological consultants and their own geological staff to carry out the program, including surface sampling and assays, aerial and satellite geological assessment, enhanced surface and in ground imaging and diamond drilling. This first phase exploration is anticipated within 90 days.
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