Ensurge, Inc. Announces New Acquisition For Gold Production In Guyana
PHOENIX, May 23, 2013 (GLOBE NEWSWIRE) -- Ensurge, Inc. (OTCQB:ESGI) an Arizona based mining company that has been engaged in exploring and developing gold mining opportunities in Brazil is pleased to announce that it has reached an agreement to participate in new mining operations on the Mazaruni river in Guyana through the acquisition of a newly-formed holding company. A year ago the Company deployed processing equipment for testing at a location site near Olive Creek on the Mazaruni. Following some initial testing, the equipment was placed in storage until further deployment.
The Company has now entered into an agreement in which it will acquire 80% of TransGlobal Gold Corp. in exchange for six million shares of the Company's common stock. TransGlobal is the holding company for planned mining operations in Guyana. Through the acquisition of TransGlobal the Company will participate in land dredging operations less than fifteen miles from where the Company's processing equipment is currently stored. Of the six million shares issued in the acquisition, four million shares shall be held in escrow until total production has reached 300 aggregate ounces of combined precious metals.
The Company's small scale commercial gold recovery equipment is capable of processing up to 15 tons per hour. Jeff Hanks, CFO of Ensurge said "We have proven that the equipment works for processing material to recover gold and diamonds. We now have the opportunity to deploy it at a mine site. This opportunity allows us to utilize assets in Guyana while we continue to focus on developing "large scale" operations in Brazil."Chad Mishleau, Guyana Operations Manager for TransGlobal, stated "The land is licensed and cleared, with an initial pit already established. We are gathering other mechanical components for shipment to the mine site. Based upon current transportation time estimates, we currently anticipate dredging operations to commence sometime during the third quarter of this year."
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