Latest update February 6th, 2025 7:27 AM
Guyana Goldfields projects up to 150,000 ounces this year
The country’s biggest gold mining outfit, Guyana Goldfields Inc., has achieved commercial production and is projecting up to 150,000 ounces this year. For just its three months of operation last year, between October
Canadian-owned Aurora Mines is targeting to produce between 130,000 to 150,000 ounces of gold this year.
and December, production totaled over 35,000 ounces at its Aurora Gold Mine.
From October 1, 2015 to December 31, 2015, the company produced 35,723 ounces of gold, of which 28,850 ounces were sold at an average realized price of US$1,079 per ounce generating approximately US$31.1 million in pre-tax revenue.
During the month of December, the mill processed an average of 4,758 tonnes of ore per day, of which in excess of 50% of the ore processed was composed of hard rock, at an average head grade of 3.24 grams per tonne gold with recoveries averaging 90.4%.
From October 1, 2015 to December 31, 2015, the company mined a total of 483,135 tonnes of ore grading 3.01 g/t Au and a total of 392,953 tonnes of ore was fed to the mill and the remaining tonnes of ore were stored in the stockpile located near the mill. In addition, 1,004,335 tonnes of waste had been mined.
Scott A. Caldwell, President & CEO, states, “I would like to thank the entire team on our significant milestone of achieving production guidance for 2015. We have successfully ramped up Aurora and the hard rock is processing nicely through the primary crusher. We look forward to the next few quarters and demonstrating continued production success to reinforce our successful ramp-up to full production.”
Total gold production guidance for 2016 is between 130,000 to 150,000 ounces of gold, the company said in a statement.
Guyana Goldfields Inc. is a Canadian company, focused on the exploration and development of gold deposits in Guyana, achieving first production in mid-2015. The 35,000 ounces by Aurora were critical to pushing Guyana’s final declaration over 451,000 ounces, just over 60,000 above the annual target.
Gold performance, despite low world prices, was a high point of the new administration’s performance, and would have come at a time when prices for the high-earning sugar and rice have also fallen to lows.
Gold has climbed back to top of the foreign currency earning list after falling behind in 2013.
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