Guyana Gold

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Endeavour Magazine spoke to Guyana Goldfields about the Aurora Gold project, an excing iniave set to change the local industry forever. WRITTEN BY AMY TOCKNELL ALL THAT GLITTERS www.littlegatepublishing.com GUYANA GOLDFIELDS 001 416 628 5936 WWW.GUYGOLD.COM

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Transcript of Guyana Gold

Page 1: Guyana Gold

Endeavour Magazine spoke to Guyana Goldfields about the Aurora Gold project, an exciting initiative set to change the local industry forever.

WRITTEN BY AMY TOCKNELL

ALL THAT GLITTERS

www.littlegatepublishing.com

GUYANA GOLDFIELDS

001 416 628 5936 WWW.GUYGOLD.COM

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GUYANA GOLD

Despite having located a potentially high earning location, the initial stages of development were not straight forward, as Scott Caldwell, CEO at Guyana

Gold, told us,“In the beginning, in order to gain access to its properties, the

company would have to make use of the waterways by boat and sometimes portage due to the interior being very remote and the lack of existing roads because of the dense jungle rainforest. Any infrastructure we currently use has been specifically put in place over the years and the company has made a substantial investment into this. We currently use a 160km all-weather access road, which leads to our site from our Buckhall wharf facility located along the Essequibo River. The wharf facility is where all of our goods and equipment is barged to and thereafter transported down the access road to our site by trucks.”

That sounds like a lot of trouble, but for a company as single minded, focused and specialised as Guyana Goldfield, there is no option. The installation of vital infrastructures is seen as a small price to pay for successful gold mining. Speaking to Caldwell about the core interests and activities of the company, he explained that,

GUYANA GOLDFIELDS

Having obtained land claims within the country, Patrick Sheridan Jr. founded and firmly established Guyana Goldfield. Despite a number of artisanal miners, the region was largely unexplored when Sheridan Jr. had the foresight and business acumen to see an opportunity and act upon it.

Macorp continues to provide the solutions necessary for the infrastructural and economic growth of Guyana.

We are fuelled by our customers’ expectations; helping them to do more by providing total integrated solutions for their operation.

One such customer is the Aurora Gold Project.

Our relationship started in 2006 and continues to provide opportunities for Aurora to do more, for their customers, employees and Guyana.

Macorp supported by Caterpillar will continue to strengthen our most significant competitive advantage, the relationships we have with our customers, relationships which makes us proud to say that we are

BUILT FOR IT.

Angel Amaris,Mining Major Account Manager.

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GUYANA GOLD

“Guyana Goldfields Inc. is focused on the construction and development of the Aurora Gold Project, which is scheduled to reach commercial production by mid-2015. The mine plan for the Aurora Gold Project is designed to produce 3.29 million ounces of gold, averaging 194,000 ounces per year, over an initial 17-year mine life with an average grade of 2.74 g/t gold. The construction process is currently 40% complete (November 2014) with the mill delivery and installation occurring before year-end. The total capital cost to complete the construction of the Project is US$249 Million.”

The capital invested in the Aurora Project necessitates that it is as successful as forecast and that the initiative is completed at an agreeable pace.

“Gold production will be staged, with initial open pit production supplying ore to the mill at a rate of 5,000 tons per day, thereafter increasing to 10,000 tons per day with the onset of underground mining. The Company also continues to explore its large land package within the Aurora and Aranka districts.”

Taking the pressure of a large-scale project naturally in their stride, the team at Guyana Goldfields is already considering future exploration opportunities. With a tenacious and ambitious team at the helm, it can come as no surprise that Guyana Gold is happily

weathering the storm that has hit the gold industry in recent years. With the price of gold having dropped sharply, many companies are now looking to scale back their own costs to increase margins and present appealing prospects to new investors.

With the Aurora Project in full swing, a highly efficient and committed workforce supports Guyana Goldfields, but not at the cost of the local economy, as Caldwell explained,

“Guyana Goldfields has been dedicated to sourcing local personnel and achieving a workforce target rate of 90-95% Guyanese nationals. The Aurora Gold Project currently has over 650 personnel employed at the site, with this rapidly increasing to 900 workers by the end of 2014. During the development and construction stage, Guyana Goldfields will employ approximately 900 personnel dedicated to the build and construction of the Aurora Gold Project with this declining to approximately 450 personnel during mining operations, once production is achieved in mid-2015. Indirect benefits of employment include training programs, medical benefits, managerial, and professional leadership development skills training, as well as a stable and enjoyable working environment.”

Interested in preserving the local communities and regions that surround its operations, the company is actively exhibiting a level

GUYANA GOLDFIELDS

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GUYANA GOLD

of social responsibility rarely witnessed in the currently turbulent economic market. Far from choosing the cheapest, easiest or most convenient staffing solutions, Guyana Goldfields has made a pledge to boost the local economy while simultaneously looking to meet its own targets. By offering training and skills development, those fortunate enough to be selected by the company, can expect

a multitude of opportunities to progress their career,

making for a m o t i v a t e d ,

satisfied and

determined workforce.Though not at the

production stage yet, Guyana Gold is already giving thought to its customer service charter and Caldwell explains the aims of the organisation,

“Guyana Goldfields’ mission is to create a sustainable mining operation that delivers top quartile shareholder and stakeholder returns, while achieving industry leading

performance in health, safety, stewardship of the environment, and social responsibility.”

It’s this attention to ALL the details

that makes Guyana Goldfields so different.

Not content with producing impressive returns for investors, the company is also striving for eco and socio-responsibility of the highest standards, not to mention the continued safety of its employees. If more companies took their lead from Guyana, could the economic stability be just around the corner?

With the Aurora Project moving forward at an impressive rate and looking set to begin commercial production in mid-2015, what levels of investment have brought the company to this point? Caldwell explains,

“The Company has been operating in Guyana since 1996 on a full-time basis and has been working closely with

INDUSTRIALSAFETY

SUPPLIES INC

Visit our showroom at226 Camp Street, North Cummingsburg, Georgetown, GUYANA SATel: (592) 225 7405, 225 7406 Fax: (592) 225 7166Email: [email protected]

A fire could destroy everything you own

BE PREPARED

GUYANA GOLDFIELDS

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Government authorities and local communities. This is to ensure transparency regarding the Company’s activities and ensures that maximum community benefits are achieved. Since the Company’s inception, approximately US$192 Million has been spent on historical exploration and development costs in order to bring the Aurora Gold Project to development stage. From this point, an additional US$249 Million will be spent on the Aurora Gold Project in order to achieve commercial gold production by mid-2015. The Aurora Gold Project will be Guyana’s largest foreign investment in the country’s history and is projected to provide total revenues to the Government of approximately US$960 Million through corporate taxes and royalty payments over the life of the project. In addition to its large capital investment and direct financial revenues to the Government, the company is committed to sourcing local services, goods and equipment purchases, in order to support local businesses and communities.”

It takes a special type of company to breeze over the investments that have brought a project to fruition, in order to focus more on the benefits to local communities and residents of said project, but Guyana Gold is up there with inspirational organisations. In this case, all that glitters definitely IS gold.

“ Guyana Goldfields’ mission is to create a sustainable mining operation that delivers top quartile shareholder and stakeholder returns, while achieving industry leading performance in health, safety, stewardship of the environment, and social responsibility.”