THE Canadian Mining Company, Guyana Goldfields Inc. (GGI) has reported a 27% increase in open pit gold ounces in the Measured and Indicated Category at its Aurora Mine in Region 7 (Cuyuni/Mazaruni). The 27% increase in the open pit measured and indicated mineral resources have taken the resource estimate from 2.18 million ounces to 2.76 million ounces, up by 580,000 ounces.
Mineral resources in the measured category amount to 6.54 million ounces of gold and the inferred category: 1.82 million ounces totaling 8.36 million ounces.
The GGI said that the updated mineral resource statement includes all drilling data obtained up to the end of April 30, 2012.
Other highlights of the revised resource estimates for Aurora include a 15% increase in combined open pit and underground measured and indicated mineral resources from 5.71 to 6.54 million gold ounces (up by 830,000 ounces) and a 55% increase in open pit and underground inferred mineral resources from 1.17 to 1.82 million gold ounces(up by 650,000 ounces).
Dan Noone, Vice-President, Exploration of GGI said: “The overall 830,000 ounces increase in measured and indicated contained gold ounces, particularly the 580,000 ounces within the open pit, has the potential to significantly impact the economics of the Bankable Feasibility Study for the Aurora Project.”
He added: “Furthermore, the 650,000 ounces added in the inferred category has significantly increased the overall total resource of the Aurora Project into the ranks of world-class gold mines.”
GGI was given a Mineral Agreement (MA) by the Government of Guyana for the development of the Aurora Gold Project under a clear and stable fiscal and royalty regime in November last.
The MA is the Company’s permit to build and operate the Aurora Gold Project and was the first large-scale mining license to be issued in the gold sector in Guyana since OMAI in 1991.
Over the past two weeks, GGI has been advertising several vacancies for machine operators, carpenters, masons and other tradesmen an indication that it is ready to begin construction work on the mine site facilities at Aurora.
The mine as well as the mill are planned to be fully operational by the first quarter of 2014.
GGI has indicated that the Aurora Gold project has a minimum mine life of eighteen years and a potential for many more.