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Guyana Goldfields Inc. Reports Production of 41,000 ounces for Q3 2017 Generating US$50M in Revenues at a Cash Cost of US$595/oz

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Canada NewsWire

TORONTO, Oct. 31, 2017

TORONTO, Oct. 31, 2017 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) (the "Company") reports its 2017 third quarter operational and financial results. All amounts are expressed in U.S. dollars unless otherwise stated. A conference call will be held this morning at 10:00 am ET to discuss the results and details of the call can be found at the end of the release.

Q3 2017 Operational Results

Gold production totalled 41,000 ounces during the current quarter; with higher grades expected in the fourth quarter, the Company expects full year production for 2017 to come in at the low end of guidance of 160,000 – 180,000 ounces.
Operating costs (including depreciation and royalty) were $940 per ounce, operating cash costs¹ before royalty were $595 per ounce and all-in sustaining costs¹ ("AISC") were $828 per ounce; all significant decreases compared to the prior quarter.
September was a very strong month with gold production of 18,900 ounces with operating cash costs¹ before royalty of $544 per ounce and AISC¹ of $724 per ounce.
Cash generated from operations, before working capital adjustments, of $20.4M.
The Company's balance sheet remains strong with a cash balance of $64.2 million versus a debt balance of $63.9 million as at the quarter end. The fair market value of the Company's investment in SolGold plc at quarter end was $46.3 million.
Greenfield exploration drilling has commenced at the Company's Wynamu and Iroma properties, with drill results expected in the fourth quarter.
Significant capital investments made through the first three quarters of 2017 in the mining fleet, bulk emulsion delivery system, and logistics haulage fleet is expected to generate significant operating cost savings moving forward as all equipment is in-country and has been commissioned.
The Company continues to have an excellent health, safety and environmental track record with over 4,000,000 employee hours worked without a lost time incident.

Scott Caldwell, President & CEO stated, "The Company reported a strong and significantly improved third quarter of 2017 primarily driven by increased mill feed grades due to mining activity reverting to the central diorite ore body at Rory's Knoll. September was a very strong month and this strong performance has continued into October. We expect to finish the year with our strongest quarter yet, and at the low end of annual guidance, with ore being sourced primarily from the high grade diorite ore at Rory's Knoll."

Preliminary Q4 Results

For the month of October 2017, operational and cost performance trended favourably, as expected, and gold production from mining operations is estimated to be approximately 17,100 ounces.

Aurora Gold Mine Operational Statistics

Q3 2017

Q2 2017

ARIVA.DE Börsen-Geflüster

Kurse

Guyana Goldfields

0,00%

Q1 2017

Q4 2016

Q3 2016

Ore mined (tonnes)

688,119

511,600

498,800

688,000

642,200

Waste mined (tonnes)

2,946,300

3,097,200

2,389,700

1,899,800

1,315,100

Total Mined (tonnes)

3,634,400

3,608,800

2,888,400

2,587,800

1,957,300

Strip ratio (waste:ore)

4.3

6.1

4.8

2.8

2.0

Tonnes mined per day

39,500

39,700

32,100

28,100

21,300

Ore processed (tonnes)

568,000

515,600

602,800

507,500

491,200

Tonnes processed per day

6,200

5,700

6,700

5,500

5,300

Head grade (g/t Au)

2.53

2.06

2.44

2.94

2.42

Recovery (%)

90.0

86.5

89.7

90.6

88.7

Mill utilization (%)

93.6

89.3

92.4

87.3

89.9

Gold Produced (ounces)

41,000

29,700

40,900

43,800

34,400

Gold Sold (ounces)

39,000

30,000

40,700

45,500

33,300

Average Realized Gold Price ($/ounce)

1,287

1,263

1,227

1,204

1,334

Cash costs per ounce – before royalty¹ ($/ounce)

595

757

516

446

499

All-in sustaining costs¹ ($/ounce)

828

1,144

861

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