Guyana goldfields Inc.

Published : August 01st, 2017

Reports Second Quarter 2017 Results and Maintains Production Guidance

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Guyana Goldfields Inc. (TSX: GUY) (the "Company") reports its 2017 second quarter operational and financial results. All amounts are expressed in U.S. dollars unless otherwise stated. A conference call will be held tomorrow at 10:00 am ET to discuss the results (details below). 

Q2 2017 Operational Results
  • Gold production of 29,700 ounces based on mill throughput of 515,600 tonnes at an average head grade of 2.06 grams per tonne gold (g/t Au) and average recoveries of 86.5%.
  • Operating cash costs¹ for the quarter of $757 per ounce and All In Sustaining Costs ("AISC")¹ of $1,144 per ounce.
  • The Company maintains its 2017 production guidance and expects to come in at the lower end of the guidance range of 160,000 - 180,000 ounces of gold.
  • The Company's balance sheet remains strong with its cash balance of $65..4 million versus a debt balance of $68.8 million. The fair market value of the Company's investment in SolGold plc at quarter end was $52.2 million.
  • The Company continues to have an excellent health, safety and environmental track record with over 3,500,000 employee hours worked without a lost time incident.
[1]This is a non-IFRS measure.  Refer to Non-IFRS Performance Measures section in the June 30, 2017 MD&A.

Scott Caldwell, President & CEO stated, "The Company experienced a weaker quarter with respect to both production and cost performance. This was primarily attributable to lower than expected grades from stockpiled ore being fed to the mill and a higher strip ratio in the quarter. The Company does not expect these issues to recur in the second half of the year with mill feed ore being sourced predominantly from the higher grade tonalite at Rory's Knoll while the strip ratio is expected to decline significantly in both the third and fourth quarters based on mine sequencing.Looking forward, the Company's 2017 production guidance remains unchanged and July's preliminary cost and operating performance is trending favourably on all metrics and we anticipate a strong third quarter and finish to the year."

Preliminary Q3 Results
  • For the month of July 2017, operational and cost performance trended favourably, as expected.
  • Gold production from July mining operations totalled approximately 12,100 ounces. Mine and mill performance was above budgeted levels with the mill having processed an average of 6,032 tonnes per day ("tpd") of ore at an average head grade of 2.21 g/t Au with gold recoveries averaging 89.5%. 
  • Cost efficiency was further achieved at the beginning of the third quarter as the Company commissioned two new drill rigs resulting in only minor reliance on the use of more expensive rental drills. In addition, bulk emulsion explosives were being used for all blasting activities post quarter end after a delay in the delivery of the explosives from the manufacturer resulted in a shift back to more expensive packaged explosives in the second quarter.

     
For the full version of the press release, please click here.

Conference Call Details

Participants may join the call by dialing North America toll free 1-888-231-8191 or 647-427-7450 for calls outside Canada and the U.S., and entering the participant passcode 47293228.

A live and archived webcast of the conference call will also be available at www.guygold.com for 90 days under the Investors and Events & Presentations section or by clicking here.

A recorded playback of the second quarter 2017 results call will be available until August 8, 2017 by dialing: 1-855-859-2056 or 416-849-0833 and entering the call back passcode 47293228.

Please don't hesitate to contact me if you have any questions!
  
Best Regards,
 
Jacqueline Wagenaar  
Vice President, Investor Relations & Corporate Communications  
 
Guyana Goldfields Inc.| 1608-141 Adelaide St. West,
Toronto, Ontario, Canada M5H 3L5
D: 416-628-5936 Ext.5295 | E: jwagenaar@guygold.com

CEO Interview 

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Guyana Goldfields Inc  |  TSX : GUY  |  www.guygold.com |
Guyana Goldfields Inc, 141 Adelaide St. West, Suite 1608, Toronto, ON M5H 3L5 Canada
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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$ 243.0 millions as of today (US$ 183.5 millions, € 162.4 millions).

Its stock quote reached its lowest recent point on May 14, 2004 at CA$ 0.46, and its highest recent level on March 18, 2011 at CA$ 9.99.

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.
5/26/2015Appoints Wendy Kei to its Board of Directors
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
9/3/2014(Aurora)Completes US$185 Million Project Finance Facility: Aurora Go...
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...
3/15/2016CIO of Rosseau Asset Management Warren Irwin Interviewed by ...
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...
5/27/2015Guyana Goldfields Inc. Commences Mill Commissioning; First G...
5/26/2015Guyana Goldfields Appoints Wendy Kei to its Board of Directo...
5/19/2015Announces Results of Shareholders' Meeting
5/19/2015Guyana Goldfields Inc. Announces Results of Shareholders' Me...
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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