Guyana Goldfields Pours its first dore bar!

AUGUST 5, 2015 | BY KNEWS | FILED UNDER NEWS
Guyana’s first large-scale gold mine since the departure of Omai Gold Mines Limited, a few years ago, says it has made significant headway into full operations, pouring its first bar recently.
According to Canadian-owned, Guyana Goldfields Inc. (GGI), its first gold production has been achieved on-time and on-budget at its Aurora Gold Mine in Region Seven.
“First gold production was attained through the gravity and saprolite production circuits which allowed for earlier gold production (pre-commercial production) through the processing plant. Initial start-up gold was captured by processing the lowest grade ore available and GGI is now progressing towards full saprolite circuit operation and will gradually feed the mill with higher grade material. The commissioning and startup of the hard rock crushing circuit is projected to be completed later in the third calendar quarter of 2015,” the company said in a statement yesterday.
GGI 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.
goldmine
The Aurora gold mine site in Region Seven.
The company’s announcements come as gold declarations fell 20 percent for the first half as compared to the corresponding period last year,
GGI said it will issue a feasibility study in the first quarter of 2016 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 an updated ore reserve metal price.
With many companies careful with their investments in the gold sector, GGI said it is sufficiently funded to complete construction of the Aurora gold mine.
As of June 30, 2015, the company had approximately US$20M of capital expenditures remaining to complete the Aurora mine.
“The company is managing its overall development budget to not exceed US$277M which includes the initial development costs of US$249M for the project and US$28M in financing costs, pre-operating costs and working capital investment. The project remains to be tracking on budget with an untouched US$52M overrun facility available, if needed.”
Scott Caldwell, President and CEO, commented: “Our first gold pour is an extraordinary achievement in GGI’s transition from an exploration and development company to a high grade, low cost gold producer. We would like to celebrate this significant accomplishment for all that have contributed from the project’s inception and thank our shareholders and stakeholders in supporting the development of the project, including our Board of Directors, management team, employees and contractors as well as the lenders for the debt financing syndicate comprised of International Finance Corporation, Export Development Canada, ING Capital LLC, Caterpillar Financial Services Corporation, and The Bank of Nova Scotia.”
The company also lauded the Government of Guyana and local communities for their support through the development of the project.
“The focus at the site now is to increase gold production to our target level of 50,000 ounces during the balance of this year.”
GGI is a Canadian based company, focused on the exploration and development of gold deposits in Guyana.
The Aurora Gold Project has a total gold resource of 6.54 million ounces in the measured and indicated categories as well as an additional 1.82 million ounces in the inferred category.