🕐11.11.10 - 15:27 Uhr
Guyana Goldfields announces Aurora Gold Project Update and Expanded 2011 Drilling Programs
Hi,
Guyana Goldfields recently announced that, due to the identification of
several additional mineralized zones at Aurora and the nearby Sulphur Rose
discovery (Aranka), the Feasibility Study which was scheduled for completion
by year-end will be deferred.
These discoveries are sufficiently significant
that their integration into the Feasibility Study may have a materially
positive impact and must be evaluated.
Accordingly, the planned 2011
drilling programs will be significantly expanded.
Since March 24, 2010, the definitive Feasibility Study drill cut-off date,
an additional 36,748 metres of drilling has been completed at Aurora,
enabling significant growth of the three (3) newest zones identified within
the Golden Square Mile (see press releases dated April 20, 2010 and August
18, 2010).
These zones have been tested with forty-three (43) drill holes
and remain open along strike and at depth.
The discovery and further
confirmation of these zones significantly increases known gold
mineralization within the bounds of the Aurora Gold Project area.
Furthermore, with the upcoming release of the initial resource estimate at
Sulphur Rose (Aranka District) by year end, and given the proximity (35km by
road) of this new discovery to the Aurora Gold Project, additional drilling
and assessment are warranted to explore the possibility of including Sulphur
Rose and its new resource ounces in the Aurora Feasibility Study.
AURORA PROJECT
The definitive Feasibility Study will be modified to include the following:
* Infill drilling within the Golden Square Mile completed from March
24, 2010 (the current Feasibility Study cut-off date), to the end of June
2011 (the new Feasibility Study cut-off date), will be included in a new
resource estimate to be completed by the end of August 2011
* A mine plan to include the three zones mentioned above plus
assessment of any additional new zones discovered before the end of June
2011
* Assessment of the Sulphur Rose discovery
* Feasibility Study Completed in Q4 2011 (calendar year)
Additionally, the Company will continue to carry out civil and
infrastructure works that are critical to an expanded exploration effort and
mine construction.
Below are some of the key objectives and milestones for
the remainder of 2010 and 2011:
* Completion of the access tote road to the Aurora site
* Completion of key Buckhall facilities
* Relocation and expansion of current camp and related facilities
* Construction of a larger permanent airstrip
* Additional site road construction for site preparation
* Examine merits of early construction of an underground portal and
access ramp to allow for earlier underground access and additional
underground exploration drilling
* Complete the Hydropower Feasibility Study and assess its potential
inclusion in the overall Feasibility Study
* Complete negotiations with the government on the Mineral Agreement
and obtain the Mining License for the Aurora Gold Project
DRILLING PROGRAMS
Expanded future drilling plans at Aurora and Aranka for 2011 have been
designed to significantly increase potential local and regional
mineralization along trend and expand newly discovered zones.
Guyana
Goldfields is dedicating an estimated $25-30 million for exploration in 2011
to advance both programs at Aurora and Aranka.
Ten (10) drill rigs will be operational at Aurora and will complete
approximately 70,000 metres of drilling through June 2011 dedicated to
further resource conversion from Inferred to Measured and Indicated as well
as exploration drilling for a total combined budget of $15-20 million.
Up to Six (6) drill rigs with a budget of $10 million will be operational at
Aranka with the potential to increase based on success.
Further details are
listed below on 2011 drilling activities at both properties.
Further information is provided in the attached press release.
International Investor Conference Call
Claude Lemasson, President & COO and Dan Noone, VP Exploration of the
Company will be hosting a conference call to coincide with the release.
Date: Thursday, November 11, 2010
Time: 08:30 am EST
Dial-In Information:
International: + 1-647-723-3981
North America: + 1-800-747-5150
Access Code (for both International and North America): 6285936
The press release is attached for your convenience.
If you have any
questions, please do not hesitate to contact me.
Best Regards,
Jacqueline Wagenaar
Director of Investor Relations
Guyana Goldfields Inc.
1608-141 Adelaide St.
West
Toronto, Ontario, Canada M5H 3L5
Phone: 416-628-5936 Ext.2295
Cell: 647-408-4404
Fax: 416-628-5935
Email:
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