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74,000 ounces of gold for Aurora in first half
The country’s largest producer, Aurora Gold Mine, has produced 74,000 ounces for the first half and is on track for its annual target.
According to the Canada-owned parent company, Guyana Goldfields Inc, in its second quarter report released yesterday, it produced 37,300 ounces.
This amounted to 74,000 ounces of gold produced in the first half of 2019.
The company said it is on track to achieve the 2019 production guidance range of 145,000 to 160,000 ounces of gold.
Mining rate averaged 57,710 tonnes per day, a 45% increase in the mining rate compared to the previous year.
“Record quarterly mill performance of 7,815 tonnes per day and a 10% increase from the previous year were recorded. Underground exploration which declined was resumed and advanced 164 metres during the second quarter.”
The company said that exploration drilling at Mad Kiss Hole MKD 187 drilled into the central mineralized zone returned an average of 6.11 grams per tonne gold over a core interval of 301.4 metres starting from 14.1 metres downhole.
The company said that the Aurora mill, in the Cuyuni, Region Seven, is back up to full capacity following the work stoppage from last week.
“The company’s balance sheet remains strong with an unaudited cash balance of approximately US$38.9 million at June 30, 2019 and no outstanding debt. Management believes the company has sufficient cash flow to fund its working capital and underground capex requirements, however, the Company is reviewing various debt facility alternatives to provide operational flexibility and mitigate risk of any potential cost overruns related to the underground development.”
Work on the underground exploration decline resumed in the second quarter.
“The contractor completed and reinforced the collar at the Mad Kiss portal and advanced the exploration decline approximately 164 metres.
“In order to fulfill the scope of the early works phase, the decline will be extended to 200 metres.”
Government would be paying a close eye to the Aurora mine performance as a huge chunk of the country’s foreign exchange comes from operations which have over 600 employees.
However, internal troubles, now resolved, and industrial unrest which saw work halting last week, have troubled the company.
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