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Guyana Goldfields announced Q2 result

Mining News - Published on Wed, 18 Jul 2018

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Guyana Goldfields Inc announced that gold production from mining operations at its Aurora Gold Mine totalled approximately 28,250 ounces poured (31,300 ounces recovered) for the second quarter ended June 30, 2018. The Company sold 31,700 ounces of gold at an average realized gold price of USD 1,300 per ounce, generating gross second quarter revenues of USD 41.2 million.

Full second quarter 2018 operational and financial results will be released after-market on Monday, July 30, 2018. A conference call will be held the following morning on Tuesday, July 31, 2018 at 10:00 am ET to discuss the results and details of the call can be found at the end of this release. All amounts are expressed in U.S. dollars unless otherwise stated.

In the second quarter ended June 30, 2018, the mill processed a new record average of 7,100 tonnes per day ("tpd") of ore at an average head grade of approximately 1.65 grams per tonne gold with gold recoveries averaging of 91.4% for the quarter (June recovery 93%).

During the second quarter, ten new fixed-frame 40-tonne haulage trucks arrived at site and were commissioned late in the quarter while an additional five trucks were commissioned after quarter end. The Company also signed an open pit contract mining agreement with STRACON GyM International S.A.C. ("STRACON"), see press release dated May 29, 2018. The additional capacity will assist the Company to meet the upcoming three-and-a-half year peak in waste mining requirements to meet its targeted mining rate of 75,000 tpd to accommodate the open pit production profile in years 2019 and beyond.

Mr Scott A. Caldwell, President & CEO, states that "Due to the late arrival of our 100%-owned expanded haulage fleet to site and the later than planned mobilization of the contractor, the second quarter mining fell behind by approximately 2.5 million tonnes (or approximately 500kt high grade ore) causing us to feed the mill with low grade stockpiles. The equipment and contractors are now on site and production during the second half of 2018 will increase however this will not be able to make up the shortfall in production by year end and therefore we are revising guidance. We are adjusting our 2018 annual production and cost guidance to 175,000-185,000 ounces of gold (from 190,000-210,000 ounces) and all-in sustaining cost¹ to $945 - $995 per ounce (from $830 - $880 per ounce). On a positive note, the mill is performing exceedingly well following the completion of the first phase of the mill expansion with both throughput and recoveries above budgeted levels. Our production guidance was and remains weighted towards the second half of the year which is dictated by mine sequencing and incorporating a higher throughput capacity with the completion of the mill expansion."

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Posted By : Joykumar Irom on Wed, 18 Jul 2018
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