Guyana Goldfields Approves $238M Spend

Guyana Goldfields (TSX:GUY) on Monday announced that its board of directors has approved $238 million in expenditures to advance its Aurora gold project towards commercial production. The Toronto-based company also named the contractor for the $137 million engineering, procurement and construction contract. Joint venture partners Sedgman Limited and Graña y Montero will build a processing facility and power plant at the project, which has a capital expenditure budget of $249 million.

According to Guyana Goldfields, construction is anticipated to last 18 months, with commissioning of the mill beginning in the first quarter of 2015. Commercial gold production is expected to be achieved by mid-2015.

As quoted in the press release:

Scott A. Caldwell, President & CEO, states, “This is an extremely significant milestone for the Project and for the Company. We are excited to be moving the Aurora Gold Project forward and have engaged an excellent team whose strengths complement each other. Both of the GSJV companies have recognized industry expertise and a solid reputation for building and designing projects in tropical environments similar to Guyana.”

Click here for the full press release from Guyana Goldfields (TSX:GUY)