Green Technology raises expectations for its gold prospects

US mining firm Green Technology Solutions, Inc (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.

?The Asia Pacific and Africa gold zones are performing as spectacularly as we expected,? the company said.

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.? (romel)