Latest update November 23rd, 2024 1:00 AM
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Canadian gold company to produce 200,000 gold annually – Minister Bharrat
Kaieteur News – Minister of Natural Resources, Vickram Bharrat recently disclosed that when Canadian mining company, Reunion Gold starts gold production at its Oko West gold project, located in Guyana’s Region Seven (Cuyuni-Mazaruni) – the project would yield about 200,000 gold annually.
Minister of Natural Resources, Vickram Bharrat overlooks the management of Guyana’s oil and gas sector
Back in April, the Government of Guyana (GOG) signed a US$1 million mining contract with Reunion Gold. Under the terms of the Mineral Agreement, Reunion Gold Corporation and its wholly-owned Guyanese subsidiary are granted stable fiscal and operational conditions throughout the project’s lifespan. These conditions align with the prevailing standard terms established by the country, ensuring a mutually beneficial arrangement for all parties involved.
The Company had said it is moving forward with development studies to advance Oko West towards a construction decision. As part of this work, it expects to complete a preliminary economic assessment (PEA) by mid-2024, which will provide an estimate of the key economic parameters of the project.
CEO of Reunion Gold, Rick Howes
Moreover, Reunion Gold is actively considering both open-pit and underground mining. The company aims to reach a construction decision by 2025, marking another crucial milestone in its journey toward operational readiness in Guyana’s gold industry.
The Canadian mining company has firmly set its eyes on reaching gold production at its Oko West Gold Project by 2027. Last June, the company announced its maiden resource estimate of 2.5 million ounces of gold. Now the company estimated that the mining project has an estimated 4.2 million ounces of gold.
In February 2024, Reunion announced an updated Mineral Resource Estimate (MRE) containing a total of 4.3 M oz. of gold in Indicated Resources grading 2.05 g/t and 1.6 M oz. of gold in Inferred Resources grading 2.59 g/t. The February 2024 MRE includes an underground Resource containing 1.1 M oz. of gold at a grade of 3.12 g/t Au in the Inferred category.
This publication had reported that the company’s Chief Executive Officer (CEO), Rick Howes, during an interview disclosed that they are on a fast tracked timeline with its Oko West project. In 2020, the Company announced a new greenfield gold discovery at its Oko West project and announced its maiden mineral resource in June 2023 after just 22 months of resource definition drilling. Since discovery, Howes noted that the resource estimate continues to grow, and that the deposit offers ample scale to underpin a meaningful mining operation.
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