Guyana Goldfields

Guyana Goldfields
Public
Traded as TSX: GUY
S&P/TSX Composite Component
Industry Mining
Founder Patrick Sheridan Jr.
Headquarters Toronto, Ontario, Canada
Key people
Products Gold
Website https://www.guygold.com/

Guyana Goldfields is a Canadian public intermediate gold-mining company. Its only operating mine is the Aurora Gold Mine in Guyana, one of the largest gold mines in Guyana.[1] It is listed on the Toronto Stock Exchange.

History

Guyana Goldfields was founded by Patrick Sheridan Jr. in 1996.[1]

In 2009, Guyana Goldfields acquired Aranka Gold, whose main asset was the Aranka deposit located near Guyana's Aurora Mine.[2] In 2010, Agnico-Eagle Mines, a much larger gold miner, was rumored to be considering a takeover of Guyana, in the context of the high gold prices of that time. There was also speculation that Guyana might be taken over by another Canadian gold mining company.[3] None of these deals took place, but Guyana Goldfields did sell its non-core assets in September 2010, to focus on its Aurora and Aranka deposits.[2]

In 2014, Guyana Goldfields raised $44 million through a non-brokered private placement, a relatively unconventional way of raising money.[4] In August 2015, Guyana announced its first gold production at its Aurora mine.[1] Commercial production started in 2016.[5]

In October 2015, Venezuela made a territorial claim for the land underlying Guyana Goldfield's Aurora mine, and threatened the company with legal action. The company called the claim "unfounded".[1]

Operations

Guyana Goldfields's only mine is the Aurora Gold Mine in the Cuyuni-Mazaruni region of Guyana. It produced 160,000 ounces of gold in 2017, and has total reserves of 6.25 million ounces.[6]

The company is also developing its Aranka/Sulphur Rose deposit, located 23km from the Aurora mine, as well as exploring at other properties in Guyana.

References

  1. 1 2 3 4 "Canada's Guyana Goldfields says notified of possible Venezuela claim". Reuters. 2015-10-23. Retrieved 2018-02-10.
  2. 1 2 "UPDATE 1-Guyana Goldfields to sell non-core assets". Reuters. 2010-09-15. Retrieved 2018-02-11.
  3. ↑ Critchley, Barry. "Guyana Goldfields pegged as takeover target". Financial Post. Retrieved 2018-02-10.
  4. ↑ "Why Guyana Goldfields ignored dealers and flew solo". Financial Post. 2014-07-02. Retrieved 2018-02-10.
  5. ↑ "Guyana Goldfields off to a strong start at Aurora - The Northern Miner". The Northern Miner. 2016-05-17. Retrieved 2018-02-10.
  6. ↑ "Guyana Goldfields goes underground, stops worrying about Venezuela | MINING.com". MINING.com. 2018-02-04. Retrieved 2018-02-11.
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