Guyana Announces Q1 2019 Operating Results

Guyana Goldfields (TSX:GUY) announced its operating results for the first quarter 2019. Full first quarter 2019 operational and financial results will be released after-market on Tuesday, April 30, 2019 with a conference call held on Wednesday, May 1, 2019 at 10:00 am ET to discuss the results.

Highlights are as follows:

Gold production of 36,600 ounces, on track to achieve the previously stated 2019 guidance range of 145,000 to 160,000 ounces.

Mining rate averaged 61,542 tonnes per day. The decrease in the mining rate compared to the fourth quarter of 2018 can be attributed to the completion of the Phase 3 pit at Rory’s Knoll.

Record quarterly mill performance of 7,213 tonnes per day.

Strong balance sheet with an unaudited cash balance of approximately US$73 million at March 31, 2019 and total debt balance of US$35 million.

Issued updated mineral resource and mineral reserve estimates, and life of mine plan (LOM) plan on the Aurora gold mine.

Continued its corporate restructuring in Guyana and at head office and significantly strengthened its board and senior management.

Scott A. Caldwell, president & CEO, commented:

Management is developing an optimized production schedule that will, among other things, reduce the stockpile build up that is currently part of the new LOM plan. Moreover, management has identified several additional cost savings opportunities not captured within the new LOM plan that will improve operating and financial flexibility.

Looking ahead, we expect to set a new and higher standard in our operating performance and provide consistent results based on our new resource model. We have continued to strengthen our board and senior management and have brought on proven expertise to assist with our operating plan.

Click here to read the whole Guyana Goldfields (TSX:GUY) press release.