Guyana goldfields Inc.

Published : January 27th, 2011

Announces Initial Metallurgical Testing for Sulphur Rose Returning Favourable Results

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Guyana Goldfields announces initial metallurgical testing for sulphur rose returning favourable results

 

 

 

 

 

Guyana Goldfields Inc. (Toronto:GUY.TO) ("Guyana" or "the Company") is pleased to announce the results of initial metallurgical test work performed on samples from its Sulphur Rose property at Aranka.  The work was conducted by SGS Mineral Services of Lakefield Ontario. A Final Report was received on January 13, 2010 and was reviewed by Mr. Les Heymann, P.Eng, the metallurgical consultant to the Company. The Sulphur Rose project is located approximately 23 km northwest of the Company's flagship Aurora Project in the Cuyuni Mining District, Northwest Guyana.

This is the first of what will become a series of metallurgical tests for Sulphur Rose as the project advances into the development stage. 

Highlights of the results are as follows:

  1. Gravity gold recovery is approximately 30%;
  2. Overall recovery (gravity plus cyanidation of the gravity tails) was 91.9%

Mr. Heymann noted that the Sulfur Rose material "is not refractory and is metallurgically similar to the material from Aurora and (we) should be able to treat it in the same mill. Some of the design parameters will be a little different but a good Mill Superintendant should be able to stick handle his way through the differences."

Mr. Les Heymann, P.Eng, is an independent metallurgical consultant to the Company. He monitored the investigation, reviewed the final report, and is acting as the Qualified Person (QP) with regard to the Metallurgy, for this release.

The full metallurgical report is available on the Guyana Goldfields' website.

To date, Micon International Limited of Toronto estimated that the Sulphur Rose property has an initial inferred resource estimate of 6,853,000 tonnes having average grade of 2.09 g/t for a contained 460,400 ounces gold (please see Press Release dated December 31, 2010).

Mr. Patrick Sheridan Jr., CEO of Guyana Goldfields commented, "This recently completed initial metallurgical investigation is a technical development that will positively contribute to the economic evaluation of both Sulphur Rose and the Aurora project."

The Company will continue to explore the Sulphur Rose property by a combination of infill and step-out drilling. Other zones of interest that are proximal to the drilling area are concurrently being evaluated by grid auger drilling and soil sampling.

About Guyana Goldfields Inc.

Guyana Goldfields Inc. is a Canadian based mineral exploration company primarily focused on the exploration and development of gold deposits in Guyana, South America where the Company has operated since 1996.  The Company is currently undertaking drilling and studies to advance and develop the Aurora Gold Project in Guyana.

At the Aranka Properties, currently in advanced staged exploration, drilling of highly prospective targets is ongoing. The Company recently discovered a new gold zone at Sulphur Rose and completed an initial resource.  As at the date hereof, the Company has approximately $60 million in cash and short-term bank guaranteed investment certificates and no debt and 81,565,743 shares issued and outstanding.

All scientific and technical information contained in this press release has been prepared under the supervision of Mr. Les Heymann, P.Eng, a "qualified person" within the meaning of National Instrument 43-101 of the Canadian Securities Administrators.

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties.  These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Guyana, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk.  Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

 

 

Guyana goldfields Inc.

DEVELOPMENT STAGE
CODE : GUY.TO
ISIN : CA4035301080
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Guyana Goldfields is an exploration gold company based in Canada.

Guyana Goldfields holds various exploration projects in Canada and in Guyana.

Its main asset in development is AURORA in Guyana and its main exploration properties are LANGIS, KUGLUKTUK (FORMERLY COPPERMINE), ABITIBI BELT and COPPERMINE RIVER (CORONATION GULF) in Canada and PETER'S MINE, AREMU, ARANKA, POMEROON HEAD / FISH CREEK, OKO and SULPHUR ROSE in Guyana.

Guyana Goldfields is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 123.2 millions as of today (US$ 94.9 millions, € 85.0 millions).

Its stock quote reached its highest recent level on March 18, 2011 at CA$ 9.99, and its lowest recent point on November 01, 2019 at CA$ 0.46.

Guyana Goldfields has 171 150 000 shares outstanding.

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