UPDATE: Guyana Goldfields Up 12.5% As Announces Updated Feasibility Study With $800 Mln NPV and 38% IRR (After-Tax)

By Midnight Trader,  January 14, 2013, 09:57:51 AM EDT

Guyana Goldfields Inc. (GUY.TO) reported the key findings from its NI 43-101 Technical Report, Updated Feasibility Study for the 100% owned and fully permitted Aurora Gold Property. The estimated initial capital required to achieve commercial production is US$205 million and reflects numerous positive changes, in particular, the phased mining and milling approach, reduced footprint of the mine site and facilities, and utilization of an optimized mobile equipment fleet. Based on the key findings of the FS, the company will continue to move forward with mine construction and development of the Project.

The improved mine plan produces 3.29 million ounces of gold over an initial 17 year mine life at an operating cash cost of US$527 per ounce (including royalty). Average annual gold production over the life of mine is 194,000 ounces, and averages 231,000 ounces per year over the first ten years. Gold production peaks in 2020 at 349,000 ounces. Commercial production is expected to commence in Q1 2015. Gold production will be staged, with initial open pit production of 5,000 tonnes per day from the Rory's Knoll deposit and expanding to 10,000 tonnes per day in early 2018 when underground mining commences.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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