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Guyana Goldfields Announces Filing Of NI 43-101 Technical Report For The Aurora Gold Project

TORONTO, Jan. 30, 2013 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) (the "Company") is pleased to announce that it has filed a technical report ("Report") prepared in accordance with Canadian Securities Administrators' National Instrument 43-101. The Report may be found on the Company website or under the Company's profile at www.sedar.com.

The independent Report, dated January 29, 2013, entitled "NI 43-101 Technical Report, Updated Feasibility Study, Aurora Gold Project, Guyana, South America" was issued by Tetra Tech Inc., with contributions from SRK Consulting ( Canada) Inc., and other key industry consultants. The Report provides detail to the disclosure contained in the Company's news release issued on January 11, 2013, announcing the key finding results of the Updated Feasibility Study for its 100% owned and fully permitted Aurora Gold Project. As previously announced, the Report indicates that the open pit and underground mining operations at Aurora are anticipated to be economically robust with substantial upside potential.

Highlights of the Report include:

  • US$205 million estimated initial capital required to achieve commercial production
  • US$800 million Net Present Value after tax and royalties (at a 5% discount rate and $1,300/oz gold price)
  • 38% Internal Rate of Return after taxes and royalties (at a 5% discount rate and $1,300/oz gold price)
  • US$527/oz Average Life of Mine Operating Cash Cost after tax and royalties
  • 3.29 million ounces of gold produced over an initial 17 year mine life, beginning in 2015
  • 194,000 oz Average annual gold production over LOM, with 231,000 oz produced on average in the first 10 years
  • 349,000 oz Gold production peak in 2020 (year 6)
  • Gold production is staged, with initial open pit production at Rory's Knoll supplying ore to the mill at a rate of 5,000 tonnes per day. In early 2018, underground mining at Rory's Knoll commences when the open pit mining in this zone is completed.  Rory's Knoll will be mined utilizing the open benching and sublevel retreat mining methods via a decline access with truck haulage, while the satellite open pits are mined concurrently. During this phase mill capacity increases to 10,000 tonnes per day for five years.  Thereafter, nine years of underground mining continues and the mill operates at 5,300 tonnes per day.
  • The Company will explore the existing potential to incorporate into the mine plan previously defined resources contained below the pit shell at Aleck Hill and below the current Rory's Knoll underground mine design.

About Guyana Goldfields Inc. Guyana Goldfields Inc. is a Canadian based company, focused on the exploration and development of gold deposits in Guyana, South America where the Company has operated since 1996.  The Company is focused on bringing the Aurora Gold Project into production with infrastructure development currently underway. Active exploration continues at Aurora and at the Company's Aranka Group of Properties with the intention of further expanding these resources. Greenfields exploration by our experienced team of geologists is also ongoing in the broader Aranka group of properties.

As at the date hereof, the Company has approximately $32 million in cash and cash equivalent and no debt; there are approximately 95 million shares issued and outstanding.

Forwarding-Looking Information

This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the estimation of mineral resources. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved.

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