Guyana Goldfields Inc. (GUY.TO), which recent reports said was the subject of takeover interest from six other firms, has added to the 8% lost yesterday, today losing another 6.5% and hitting an 18 month low of $6.46. Last night it announced the completion of an updated Mineral Resource Estimate for the company's wholly owned Sulphur Rose property at its Aranka group of properties in Guyana, approximately 55 kms away (by road) from the Aurora Gold project. The 2011 drilling program was concentrated on infill drilling in order to increase the confidence level of the initial ore resource identified in 2010.
The reported resource contains 277,580 oz of Au in the indicated category, including 275,550 oz of Au for the open pit. A total of 289,250 oz of Au have been identified in the inferred category. A cut-off grade of 0.28 g/t Au was used for the open pit and 1.83 g/t Au was used for the underground.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
