GPGI - OTC Global Platinum + Gold, Inc. Announces Sale of Land for $3.2 Million
SALT LAKE CITY, March 20 /PRNewswire-FirstCall/ -- The following is being issued by Global Platinum + Gold, Inc. (OTC: GPGI):
Global is pleased to report that it has completed the sale of
approximately 200 acres of its 307-acre property near Coolidge, Arizona, for $3.2 million. This transaction provides Global with the funding capital necessary to construct its plant on the remaining acreage. Management has already met with contractors and engineering firms to obtain turnkey bids for
permits, architects renderings, buildings and equipment. It is estimated the plant can be constructed and be fully operational in approximately 120 days.
During the construction period Global's research and development department will finalize any new additions to the gold recovery process. Global also intends to complete the research needed to recover other platinum group metals. Global plans to add a line for the recovery of the platinum
group metals when the plant is completed.
Global hopes to commence limited commercial production at its existing facilities during the construction period. Based on our earlier pilot plant recoveries, this could be equal to 10 to 20 ounces of gold per week. Due to the large capital cost involved in the process, until now, we have not had sufficient funding to operate at this large a scale. Since the process of
handling smaller batches at our pilot plant facility is ontrolled, we anticipate there should be no problems with the scaling up of the process.
The plant will consist of approximately 10,000 square feet of processing space with room for expansion. The new plant will be a state of the art facility; partially automated with a well equipped laboratory and an initial capacity to process 10,000 gallons of leach solution per day with an ultimate
goal of 50,000 gallons per day. Please note the Salt Lake City, UT office has been closed and a new corporate office will be located in the Phoenix, AZ area as soon as possible.
Keep checking the Global website for the new address and phone numbers.
The Management team of Global is very excited about the future prospects of the Company and thanks you for your continued support.
SOURCE Global Platinum + Gold, Inc.
Robert J. Nielson of Global Platinum + Gold, Inc., +1-801-573-4131,
nielsonrj@aol.com
20Mar06 14:27 GMT
Symbols:
us;GPGI
Source PRN PR Newswire
