Green Technology Solutions, Inc. (OTCQB: GTSO) raised its own expectations for its Indonesian and African gold prospects this week after a mineral developer active in both regions reported record revenues last week.
Newmont Mining Corp., which develops gold on property neighboring GTSO's prospective claim, reported consolidated revenue of $2.7 billion for the third quarter of 2011, with record cash flow from continuing operations of $1.3 billion for the same period. A portion of Newmont's success is attributable to its gold production operation in Indonesia and Africa, where the company produced a combined 212,000 ounces of gold during the third quarter this year.
GTSO signed an agreement with the mining company New World Energy (NWE) to explore and develop new gold resources in Indonesia earlier this year and is currently pursuing a similar agreement with Chery Minerals, LLC, in Africa.
"The Asia Pacific and Africa gold zones are performing as spectacularly as we expected," said GTSO CEO Paul Watson. "Our competitors in these regions are already bringing in lucrative revenues from their activities, and we look forward to potentially announcing similar exciting news from our forthcoming developments."
GTSO plans to service a fast-growing global appetite for rare and precious metals to compete in an exciting sector that includes the Kinross Gold Corporation (NYSE: KGC), SPDR Gold Shares (NYSEArca: GLD), Barrick Gold Corporation (NYSE: ABX) and AngloGold Ashanti (NYSE: AU).
To track gold's meteoric rise and learn more about GTSO's resource development initiative, please visit www.gtsogold.com/investors.
About Green Technology Solutions, Inc.
Green Technology Solutions, Inc. [www.GTSOgold.com] is a growth-oriented company exploring precious metals production around the world. To learn more, please visit our website at www.GTSOgold.com/investors.
Follow us on Twitter at www.twitter.com/gtsogold.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Contacts:
Green Technology Solutions, Inc.
Paul Watson, 408-432-7285
President
and CEO
info@greentech-solutions.com