CAMBRIDGE, Mass., Oct. 3, 2011 /PRNewswire/ -- Markray Corp (RVBR.PK) announced today that it has filed a formal application with the local regulatory agency for its permission to increase gold production from the above ground stockpile of reserves which contain 2,393,600 ounces of gold, 26,033,920 ounces of silver and 26,720 ounces of platinum.
According to the company, local authorities need to approve the increase in production due to the requirements of resources such as electricity and water etc. The approvals are expected to be received on or before October 12, 2011. "The current price of gold, silver and platinum being so high, it is our decision to process as much as possible of the stockpile and immediately increase revenue and profit for our shareholders," said Olga Smolnikova, President of Markray Corp. "Our goal continues to focus on increasing production to 200,000 ounces of gold per year," further added Olga Smolnikova.
Markray is in the business of extracting precious metals from stockpiles of raw material. A geological audit of its current reserves concludes that there are the following minerals in the stockpile currently being processed:
The company plans to acquire additional facilities to increase its reserves. Each facility shall be processed by a unique modular plant.
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include the fluctuations in the price of gold and in the event of severe weather conditions. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
SOURCE Markray Corp