TORONTO, April 5 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) ("Guyana" or the Company") is pleased to announce the appointment of Paul J. Murphy, B.Comm, CA, as the new Executive Vice President, Finance and Chief Financial Officer (CFO).
Mr. Claude Lemasson, President & COO states "Guyana Goldfields is pleased to welcome Mr. Murphy to the Company. The addition of Mr. Murphy to our executive management team is a significant milestone in the corporate development of our Company as we grow our team to comply with our needs and move towards development. His demonstrated knowledge and hands-on experience in financing will be a valuable asset as we move towards definitive feasibility study, construction and subsequent operation of the Aurora Gold Project. Mr. Murphy will be responsible for assessing all financing options for the Aurora Gold Project later this year as the project moves toward the development decision".
Mr. Paul Murphy has significant industry experience gained as a Partner in PricewaterhouseCoopers LLP and the National Mining Leader in Canada as well as the Leader for the Western Hemisphere Mining Centre of Excellence. He has worked almost exclusively in the resource industries for the past 30 years and has been a leader in industry-specific issues in areas of financial reporting and controls, governance, operational effectiveness, SEC reporting issues, financing, valuation and taxation. Mr. Murphy is also co-author of PricewaterhouseCoopers' publications namely "Mine*" and "Hedging in the Mining Industry". Mr. Murphy has worked with an extensive number of foreign companies seeking listings in Toronto to raise financing for foreign operations.
Mr. Murphy has served as Lead Engagement Partner on the world's largest gold mining company, amongst others, during their periods of expanded production through both internal growth and acquisitions.
For several years, Mr. Murphy oversaw a technical mining practice which certified financial completion tests and reviewed ore reserves for mines financed by Canadian and foreign banking syndicates.
Mr. Paul Murphy states, "The past decade, in particular, have been exciting and rewarding times in the mining industry and I am extremely pleased to join the executive team of Guyana Goldfields, a dynamic and growing company with skilled professionals dedicated to the exploration and development of its advanced gold properties."
About Guyana Goldfields Inc.
Guyana Goldfields Inc. is a Canadian based mineral exploration company primarily focused on the exploration and development of gold deposits in Guyana, South America where the Company has operated since 1996. The Company is currently undertaking technical studies and pre-development construction activities to advance and develop the Aurora Gold Project in Guyana which is slated to begin production mid 2012. As at the date hereof, the Company has approximately $79 million in cash and short-term bank guaranteed investment certificates and no debt.
Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Guyana, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
SOURCE Guyana Goldfields Inc.
For further information: For further information: Guyana Goldfields Inc., Claude Lemasson, President & COO, Jacqueline Wagenaar, Director of Investor Relations, Tel: (416) 628-5936 Ext. 2295, Fax: (416) 628-5935, E-mail: firstname.lastname@example.org, Website: www.guygold.com