Latest update December 3rd, 2024 1:00 AM
Latest News
- Exxon says US$2.5B spent to purchase oil ships is a ‘win’ for company
- Guyana’s 3rd oil project achieved fastest ramp-up in the history of deep-water operations- ExxonMobil Guyana President
- After days of Israeli strikes, Hezbollah hits back, each accusing the other of ceasefire violations
- 791 drivers nabbed speeding in last week of November-police
- Jagdeo blanks Opposition representation on procurement boards
Canadian gold firm to transfer over 60,000 acres Guyana mining lands to new company
Kaieteur News- Canadian gold exploration company G2 Goldfields Inc. is seeking its shareholders’ approval to transfer five mining properties in Guyana, covering a total of 60,300 acres, to a new company, G3 Goldfields Inc.
In a statement, the company said this restructuring aims to focus G2’s efforts on its flagship Oko project, which currently holds an estimated gold resource of 922,000 ounces of indicated gold and 1,099,000 ounces of inferred gold, while allowing G3 to develop the additional properties.
The properties that will be placed under the control of the new company include the Tiger Creek Property (3,685 acres) and Peters Mine Property (8,316 acres) in the Puruni District. In the Cuyuni District, the assets include the Aremu Mine Property (8,811 acres), the Amsterdam Option (7,148 acres), and the Aremu Partnership, which includes the historic Wariri Mine (32,340 acres).
G2 Goldfields believe its current share price does not fully reflect the value of these properties. By creating G3 Goldfields, the company aims to give these assets dedicated focus and enhance shareholder value.
A look at G2’s Oko mine. (Canadian gold firm to transfer over 60,000 acres Guyana mining lands to new company)
“G2 believes that its current share price does not fully recognize the value of the Non-Core Assets, and that by completing the Proposed Spin-Out, Shareholders will benefit from unlocking the value of the Non-Core Assets. Additionally, the Proposed Spin-Out will allow the Company to concentrate its efforts on its Oko project in Guyana, while G3 focuses on the advancement of the Non-Core Assets,” the company stated.
Under the proposal, each G2 shareholder will receive one G3 share for every two G2 shares held as of the record date. Shares of G3 are expected to be listed on a Canadian stock exchange, pending regulatory and court approvals. Shareholders will vote on the proposal at G2’s annual and special meeting on January 28, 2025. If approved, the new company could launch soon after, marking a major step for both G2 and G3 Goldfields.
Back in September it was reported that G2 Goldfields entered into an exploration agreement with a well-known Guyanese mining family for a 30,000-acre land package in the Aremu-Oko gold district, Guyana. Under the agreement, G2 expands its control in the district, adding to its already substantial land holdings, which now total 60,000 acres.
G2 said it has five drills operating in the district and plans to file an updated Mineral Resource Estimate (MRE) for its Oko-Aremu deposits in the first quarter of 2025. Patrick Sheridan, Executive Chairman of G2 Goldfields, speaking on the company collaborating with the Guyanese family, said, “We are very excited about this partnership, the culmination of many months of negotiations. Since its inception, G2 has worked with local partners in exploring and developing this exciting gold district. This most recent alliance further consolidates G2 as the major player in the district. I am confident G2 will be able to fast track drilling on several target areas. The Company is currently mobilising significant resources to the areas and will be executing a full sequence exploration program building upon prior exploration success in the district.”
As of March 2024, the Oko Main Zone boasts an inferred resource of 495,000 ounces of gold at 6.38 g/t and an indicated resource of 686,000 ounces at 9.03 g/t. The nearby Ghanie Zone adds another 604,000 ounces inferred and 236,000 ounces indicated.
The company highlighted that the Oko district is one of Guyana’s key gold-producing regions, currently boasting combined resources of 7.8 million ounces of gold. The Oko district has a long history as a goldfield since the 1870s, and G2 has been at the forefront of modern exploration in the region, supported by AngloGold Ashanti, which holds a 15.03% stake in the company.
(Canadian gold firm to transfer over 60,000 acres Guyana mining lands to new company)
- Canadian firm, G2, gold, Mining, Oko
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Morally Right. Legally wrong
…Peeping Tom Morally Right. Legally wrong Kaieteur News- The situation concerning the disputed parliamentary seat held... more
Haiti: Tragically Descending into Deeper Crisis
By Sir Ronald Sanders Kaieteur News- As gang violence spirals out of control in Haiti, the limitations of international... more
Weekend Cartoon
