Canada NewsWire
TORONTO, March 10, 2016
TORONTO, March 10, 2016 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) ("GGI" or the "Company") announced today its financial results for the twelve months ended December 31, 2015 ("Fiscal 2015"). All amounts are expressed in U.S. dollars unless otherwise stated.
2015 Report Highlights
Advancement of the Aurora Gold Project ("Aurora" or "the Project")
Overview of Financial Results
The Company does not believe that the 2015 financial information is representative of expected results to be achieved in 2016, as optimal operating performance has not been achieved. Operating costs are higher in the four-month ramp up period as GGI transitioned from development to commercial production. As such, the processing facility had not yet consistently attained its design capacity of milling 5,000 tpd, and the Company expects improvements to mining, processing and G&A costs to be realized in 2016. In addition, gold sales were made substantially in November and December 2015. Extensive costs were incurred in September and October for commissioning and start-up operations.
Recent Developments
The Company believes it remains on track to achieve its production guidance for 2016 of approximately 130,000 to 150,000 ounces of gold. All-in sustaining cost guidance (assuming a gold price of $1,000 per ounce) remain unchanged and are expected to be between $587 to $637 per ounce.
The Company's focus remains on optimizing gold recovery, reducing reagent consumption rates, reducing freight and equipment rental costs, and other continuous improvement initiatives designed to further improve operating efficiencies and reduce costs.
A complete set of the Company's audited Consolidated Financial Statements and related Notes for Fiscal 2015 and Management's Discussion and Analysis will be posted on the Company's website at www.guygold.com and were filed on March 10, 2016 on Sedar at www.sedar.com.
About Guyana Goldfields Inc.
Guyana Goldfields Inc. is a Canadian based company, focused on the exploration and development of gold deposits in Guyana, South America. The Company 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). For further details, please refer to the report entitled "AGM Inc. Aurora Gold Project- Updated Feasibility Study" dated January 18, 2016 available on SEDAR at www.sedar.com.
Forwarding-Looking Information
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the estimation of mineral resources. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the receipt of applicable regulatory approvals, the timing of the advance of the funds pursuant to the project loan facility to fund the development and construction of the Aurora Gold Project (the "Facility"), fulfilling all conditions precedent to the advance of funds pursuant to the Facility, general business, economic, competitive, political and social uncertainties; the actual results of exploration activities; changes in project parameters as plans continue to be refined; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in GGI's annual information form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
SOURCE Guyana Goldfields Inc.
We use cookies to tailor your experience, measure site performance and present relevant offers and advertisements. By clicking ‘Accept’ or any content on this site, you agree that cookies can be placed on your browser. You can view our privacy policy to learn more.
If you would like to get more data, alerts and access to Real Vision videos, join us as an Insider Tracking Advantage Ultra member