CANADIAN mining company, Guyana Goldfields Inc., has produced 37,000 ounces of gold during the second quarter of this year, a figure which puts it on track to achieve its 2019 target.

The company stated that figures for the first half of the year indicates that the company has produced 74,000 ounces of gold and its 2019 production guidance range is between 145,000 to 160,000 ounces of gold.

In a more detailed account, the company said mining rate averaged 57,710 tonnes per day, a 45 per cent increase in the mining rate compared to the previous year. It said it recorded a quarterly mill performance of 7,815 tonnes per day which represented a 10 per cent increase from the previous year.

It was noted that exploration drilling at Mad Kiss Hole MKD 187, drilled into the central mineralised zone, returned an average of 6.11 grams per tonne gold over a core interval of 301.4 metres starting from 14.1 metres downhole.

Regarding its finances, the company said on hand is a strong balance sheet with an unaudited cash balance of approximately US$38.9 million at June 30, 2019 and no outstanding debt.

The company has experienced a stoppage in its operations recently, following a strike by workers at its Aurora, Cuyuni/Mazaruni operation.

Suresh Kalathil, SVP and COO, stated that the company is looking forward to a mutually beneficial relationship with all contractors and employees at Aurora, “while collaboratively working towards achieving enhanced economies of scale on a cost per unit basis within defined operating metrics”.

He said the company also boasts a health and safety record of over two million hours without a lost time injury.