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Guyana Goldfields Announces Filing of NI 43-101 Technical Report for the Aurora Gold Project
Published : January 30, 2013
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Guyana Goldfields Announces Filing of NI 43-101 Technical Report for the Aurora Gold Project

TORONTO, Jan. 30, 2013 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) (the "Company") is pleased to announce that it has filed a technical report ("Report") prepared in accordance with Canadian Securities Administrators' National Instrument 43-101. The Report may be found on the Company website or under the Company's profile at www.sedar.com.

The independent Report, dated January 29, 2013, entitled "NI 43-101 Technical Report, Updated Feasibility Study, Aurora Gold Project, Guyana, South America" was issued by Tetra Tech Inc., with contributions from SRK Consulting (Canada) Inc., and other key industry consultants. The Report provides detail to the disclosure contained in the Company's news release issued on January 11, 2013, announcing the key finding results of the Updated Feasibility Study for its 100% owned and fully permitted Aurora Gold Project. As previously announced, the Report indicates that the open pit and underground mining operations at Aurora are anticipated to be economically robust with substantial upside potential.

Highlights of the Report include:

  • US$205 million estimated initial capital required to achieve commercial production
  • US$800 million Net Present Value after tax and royalties (at a 5% discount rate and $1,300/oz gold price)
  • 38% Internal Rate of Return after taxes and royalties (at a 5% discount rate and $1,300/oz gold price)
  • US$527/oz Average Life of Mine Operating Cash Cost after tax and royalties
  • 3.29 million ounces of gold produced over an initial 17 year mine life, beginning in 2015
  • 194,000 oz Average annual gold production over LOM, with 231,000 oz produced on average in the first 10 years
  • 349,000 oz Gold production peak in 2020 (year 6)
  • Gold production is staged, with initial open pit production at Rory's Knoll supplying ore to the mill at a rate of 5,000 tonnes per day. In early 2018, underground mining at Rory's Knoll commences when the open pit mining in this zone is completed.  Rory's Knoll will be mined utilizing the open benching and sublevel retreat mining methods via a decline access with truck haulage, while the satellite open pits are mined concurrently. During this phase mill capacity increases to 10,000 tonnes per day for five years.  Thereafter, nine years of underground mining continues and the mill operates at 5,300 tonnes per day.
  • The Company will explore the existing potential to incorporate into the mine plan previously defined resources contained below the pit shell at Aleck Hill and below the current Rory's Knoll underground mine design.

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 also ongoing in the broader Aranka group of properties.

As at the date hereof, the Company has approximately $32 million in cash and cash equivalent and no debt; there are approximately 95 million shares issued and outstanding.

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 GGI 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 final findings set forth in the NI 43-101 Technical Report, Updated Feasibility Study, 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 GGI 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 GGI 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. Accordingly, readers should not place undue reliance on forward looking statements.


SOURCE: Guyana Goldfields Inc.

For further information:

Guyana Goldfields Inc. 
Patrick Sheridan
CEO and Director
Jacqueline Wagenaar
Vice President, 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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Annual reports of Guyana goldfields Inc.
2008 Annual Report
Financings of Guyana goldfields Inc.
3/12/2013closes private placement financing with IFC
3/1/2013Announces 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.
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...
11/11/2010(Aurora)announces Aurora Gold Project Update and Expanded 2011 Drill...
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...
12/31/2010(Sulphur Rose)Announces Initial Mineral Resource Estimate at Sulphur Rose
9/28/2010(Aurora)Receives Environmental Permit Approval for the Aurora Gold P...
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
10/27/2009(Aurora)Technical Video Interview with Jay Taylor's Watchlist
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.
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
3/6/2013Announces Change in Management
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...
9/15/2010Announces Intent to Divest Its Non-Core Assets
9/14/2010now included in S&P/TSX Composite Index and S&P/TSX SmallCap...
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
4/2/2009amendments to shareholder meeting matters
1/22/2008Aurora Exploration Update - 190m @ 5.09 g/t Au
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