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Guyana Goldfields romps to 160,500 ounces in last quarter surge
Guyana Goldfields Inc., which has its operations at Aurora, Region Seven, last year produced 160,500 ounces.
The Canadian mining entity finished the year with its strongest quarter to date, it indicated in a statement. In the last quarter of 2017, the company produced 48,900 as compared to 41,000 ounces in the previous one. In 2016, the total production would have reached 156,000 ounces.
“Gold recoveries also continue to trend favourably with gold recovery for the month of December of 92.6% representing the highest monthly recovery in the company’s history.”
According to Scott Caldwell, President and Chief Executive Officer: “The fourth quarter was the strongest quarter for gold production in the company’s history, despite undergoing four scheduled down days in November for a mill liner change. The operational improvements and capital investments made throughout the year in the mining fleet, bulk emulsion delivery system, and logistics haulage fleet are yielding operational efficiencies which are expected to translate to lower unit costs in the fourth quarter.”
Guyana Goldfield’s chief, Scott Caldwell
To date, Aurora has proven to be a strong, high grade asset with exceptional cash flow generation, the company noted.
While local miners have contributed to the final national declared production of 640,000-plus ounces (official figures have not been released as yet), Guyana Goldfields has become the largest private producer.
“The company is well positioned financially to grow near-term production and significantly increase exploration efforts with an unaudited cash balance of approximately US$75 million at the end of the year versus a total debt balance of US$60 million.”
The company disclosed that it plans to issue an updated mine plan along with 2018 production and cost guidance and an updated reserves and resources statement later in the first quarter.
The 100%-owned Aurora Gold Mine achieved commercial production January 1, 2016 and has a total gold resource of 6.54 million ounces.
Gold has been the mainstay of foreign currency earnings for the country, ahead of rice and sugar.
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