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Guyana Goldfields reports 156,000 Ounces of gold sold in 2016

Mining News - Published on Wed, 11 Jan 2017

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Guyana Gold TSX:GUY) has announced that it sold 156,000 ounces of gold at its Aurora Gold Mine in Guyana, South America. The Company had a record fourth quarter with respect to both tonnes mined and tonnes milled resulting in 45,500 ounces sold in the period. The month of December was particularly strong with 22,800 ounces sold, a record for the year.

Scott A. Caldwell, President & CEO, states, “With commissioning, ramp-up and over a year of operations successfully behind us, Aurora has proven to be a strong, high grade asset with exceptional cash flow generation. The Company has established an excellent environmental, health and safety track record to date and continues to benefit from strong relationships with the local government and communities. I would like to thank the entire team on our significant milestone of achieving production guidance for 2016 and look forward to an equally successful 2017.”

Outlook
The Company is well positioned financially to grow near-term production and ramp up exploration with an unaudited cash balance of approximately US$70mln at the end of the year versus a total debt balance of US$80mln. The Company plans to issue an updated NI 43-101 Technical Report Feasibility Study for Aurora later this month reflecting an expansion of the mill from 5,000 tpd to 8,000tpd throughput.

Exploration efforts are expected to ramp up significantly in 2017 with drilling activity to commence at both near mine targets and at the Sulfur Rose deposit (~20km north east of the Aurora Mine) in the first quarter of this year.

Source :

Posted By : Rabi Wangkhem on Wed, 11 Jan 2017
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