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Goldfields Inc. sold 156,000 Oz of Gold for 2016; To ramp-up exploration activities in 2017

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Canadian mining Company, Guyana Goldfields Inc. has announced that gold sold for 2016 totalled 156,000 ounces at its Aurora Gold Mine located in Region Seven, in its first full year of production.

The Company’s target was 140,000 ounces to 160,000 ounces.

According to a statement on Monday, it was noted that a record fourth quarter was experienced 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

Chief Executive Officer of the company, Scott A. Caldwell, says “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.”

He added that 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 as he thanked his team who helped in achieving its milestone.

Guyana Goldfields says it 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

“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,” the mining company said.

Below is a break down of its production and sale for 2016.

2016 Q4 2016 Q3 2016 Q2 2016 Q1 2016
Gold Sold ounces 156,000 45,500 33,300 36,600 40,500
Gold Produced ounces 151,600 43,800 34,400 32,000 41,300
Average Realized Gold Price US$/ounce 1,245 1,204 1,334 1,269 1,196
Gross Revenue US$ mlns 194.2 54.8 44.4 46.4 48.5
Ore mined tonnes 2,507,200 688,000 642,200 623,400 553,600
Waste mined tonnes 5,700,900 1,899,800 1,315,100 1,076,700 1,409,300
Total Mined tonnes 8,208,000 2,587,800 1,957,300 1,700,100 1,962,900
Strip ratio waste:ore 2.3 2.8 2.0 1.7 2.5
Tonnes mined per day tpd 22,400 28,100 21,300 18,700 21,600
Ore processed tonnes 1,889,000 507,500 491,200 427,700 462,600
Tonnes processed per day tpd 5,200 5,500 5,300 4,700 5,100
Head grade g/t Au 2.74 2.94 2.42 2.61 3.07
Recovery % 90.2 90.6 88.7 91.1 89.2

Guyana Goldfields Inc. is a Canadian based mid-tier gold producer primarily focused on the exploration, development and operation of gold deposits in Guyana, South America.

he 100%-owned Aurora Gold Mine achieved commercial production January 1, 2016 and has a total gold resource of 6.54 million ounces in the measured and indicated categoriesas well as an additional 1.82 million ounces in the inferred category.

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