Guyana goldfields Inc.

Published : September 21st, 2015

Guyana Goldfields Inc. Announces Aurora Gold Mine is Mechanically Complete

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Keywords :   Debt | Gold | Gold Mine | Gold Production | Oil |

Guyana Goldfields Inc. Announces Aurora Gold Mine is Mechanically Complete

TORONTO, Sept. 21, 2015 /CNW/ - Guyana Goldfields Inc. (GUY.TO) (the "Company" or "GGI") is pleased to announce that its saprolite circuit is fully operational and its hard rock circuit is mechanically complete at its Aurora Gold Mine (the "Project") in Guyana, South America.

Previously, the Company announced that it had obtained first gold production through the gravity and saprolite production circuits which allowed for earlier gold production (pre-commercial production) through the processing plant (see press release dated August 4, 2015). The saprolite circuit is now fully operational along with the semi-autogenous-grinding mill, gravity circuit, carbon-in-leach tanks, tailings line, and gold refinery. The hard rock crushing circuit has been commissioned and is mechanically complete and is awaiting hard rock for processing.

The Company expects to produce between 30,000 ounces to 50,000 ounces of gold in 2015, depending on how quickly full ramp-up is achieved, and approximately 120,000 ounces to 140,000 ounces of gold in 2016. To date, GGI has milled approximately 80,000 tonnes of ore to date and mined approximately 190,000 tonnes of ore and 549,000 tonnes of waste. Total gold produced to date is approximately 1,800 ounces. First gold sales are anticipated at the end of September. GGI is sufficiently funded to complete construction of the Aurora Gold Mine with the Project remaining on budget with an untouched US$52 million of overrun facility available, if needed.

GGI has entered into a swap transaction with one of its debt syndicate lenders which establishes a ceiling for approximately one-third of the Company's diesel fuel purchases over the following two years. The price was based on US$39.00 WTI Crude Oil and settles monthly with no margin requirements. The Company will continue to monitor its exposure to fuel prices and will seek to further reduce this exposure going forward.

GGI expects to issue an updated National Instrument (NI) 43-101 Technical Report Feasibility Study in the fourth quarter of 2015 for the Project which will reflect an extended open pit mining scenario while deferring the underground production until later in the mine life, as well as, current operating cost parameters and reserves based on updated metal prices.

Scott A. Caldwell, President and CEO, commented: "Having the full saprolite circuit and hard rock circuits successfully running brings us one step closer to full operational status as we continue ramping-up and delivering our milestones."

About Guyana Goldfields Inc.

Guyana Goldfields Inc. is a Canadian based company, focused on the exploration and development of gold deposits in Guyana, South America. GGI is an emerging producer with the onset of its 100% owned Aurora Gold Mine which achieved first production in mid-2015. The Aurora Gold Mine has a total gold resource of 6.54 million ounces in the measured and indicated categories (62.83 million tonnes at 3.24 g/t Au) as well as an additional 1.82 million ounces in the inferred category (16.93 million tonnes at 3.34 g/t Au).  For further details, please refer to the press release dated December 9, 2013 and the report entitled "NI 43-101 Technical Report, Updated Feasibility Study – Aurora Gold Project" dated January 29, 2013 available on SEDAR at www.sedar.com

Forwarding-Looking Information

This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the estimation of mineral resources. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the receipt of applicable regulatory approvals, the timing of the advance of the funds pursuant to the project loan facility to fund the development and construction of the Aurora Gold Project (the "Facility"), fulfilling all conditions precedent to the advance of funds pursuant to the Facility, general business, economic, competitive, political and social uncertainties; the actual results of exploration activities; changes in project parameters as plans continue to be refined; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in GGI's annual information form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Read the rest of the article at finance.yahoo.com

Guyana goldfields Inc.

DEVELOPMENT STAGE
CODE : GUY.TO
ISIN : CA4035301080
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Guyana Goldfields is a gold exploration 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$ 314.9 millions as of today (US$ 239.5 millions, € 202.4 millions).

