Guyana Goldfields to invest US$238M in Aurora Gold Project

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(www.inewsguyana.com) – The Board of Directors of Guyana Gold Fields Inc has approved a US$238M expenditure for the Aurora Gold Project to reach commercial production.

The announcement was made on Wednesday morning (December 11) during a presentation held by the Company at the International Conference Center.

The Company has executed a Heads of Agreement and Term Sheet, documenting the principal terms and conditions with joint partners – Sedgman Limited and Grana y Montero for the full engineering, procurement and construction of the initial processing facility and power plan at the work site.

It was noted that the proposed contract will be at a cost not exceeding US$137M. Construction is expected to last some 18 months, with commissioning of the mill in the first quarter of 2015.

More information on the investment will be provided in a subsequent story.

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