https://www.miningweekly.com

Guyana Goldfields declares commercial production at Aurora

6th January 2016

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

TORONTO (miningweekly.com) – TSX-listed Guyana Goldfields has declared commercial production at its Aurora mine, in Guyana, as of January 1, with construction completed below budget.

The miner’s TSX-listed stock rose 7.23% on Tuesday to C$3.41 apiece on the back of the announcement.

"I would like to thank the entire team [for their contribution to] our significant milestone of achieving production guidance for 2015. We have successfully ramped up Aurora and the hard rock is processing nicely through the primary crusher. We look forward to the next few quarters and demonstrating continued production success to reinforce our successful ramp-up to full production,” stated president and CEO Scott Caldwell.

Total output from the operation for 2015 totalled 35 901 oz of gold, with 35 723 oz produced between October 1 and December 31. Of this amount, 28 850 oz were sold at an average realised price of $1 079/oz, generating about $31.1-million in pre-tax revenue. 

During December, the mill processed an average of 4 758 t/d, of which more than half of the ore comprised hard rock, at an above-average head grade of 3.24 g/t gold, while gold recoveries averaged 90.4%.

From October 1 to December 31, the company mined a total of 483 135 t of ore grading 3.01 g/t gold. A total of 392 953 t of ore was fed to the mill and the remaining tonnes of ore were stored in the stockpile located near the mill. The company also mined about one-million tonnes of waste.

Further, Guyana Goldfields planned to issue an updated National Instrument 43-101-compliant feasibility study for the Aurora mine this month, which would reflect an extended openpit mining scenario while deferring the underground production until later in the mine life. The company also issued updated cost parameters and reserves based on a $1 000/oz gold price.

Edited by Samantha Herbst
Creamer Media Deputy Editor

Comments

Showroom

SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 
Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.158 0.198s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: