Works at Guyana Gold Fields Inc. on schedule

Mar 27, 2010 News

… over US$400M will be invested locally

Plans for the consolidation of the Guyana Gold Fields Inc. operation are well underway, according to the Company’s President, Claude Lemasson.
Mr. Lemasson said that the company is currently in the proprietary work stages. He explained that construction work on the site will start by year end and will go on for another two years or so.
He added that the current works include the technical and engineering studies, and mineral agreement discussion with the Government and the Geology and Mines Commission.
“We are starting the early predevelopment works which also include the development of the Buck Hall port facility as well as the extension of the all-weather access road which will connect the existing logging road,” Lemasson detailed.
He stated that this road on which his company is currently working is known as the M1 and M3 and it is located on the north side of the Cuyuni River. He added that the road will be connected to the Guyana Gold Fields site and is measured at about 31 kilometer longs.
“We have obtained the permit from the government for that road and we will not only extend the road itself but will connect it through the Cuyuni with a barge system,” Lemasson said.
In addition, the company also has activities which are ongoing at the site which include geotechnical work, surveying, as well as some amount of drilling.
As it relates to the workforce, Lemasson said that on site there are approximately 65 persons on site including geologist, construction staff and drilling crew. Overall, he said the company has a staff compliment of over 200 persons.
Ninety- five percent of that number are Guyanese. He added that this figure is intended to grow as the company develops.
“As we start construction we expect to employ about seven hundred people, most of whom will be Guyanese. Operation down the road will see employment for more Guyanese,” Lemasson said.
Lemasson said that despite all the negativity about Guyana’s economy, his company still grasped the opportunity to invest.
“We have been here for more that 14 years doing extensive exploration, in various areas including Aranka and to date we have invested some US$70M on those efforts,” he noted.
He said with the full setting up of the Guyana Gold Field Inc. project, over some $400 M US will be spent. He added that the initiative came about after the company’s CEO saw Guyana’s potential since in the days of OMAI.
“When OMAI was being built there were a lot of resources and Guyana was mining-friendly and very open to investment. We decided to acquire some of the property that we now own”.
“We are not so interested in the surface goal as the other miners, we are interested the key sources and we will grow as a company given the expertise that we have,” Lemasson lamented.

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