Central African Gold Inc. (TSXV: CAGR) (FSE: BC21) (OTC Pink: NDENF) (“CAGR” or “Central African Gold“) is pleased to announce that with the guidance of independent consultants EcoMetrix and Inerjys, CAGR has identified a strong business case for the implementation of an industrial Solar power project in the DRC as part of a Carbon Credit strategy. The strategic business plan included financial modeling to assess the economic viability of generating a saleable carbon credit and establishing an environmentally friendly sustainable revenue stream. CAGR will now work to secure a Power Purchase Agreement (PPA) with a local industrial electricity consumer as a pilot project. The PPA will allow CAGR to advance discussions with various international funding partners.
Stephen Barley, Executive Chairman stated: “CAGR will retain its primary focus of acquiring and developing energy metals mining projects in the DRC. CAGR has been investigating Carbon Credit generation as a means of creating a near term revenue stream for sustainable environmental and social activities that CAGR would have undertaken anyway as part and parcel of its ESG obligations. Our efforts in conducting a business case study highlighted a clear opportunity to use clean Solar energy to achieve environmental, carbon credit generation and ESG goals within a viable business model. CAGR’s modeling identified that the most attractive project IRR with the shortest payback period is achieved when Solar power is utilized to fully or partially offset power provided by diesel gensets in industrial applications, such as mineral processing facilities. Diesel gensets are widely used in the DRC either due to the lack of availability of electrical power from a constantly overtaxed DRC grid or the total absence of grid power in remote locations. CAGR will continue to work on an effective structure to implement the business strategy and realize the apparent revenue potential.”
About Carbon Credits
A carbon credit is a tradable permit or certificate that provides the holder of the credit with the right to emit one ton of carbon dioxide or an equivalent of another greenhouse gas and is essentially an offset for industries producing green-house gas. The obligation to meet reduced emission targets is now being imposed in most countries with significant penalties for non-compliance. If an industry cannot meet its required levels, there is an efficient global marketplace developing where these companies can purchase carbon credits to offset their emissions. There are three basic types of carbon credit: those from reduced emissions through efficiency such as solar photovoltaic plants, wind and other non-fossil fuel energy sources; removed emissions through carbon capture and planting forests or other vegetation providing a “carbon sink”; and avoiding emissions by increasing mechanical efficiency.
About Central African Gold Inc.
Central African Gold is a natural resource company with a primary focus on the acquisition, exploration, development, and operation of battery metal copper, cobalt, and nickel mineral projects in the DRC. The implementation of a carbon credit program will complement battery metals operations and meet important ESG requirements. Central African Gold has the intention to acquire interests in additional concessions or relinquish concessions in the normal course of business. Central African Gold has an experienced management team located in the DRC.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain “forward-looking information” within the meaning of applicable securities laws including the successful implementation of a carbon credit program; the acquisition of additional copper, cobalt, and nickel projects; the establishment of profitable revenue centers for the Corporation and its DRC partners; the continued growth of the clean technology and carbon credit sectors;. Although CAGR believes considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them as CAGR can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. CAGR undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of CAGR its securities, or its financial or operating results.