Green Technology Solutions (GTSO) has signed a definitive agreement with New World Energy (NWE) to explore and develop gold resources in Indonesia.

GTSO and NWE will jointly secure the mining rights for the 202km² area of mineral-rich land on the Island of Lombok in Indonesia.

Indonesia contains massive untapped reserves of the lustrous metal, making the country a prime target for increased development.

The price of gold has risen more than 30% in 2011 as investors seek strong, safe growth in a tumultuous world economy.

GTSO CEO John Shearer said that the global demand for gold is rising and the firm is planning to capitalise on market forces by tapping into some of the richest gold reserves on the planet, with the help of NWE.