I bought a good chunk of this : Guyana Goldfields Inc. is a Canadian based company, focused on the exploration and development of gold deposits in Guyana, South America. GGI is an emerging gold producer with the onset of its 100% owned Aurora Gold Mine which achieved first production in mid-2015. The Aurora Gold Mine has a total gold resource of 6.54 million ounces in the measured and indicated categories (62.83 million tonnes at 3.24 g/t Au) as well as an additional 1.82 million ounces in the inferred category (16.93 million tonnes at 3.34 g/t Au).
TORONTO, Oct. 29, 2015 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) (the "Company" or "GGI") is pleased to announce its first sale of refined product of 1,400 ounces at an average price of US$1,179 per ounce from its 100%-owned Aurora Gold Mine ("Aurora") located in Guyana, South America.
Scott A. Caldwell, President & CEO, states, "Plant ramp-up is progressing well and we expect to reach commercial production in the first quarter of 2016 and still hold an untouched US$52 million ("M") of overrun facility. The first gold sale for the Company is a true testament to the quality of the construction team at site and I look forward to this new phase of revenue generation for the Company as Aurora ramps up to becoming Guyana's newest large-scale gold producer."
Operational Update
GGI staff have taken over the full operational control of the entire plant including the primary crusher. The entire plant has now been commissioned with saprolite (soft) ore. Hard rock will not be available until late Q4 2015.
Grade control drilling and mining reconciliation to date have continued to demonstrate that the ore-body is extremely robust showing improved grades and tonnage as rock previously modelled as waste is returning as ore.
Commercial Production
Commercial production will be declared once Aurora has the ability to mine and mill an average of 75% of the designed capacity without significant interruption, composed of both hard and soft rock with gold recoveries at or near expected production levels. Initially, the tonnage requirement was fulfilled with only soft rock ore, however with the inclusion of the hard rock component and its unavailability until later in the fourth quarter, the Company now believes it is expected to declare commercial production at Aurora during Q1 2016. All sales prior to commercial production will be credited against capitalized project costs, rather than recorded as revenue.
