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TORONTO, Jan. 11, 2012 /CNW/ – Guyana Goldfields Inc. (TSX: GUY) (“GGI” or the Company”) is pleased to provide an update on the definitive Feasibility Study (“FS”) work for the Aurora Gold Project.
The FS work led by GGI staff is aggressively continuing with costing work advancing in all disciplines. Following is a list of key contributors:
The Feasibility Study work by the internal team and consultants is scheduled to be completed in late January. Following this, an intense and rigorous independent final peer review will be undertaken. This review is expected to take approximately 4 weeks. In the last few months, various peer reviews of specific disciplines have been completed and some are ongoing.
The Senior Executives and the Board of Directors want to ensure that all aspects presented in the FS are current, manageable and optimized. This will allow the Board and Executives to perform a full evaluation of the optimized results for the Aurora Project from a Net Present Value (NPV), Internal Rate of Return (IRR), pay-back period and financeability perspective to the maximum benefit of Guyana Goldfields and its shareholders.
The Company expects to report the FS “key findings” after the completion of this review by Friday, February 24, 2012and the final National Instrument 43-101 compliant technical report will be submitted within the following 45-day required period from this date and made available on SEDAR and the Company website.
As the final components of work are coming to a conclusion, the Feasibility Study team can confirm some key parameters on the mine framework for the Aurora Gold Project:
With a Mineral Agreement in place with the Guyanese Government and having received the Aurora Gold Project Mining License (see Press Release dated Nov.18, 2011), the Company is poised to officially start development and construction of the Aurora Gold Project in Q2 2012.
About Guyana Goldfields Inc.
Guyana Goldfields Inc. is a Canadian based mineral exploration company, primarily focused on the exploration and development of gold deposits in Guyana, South America where the Company has operated since 1996. The Company is currently undertaking drilling and studies to advance and develop the Aurora Gold Project in Guyana with a current measured and indicated resource of 5.71 million ounces gold (47.040 million tonnes at a grade of 3.83 g/t). The completion of a Feasibility Study is expected in Q1 2012 followed by a revised resource estimate by the end of the first quarter in 2012.
At the Aranka Properties, the Company has discovered a gold deposit at Sulphur Rose and other highly prospective targets have been identified for drill testing. As at the date hereof, the Company has approximately $36 million in cash and short-term bank guaranteed investment certificates and no debt; there are approximately 83 million shares issued and outstanding.
All scientific and technical disclosure contained in this press release has been approved by Claude Lemasson, P.Eng., MBA, a “qualified person” within the meaning of National Instrument 43-101.
For further information:
Guyana Goldfields Inc.
Claude Lemasson
President & COO
Jacqueline Wagenaar
Vice President, Corporate Communications
Tel: (416) 628-5936 Ext. 2295
Fax: (416) 628-5935
E-mail: [email protected]
Website: www.guygold.com
