GTSO Moves Forward on Indonesian Gold Agreement SAN JOSE, Calif., Sep 01, 2011 (BUSINESS WIRE) -- Encouraged by a 12-percent rise in gold prices in August, Green Technology Solutions, Inc. (otcqb:GTSO) will move forward with negotiations toward a definitive agreement with mining company New World Energy and Minerals (NWEM) to explore and develop gold properties in Indonesia.
"The price of gold rose $201 in August, a 12-percent gain," said GTSO CEO John Shearer. "Gold and precious metals are currently the world's hottest commodities, with plenty of room to keep growing. Precious metals development is a major priority for GTSO, and we expect to capitalize on rising demand by announcing a definitive agreement with NWEM very soon."
NWEM is working to secure the mining rights to more than 50,000 acres of mineral-rich land on the Island of Lombok in Indonesia. One of the world's largest producers of gold, Indonesia contains massive untapped reserves of the lustrous metal, making the country a prime target for increased development. As worldwide demand rises, the price of gold is up more than 30 percent in 2011 as investors flock to precious metals as a safe haven in a tumultuous world economy.
"Market forces have created an opportunity for resource development in Indonesia that we feel is too good to pass up," Shearer said. "That's why we're moving forward with NWEM."
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