Aurora Mining Project on stream for first gold production in mid-2015… – expects to produce between 30koz to 50koz of gold in 2015

Equipment working at Aurora Gold Mines, a major investment project

CANADIAN Mining Company, Guyana Goldfields Inc. (GGI) declared that construction activities at Aurora are in full gear and progressing on schedule and on budget with the first gold production on track for mid-2015.In a recent statement, the company disclosed that GGI is targeting a three-month timeframe to reach commercial production which is estimated in late third quarter of 2015. The company expects to produce between 30koz to 50koz of gold in 2015, also stating that the first full year of gold production will be 2016.
As of December 31, 2014, the company had incurred US$172 million (M) of the approved budget of US$249M, with US$77M remaining in capital expenditures in order to reach commercial production. The company’s current spending is approximately US$10M on a monthly basis. The project is tracking on budget with US$58M available in overfunding.
According to the statement, GGI will begin phased commissioning of its gold processing plant in mid-2015, which includes the semi-autogenous grind (SAG) mill and gravity circuit, while full plant mechanical completion is anticipated in the third quarter of 2015.
Plant construction has been focused on the installation of critical plant components to support the phased commissioning plan. Key operating systems include the saprolite feed system, the SAG mill and gravity circuit, followed by carbon in leach (CIL) tanks, gold room and effluent treatment systems.
Commissioning includes power generation, water and air support systems. All bulk earthworks on the plant platforms and dam and water retention structures are complete. Clearing of the Rory’s Knoll open pit has defined the pit outline with excavation below river level with no in-flow of water, as expected.
All major material and equipment are on site and undergoing final assembly and installation. Overall, project construction is approximately 80% complete with the company now focusing on operational readiness and upcoming commissioning.
The company is currently operating at peak construction and manpower levels with over 800 personnel at site. Currently, all key operations staff is in place and staffing-up departments for training in anticipation of commissioning and start-up. Total operational manpower is expected to be below 600 people.
Guyana Goldfields Inc. is a Canada-based company, focused on the exploration and development of gold deposits in Guyana, South America. GGI is focused on the construction and development of the Aurora Gold Project scheduled for first production in mid-2015.

Gold Project has a total gold resource of 6.54 million ounces in the measured and indicated categories (62.83 million tonnes at 3.24 g/t Au) as well as an additional 1.82 million ounces in the inferred category (16.93 million tonnes at 3.34 g/t Au).