[www.inewsguyana.com] – Guyana Goldfields has announced its first sale of refined gold product of 1,400 ounces at an average price of US$1,179 per ounce from its 100%-owned Aurora Gold Mine located in Guyana.
According to a press release, President & CEO Scott A. Caldwell, stated that “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.”
Caldwell noted that 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.”
The release noted that GGI staff has 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 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.”
GGI expects to report its interim consolidated financial statement results of the Company for the third quarter ended September 30, 2015 on or around Friday, November 13, 2015.