Its stock quote reached its highest recent level on March 18, 2011 at CA$ 9.99, and its lowest recent point on March 20, 2020 at CA$ 0.25.

Guyana Goldfields has 171 150 000 shares outstanding.

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Financings of Guyana goldfields Inc.
3/12/2013closes private placement financing with IFC
4/4/2011Confirms Exercise of Warrants by IFC
5/20/2009announces private placement increase
5/15/2009Announces $12,050,000 Non-brokered Private Placement
Nominations of Guyana goldfields Inc.
12/23/2013Announces Changes to its Board of Directors
6/3/2013Continues to Strengthen Management and Hires New President A...
5/21/2013Strengthens Its Senior Management Team and Announces New Chi...
9/10/2012Announces Mr. Marcel F. DeGuire as President & Chief Ope...
6/7/2012Appoints Mr. Scott A. Caldwell To The Board of Directors
4/5/2010Appoints Mr. Paul Murphy as Executive VP, Finance and CFO
2/11/2010Appoints Vice President, Exploration and Provides Update
Project news of Guyana goldfields Inc.
9/16/2015Canadian company opens large-scale gold mine in Guyana
12/12/2014(Aurora)Inc: SAG Mill Arrives At Aurora Gold Project
6/9/2014(Aurora)Aurora Gold Project Fully Funded; Guyana Goldfields Secures ...
5/21/2014Australian company to open gold mine in Guyana
12/9/2013(Aurora)Approves US$238M Aurora Gold Project Spend; Selects EPC Cont...
10/17/2013(Aurora)Orders Long Lead Time Equipment and Provides Aurora Gold Pro...
9/9/2011(Aurora)Provides an Update on the Aurora Feasibility Study and Deep ...
5/6/2011(Aurora)Completes Successful Analyst Site Visit to the Aurora Gold P...
4/27/2011(Aurora)Agrees To Divest Non-Core Assets and Focuses on Immediate ...
2/28/2011(Aurora)Significantly Increases Mineral Resources and Grade at the ...
1/27/2011(Sulphur Rose)Announces Initial Metallurgical Testing for Sulphur Rose Ret...
8/24/2010(Aurora)announces new additions to the Aurora gold project team
8/4/2010(Aurora)Hires Key Members of the Project Team to Advance the Feasibi...
6/21/2010extends high grade gold zones at Sulphur Rose
4/6/2010(Aranka)Intercepts More Significant High Grades at Sulphur Rose
3/15/2010(Aurora)Hires Key Members Of The Project Team
3/4/2010(Aranka)Announces New Discovery At Aranka
10/20/2009(Aranka)Property Acquisition and Drilling of New Target Areas at Ara...
8/24/2009(Aurora)reports Robust Projected Economics from Preliminary Assessme...
12/8/2008(Aurora)Announces Increased Resource at Aurora 3.69 Million Ounces M...
8/12/2008(Aurora)Preliminary Assessment Report Positive for Aurora Project
4/25/2008(Aurora)Aurora Exploration Update
Corporate news of Guyana goldfields Inc.
8/1/2017Reports Second Quarter 2017 Results and Maintains Production...
6/27/2016Guyana Goldfields Inc. Announces Increase To Prevously Annou...
6/27/2016Guyana Goldfields Inc. Announces C$110 Million Bought Deal F...
6/14/2016Guyana Goldfields Inc. Added to the S&P/TSX Composite Index ...
5/9/2016Guyana Goldfields Inc. Reports First Quarter 2016 Results; S...
5/9/2016Guyana Goldfields Inc. Announces Results of Shareholders’ Me...
1/14/2016Guyana Goldfields Inc. Updates Mineral Reserves at US$1,000/...
1/5/2016Guyana Goldfields Inc. Produces 35,901 Ounces of Gold in 201...
