Guyana Goldfields produces over 21,000 ounces over last two months

Dec 03, 2015 News

The country’s biggest gold mining operations, Guyana Goldfields Inc. (GGI), said it was able to produce over 21,000 ounces of gold over a two-month period ending November.

Canada-owned Guyana Goldfields has produced over 21,000 ounces of gold for the last two months, the company announced yesterday.

GGI, which commissioned its Aurora gold mines, pouring its first gold bar in August, said yesterday that from October 1, 2015 to November 30, 2015, the company produced 21,093 ounces of gold. Of this, some 14,091 ounces were sold at an average realized price of US$1,084 per ounce which generated approximately US$15.3M in pre-tax revenue, achieving a positive cash flow for the company.
“The company has processed approximately 11,500 tonnes of hard rock through the primary crushing circuit. During the month of November, the mill processed an average of 4,600 tonnes of ore per day at an average head grade of 3.64 grams per tonne gold (“g/t Au”) with gold recoveries averaging 94%.”
Scott A. Caldwell, President & CEO, stated: “With the start-up of hard rock processing, we are one step closer to demonstrating successful implementation of full operations. November we saw significant momentum and we expect December to be another outstanding month. We do not anticipate the upcoming secondary rainy season to have any material effect on our operations, as these brief bouts of inclement weather have been accounted for within the mine and mill production plan.”
The company believes it is still on track to achieve its production guidance for 2015 at approximately 30,000 ounces of gold. Total production projections for 2016 are between 130,000 to 150,000 ounces of gold.
GGI disclosed that it continues to have an untouched US$52M in overrun financing facility available.
GGI is a Canada-based company which achieved first production in mid-2015 in the Region Seven mines.
The Aurora Gold Mine has a total gold resource of 6.54 million ounces in the measured and indicated categories.
GGI will join Australian-owned, Troy Resources, which was commissioned this year, as being big players in the gold industry.
Troy last week poured its second gold bar as the company ramps up operation in readiness to full commercial scale.
Last year, gold declarations declined almost 20 percent to 387,508 ounces. As of mid-2015, production fell by almost 20 percent, but has recovered with the entry of GGI and good weather for miners.