| -plans to spend US$525M initially-will mine average of 256,000 ounces annuallyA feasibility study into the Aurora Gold Project, said to be Guyana’s next largescale goldmine, has shown positive results with the Canadian company yesterday saying that it can potentially extract up to 4.6 million ounces of gold during the planned 22- year lifespan.Guyana Goldfields Inc. is the 100 percent owner of the Aurora Gold Project in the Cuyuni, a gold rich area in Region Seven.According to the company, it is using a base price of US$1,300 per ounce of raw gold to calculate the feasibility of the project, moving from exploration to full-scale mining.During the 22 full years of operations,Cheap Jerseys Free Shipping, mining will involve both open pit and for the first time in Guyana, underground mining. The company is planning to install mills that will process up to 8,000 tonnes per day (tpd) starting 2015 – 2023 and an average of 4,China Jerseys Cheap,500 tpd from years 2024 to 2035.“In year 2019, production from the underground will commence and will gradually replace open pit feed.”The statement also announced that the feasibility study has highlighted the underground mine to be up to 1,320 meters.256,000 ounces annuallyFrom the first 10 years of productionFile Photo: President of Guyana Goldfields, Claude Lemasson, during his presentation of the Aurora gold project last year at the Pegasus Hotel.(2015-2024), Guyana Goldfields will mine an estimated annual average production of approximately 256,800 ounces. Guyana’s 2011 gold production was almost 360,000 which represented official declarations for small and medium scale mining. Since the departure of Omai Gold Mines a few years ago, Guyana was without a large scale mining operation.“The Aurora Gold Project is expected to have a positive impact on the economy of Guyana by maximizing employment, skills training and generating business opportunities for local suppliers and service providers. The company is dedicated to becoming a leading corporate citizen and a productive partner in the future of Guyana’s economy. The Aurora Gold Project is, at present, the only large-scale licenced gold mine development project in Guyana and will be the next producing gold mine in the country in late 2014,” a statement on the company’s website said yesterday.The company is also planning to spend an estimated initial capital cost of US$525M for surface and open pit, with underground development being funded from cash flow.According to Claude Lemasson, President and Chief Operations Officer, the completion of the feasibility study is a major accomplishment for the company, establishing the Aurora Gold Project as Guyana’s largest undeveloped gold reserve in the country’s history.Biggest project“The positive results confirm that the Aurora Gold Project is poised to become a future significant gold producer in Guyana and in the Guiana Shield. Construction on the project is expected to commence later this year and will last for approximately 24 months.”Meanwhile,Cheap Jerseys China, the company said that an independent third party review of the feasibility study was initiated last month as well as an internal review by Guyana Goldfields which are both ongoing. The company is now contemplating the installation of cheap power supply, as power costs represent over 30 percent of cash costs.“…alternative sources of power have been identified including hydro and biomass power generation options. Use of hydro power shows significant savings over the mine life. More work is planned in the coming months to determine the optimal power generation option.”To save costs,Cheap NFL Jerseys, the company said it will consider several options including contract mining for the open pit,Wholesale China Jerseys, timing of its underground development, optimization of underground mining and the possibilities of buying used equipment.The project, however, will have to earn at least US$626.00 per ounce for it to be profitable.Guyana Goldfields Inc. is a Canadian based company, primarily focused on the exploration and development of gold deposits in Guyana,Wholesale NFL Jerseys China, South America where the Company has operated since 1996.At the Aranka Properties, the Company has discovered a gold deposit at Sulphur Rose and other highly prospective targets within a five-km radius have been identified for drill testing in 2012. |