10/29/2015Guyana Goldfields Inc. Announces First Gold Sale at Its Auro...
10/23/2015Canada's Guyana Goldfields says notified of possible Venezue...
10/23/2015Guyana Goldfields Inc. Comments on Venezuela Border Dispute
10/5/2015Guyana Goldfields Inc. Announces Scheduled Departure of Chie...
9/21/2015Guyana Goldfields Inc. Announces Aurora Gold Mine is Mechani...
9/17/2015Guyana Goldfields Inc. Announces Inclusion in the S&P/TSX Gl...
8/21/2015Guyana Goldfields Inc. Files Amended and Restated AIF
8/4/2015Guyana Goldfields Inc. Pours First Gold at its Aurora Gold M...
12/12/2014Guyana Goldfields Inc: SAG Mill Arrives At Aurora Gold Proje...
12/5/2014Receives Outstanding Achievement Award
12/5/2014Guyana Goldfields Inc. Receives Outstanding Achievement Awar...
10/20/2014Achieves Financial Close and First Drawdown of the US$185 Mi...
10/20/2014Guyana Goldfields Achieves Financial Close and First Drawdow...
9/3/2014Guyana Goldfields Completes US$185 Million Project Finance F...
8/12/2014Announces Change in Financial Year-End
8/12/2014Guyana Goldfields Announces Change in Financial Year-End
6/27/2014Announces Closing of Private Placement to Raise $44.4 Millio...
6/27/2014Guyana Goldfields Announces Closing of Private Placement to ...
6/13/2014S&P Dow Jones Indices Announces Changes to the S&P/TSX Canad...
6/11/2014Guyana Goldfields Announces Fully Subscribed Private Placeme...
6/9/2014Aurora Gold Project Fully Funded; Guyana Goldfields Secures ...
4/28/2014announces results of Annual Shareholders' Meeting
4/28/2014Guyana Goldfields Inc. announces results of Annual Sharehold...
12/16/2013on BNN Tomorrow!
11/5/2013Signs Mandate Letter for US$165 Million Debt Facility with t...
4/26/2013announces results of shareholders' meeting
4/9/2013Adopts Advance Notice By-Law
2/22/2013Announces Closing of C$100 Million Offering
1/30/2013(Aurora)Announces Filing of NI 43-101 Technical Report for the Auror...
1/11/2013Announces Updated Feasibility Study with $800 Million NPV an...
10/14/2011BNN Interview Link
10/13/2011to air on BNN Friday, October 14th
10/5/2011Signs Memorandum of Understanding for the Mineral Agreem...
5/2/2011(Sulphur Rose)Confirms and Extends to Depth Gold Mineralization at Sul...
4/13/2011ANNOUNCES CORPORATE GOVERNANCE UPDATE
3/7/2011Archer Petroleum Closes Purchase and Sale Agreement on Matag...
7/29/2010ANNOUNCES ACCELERATION OF WARRANT EXPIRY DATE
3/19/2010to be Included in S&P/TSX Global Mining Index and Global Gol...
2/18/2010Announces Exercise of Over-Allotment Option
1/25/2010Announces Closing of $69,500,000 Offering
1/15/2010Announces Signing of Underwriting Agreement and Pricing of O...
1/11/2010Announces Filing of Short Form Preliminary Prospectus
10/19/2009Initial Coverage by J.Taylor's Energy, Gold & Tech Stocks
10/9/2009Discovers a New Mineralized Zone
9/30/2009to be Featured on CEO Clips Airing on BNN and Audio Recordin...
9/9/2009Completes Successful Analyst Site Visit and Provides Marketi...
8/21/2009Normal Course Issuer Bid
7/17/2009Wits Gold Outlines Uranium-gold Resources in the Beisa North...
6/10/2009Announces Closing of Second Tranche of Offering
1/22/2008Aurora Exploration Update - 190m @ 5.09 g/t Au
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