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Mustang Geothermal leaving geothermal to focus on gold exploration

Geothermal project site (source: Mustang Geothermal Corp.)
Alexander Richter 19 Sep 2012

Mustang Geothermal, a firm that had been focusing on geothermal development in Nevada/ U.S. and Peru in South America, has announced a change of focus to gold exploration leaving the geothermal business.

In an announcement today, Mustang Geothermal announces that it will from now on focus on gold exploration and rename the company to Dakota Territory Resource Corp.

“Over the past several years, Mustang has been engaged in the business of advancing its geothermal assets in the State of Nevada and Country of Peru. The Company actively pursued conventional and alternative capital financing to fund the development of its properties, but has been unsuccessful due to changing conditions within the industry and other factors beyond the control of the Company.  In early 2012, Management determined that the Company’s prospects for financing it’s geothermal assets were not likely to improve in the foreseeable future and, as a result, began investigations into other business opportunities that fell within the purview of its business profile and classification.”

Source: Company release via NASDAQ