CAMERON & Shepherd, the oldest law firm in Guyana, said the Guyana Gold Board’s dealer licensing process was not compromised in the case of nine applications submitted for review, among them Adolphus Mining Inc.

In recent times, the Guyana Gold Board has been criticised for issuing a dealer’s licence to Adolphus Mining Inc. after one of its principals was found with a large quantity of gold. In acknowledging the issuance of the licence, the Gold Board said its management and board were aware of the circumstances surrounding a quantity of gold that was brought before the then GGB management in 2011.

It explained that additional due diligence revealed the holder of that gold was the producer. The gold was weighed at the GGB and full payment was made at market rates prevailing in 2011, the Gold Board assured.

Given the recent contention, the Gold Board directorate authorised the engagement of the independent law firm of Cameron & Shepherd to review and evaluate the licensing process. The law firm was tasked with determining adherence to all of the components of the GGB’s process and to determine whether any exceptions or special considerations were granted to any approved dealer in general, and Adolphus Mining, Inc. in particular.

In a letter addressed to Guyana Gold Board Chairman, Gabriel Lall, on Thursday, Cameron & Shepherd made four primary observations, all of which cleared the Gold Board of any malpractice with respect to the issuing of dealer’s licence.

“While not yet fully documented, we are satisfied that the Guyana Gold Board has a standard procedure in evaluating applications, which consists of setting out, for applicants, the documents required and the process, collating submitted documents, assessing the documents for authenticity, interviews with the applicant or applicants, consideration by the board of directors and recommendation to the Minister,” Cameron & Shepherd observed.
It noted, too, that based on the review of the process and the records of the applicants, it is satisfied that the applicants were fully aware of the requirements and followed the requisite procedure in their submissions.

“Having reviewed the records you provided to us of the applicants listed below, we are satisfied that they provided the documentation that they were required to provide; and we are satisfied that none of the applicants appears to have been given special or relaxed consideration, as all applicants appear to have followed the same procedures,” the law firm stated.

The companies assessed were Adamantium Metals Inc., GBTI Property Holding Inc., Pure Diamond Inc., El Dorado Trading, Adolphus Mining Inc., Dinar Trading, Gold Bar Development and Consulting Inc., Excel Minerals Inc., and Mohamed’s Enterprise.
On Monday, the Guyana Gold Board insisted that it issued a dealer’s licence to Adolphus Mining Inc., but not before all the necessary checks and verifications were conducted. It said there was nothing that militated materially against, or that did serve as an effective bar to the issuance of a gold dealer’s licence to Adolphus Mining, Inc.