VanEck Vectors Global Alternative Energy ETF

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

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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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VanEck Vectors Global Alternative Energy ETF

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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 87.3 millions as of today (US$ 66.4 millions, € 56.1 millions).

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

Guyana Goldfields has 47 442 200 shares outstanding.

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