GEORGETOWN: Guyana Goldfields poured its first gold at its Aurora Gold Mine in Guyana, South America.
The company says that first gold production was attained through gravity and saprolite production circuits. Initial start-up gold was captured by processing the lowest grade ore available. The miner is progressing towards a full saprolite circuit operation and will gradually feed the mill with higher grade material. The commissioning and startup of the hard rock crushing circuit is projected to be completed later in the third calendar quarter of 2015.
The company expects to produce between 30,000 ounces to 50,000 ounces of gold in 2015, depending on how quickly full ramp-up is achieved, and approximately 120,000 ounces to 140,000 ounces of gold in 2016.
Guyana Goldfields expects to issue an updated National Instrument (NI) 43-101 Technical Report Feasibility Study in the first quarter of 2016 for the project which will reflect an extended open pit mining scenario while deferring the underground production until later in the mine life, as well as, current operating cost parameters, and an updated ore reserve metal price.
As of June 30, 2015, the Company had approximately US$20 million of capital expenditures remaining to complete the Aurora Gold Mine. The company is managing its overall development budget to not exceed US$277 million which includes the initial development costs of US$249 million for the project and US$28 million in financing costs, pre-operating costs and working capital investment.
The project remains to be tracking on budget with an untouched US$52 million overrun facility available, if needed.
