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Guyana Goldfields Inc. Strengthens Its Senior Management Team and Announces New Chief Operating Officer
Published : May 21, 2013
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Guyana Goldfields Inc. Strengthens Its Senior Management Team and Announces New Chief Operating Officer

TORONTO, May 21, 2013 /CNW/ - Guyana Goldfields Inc. ("GGI" or "the Company") (TSX: GUY) is pleased to announce the appointment of Mr. Peter Lello Galassi ("Lello") to the position of Chief Operating Officer ("COO") of the Company, effective immediately. Mr. Galassi will be based in Georgetown, Guyana and will be responsible for all daily operations related to the Aurora Gold Project in Guyana, South America.

Patrick Sheridan, Founder and CEO, states, "The addition of Lello is a significant milestone in the corporate development of the Company and substantially strengthens our technical expertise. His disciplined background and experience in mine development and execution solidifies GGI's ability to advance the Aurora Gold Project and transfer the Company from an exploration to a development stage company as we build the mine. Lello's exceptional track record of designing and building mines on budget and on time is particularly important for the Company as we continue to maintain our guidance. We anticipate announcing additional senior management appointments and changes in the coming months."

Mr. Galassi has over 15 years of experience in Senior Project Director roles where he budgeted, implemented, built, commissioned and turned over large international development projects in Peru, Chile, Australia, Democratic Republic of the Congo, and Guinea.  Mr. Galassi has an outstanding project track record in delivering safety, cost effectiveness, and scheduled timelines. He previously worked for Rio Tinto Iron Ore ("Rio Tinto") as the Senior Project Manager for the multi-billion dollar Simandou Project in Guinea, West Africa starting in 2008 where he led brownfield and greenfield expansion projects ranging from mine to port structures, equipment and systems.  In 2010, Lello was promoted to Project Director, General Manager and led the feasibility study process, early works program and constructed the in-country management team for its expansion projects.

Prior to Rio Tinto, Mr. Galassi was the Senior Project Manager of the Tenke Fungurume Mine in Democratic Republic of the Congo for Freeport McMoRan from 2004 to 2008. Lello managed the engineering, procurement and construction of the project, including a new process plant, housing, support infrastructure, power, roads and airfield access developments as well as directed numerous international consultants as the Feasibility Study Manager.

From 1998 to 2004, Lello worked for RAHCO International, Inc. as the Senior Project Manager for the Morenci Mine and later on became the Chief Operations Officer, Vice President where he led operations teams in project management, engineering, manufacturing, purchasing, shipping, and field service for the development, production and delivery of large mining equipment for international mining companies.

Mr. Lello Galassi states, "I look forward to this opportunity in joining senior management and the Aurora project team at this exciting time. My key focus will be the efficient and safe construction of the project while achieving ramp-up and operating goals in a way that maximizes the return to our shareholders and meets our projected milestones on time and on budget."

Mr. Galassi holds advanced-degrees in Aeronautical and Astronautical Engineering and is a Level III Senior Project Manager graduate from the Air Force Institute of Technology and the University of Washington. He served a 20-year long career in the U.S. Air Force as a senior officer leading teams in development of military defense systems and leading Air Force survival, evasion, resistance, and escape training operations throughout the world.

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 where the Company has operated since 1996. The Company is focused on bringing the Aurora Gold Project into production with infrastructure development currently underway. Active exploration continues at Aurora and at the Company's Aranka Group of Properties with the intention of further expanding these resources. Greenfields exploration by our experienced team of geologists is ongoing in the broader Aranka group of properties. As at the date hereof, the Company has approximately C$122 million in cash and cash equivalent and no debt; there are approximately 126,125,149 shares issued and outstanding.


SOURCE: Guyana Goldfields Inc.

For further information:

Guyana Goldfields Inc.
Patrick Sheridan, Jr
Chief Executive Officer

Jacqueline Wagenaar
Vice President, Investor Relations & Corporate Communications

Tel: (416) 628-5936 Ext. 2295
Fax: (416) 628-5935
E-mail: jwagenaar@guygold.com
Website: www.guygold.com

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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
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Nominations of Guyana goldfields Inc.
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Project news of Guyana goldfields Inc.
9/16/2015Canadian company opens large-scale gold mine in Guyana
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