PHOENIX, Aug. 6, 2013 (GLOBE NEWSWIRE) -- ENSURGE, Inc. (Trading Symbol:ESGI) is pleased to announce that it has acquired a mine license application that has tied up gold bearing property located on the Mazaruni river. Furthermore, the Company has acquired land dredging equipment to be deployed on the property.
In May of this year the Company announced the majority acquisition of TransGlobal Gold Corp., which would result in the company commencing operations sometime in the third quarter of 2013. The Company achieved the recent acquisitions through amending the May Agreement. The acquisitions were accomplished through the new issuance of five million restricted shares. Concurrently, warrants to purchase five million shares were also issued. The Warrants are exercisable at $.15 per share and may only be exercised after the Company has achieved 3,000 ounces in gold production during a three month period.
Chad Mishleau, Guyana Operations Manager for TransGlobal, stated "The newly acquired license application will allow us to forego royalty payments to a land owner and saves us a substantial amount of money over the long-run. Additionally, we have already established camp facilities at the location and the newly acquired dredging equipment should arrive on-site sometime next week. Our site can accommodate up to eight dredges."
Clint Mishleau, President of TransGlobal, stated "We carefully analyze each opportunity to mine in Guyana. Additionally, we work to keep future production costs down through careful equipment acquisitions. Given the current markets in the resource industry, every dollar counts."
The Company's President, Jamie Miller, stated "While many large and junior mining companies are either paralyzed or in a substantial contraction phase this summer, our subsidiary is moving ahead as planned. Today's news confirms that TransGlobal's experience and network in the Guyana mining community will continue to present significant opportunities. We at Ensurge are pleased with our TransGlobal team and continued efforts to advance production."
Jeff Hanks, Director and CFO of the Company, stated "These additional acquisitions and the aggressive moves by our subsidiary keeps us on target for production and revenue by the end of the third quarter of this year."
About Ensurge, Inc.
Ensurge, Inc. ESGI is an Arizona based mining company that has been engaged in exploring and developing gold mining opportunities in Guyana. The Company's primary focus is to bring capital and technology to existing mining operations to recover gold from existing tailings, improve recoveries of existing milling operations and improve mining operations in exchange for an interest in these operations.
About TransGlobal Corp.
TransGlobal Gold Corp. is a holding company organized to acquire and develop mining rights in Guyana. Operations may include either land or river dredging operations. TransGlobal is currently preparing for mining operations of approximately 2500 acres located adjacent to the Mazaruni River in Guyana. Website: www.transglobalgoldcorp.com