TORONTO, Sept. 10, 2012 /CNW/ - Guyana Goldfields Inc. ("GGI" or "the Company") (TSX: GUY) is pleased to announce the appointment of Marcel ("Mac") F. DeGuire as
President & Chief Operating Officer of the Company, effective October
Mac DeGuire encompasses 40 years of diversified management and senior
technical experience with specific resource industries expertise in
project and operations management, business development, and
government, environmental and regulatory affairs.
Mr. DeGuire's mandate is to continue the development of the Company's
flagship Aurora Gold Project and deliver a positive bankable
feasibility study by the end of 2012, as well as position the Company
for future growth in the construction and subsequent operation of the
Patrick Sheridan, Jr., Chief Executive Officer ("CEO") states, "We are
pleased to welcome Mac to the executive management team. His
demonstrated knowledge and hands-on technical experience in mine
operations and business development will be a valuable asset as we move
towards the completion of the bankable feasibility study, construction
and subsequent operation of the Aurora Gold Project".
Mr. DeGuire was until recently the CEO of Electrum USA Ltd, a private
global gold exploration company, where he was responsible for managing
a multitude of exploration properties in Asia, Africa, Europe, South
America, Latin America and the United States since 2007.
Prior to 2007, Mac held various senior management roles with Apex Silver
Mines Corp. ("Apex") for a total of 11 years overlooking project
development, marketing, and strategic planning. He was responsible for
the direction and management of the development of all Apex projects
through technical evaluation of exploration discoveries, preparation of
pre-feasibility and feasibility studies, preparation of economic mine
models, project development plans, capital expenditures, and the
selection and monitoring of consultants. Mr. DeGuire managed the
pre-feasibility study, bankable feasibility study and development plan
for the San Cristobal project in Bolivia. He was also responsible for
the marketing of Apex concentrate production.
Prior to Apex, Mr. DeGuire worked for Newmont Mining Corp. ("Newmont")
for 19 years until 1996, where he was Vice President Environmental
Affairs and responsible for the Company's environmental matters,
including minimizing liabilities and ensuring compliance with all
environmental laws and regulations. In 1989, Mac served as Vice
President Metallurgical Research and was responsible for managing
metallurgical research and the development group. In 1991, Mac became
Vice President Project Development and also President of Newmont
Uzbekistan and Country Manager for the CIS where he managed the design,
commissioning and initial operations of Newmont's $225 million gold
heap leach project in Uzbekistan. Furthermore, he also managed the
feasibility study for the Yanacocha gold heap leach project in Peru and
the conceptual study for a large open pit copper/gold mine, Batu Hijau,
Prior to 1983, Mr. DeGuire held various senior executive roles for
various resource companies.
Mac DeGuire states, "I am thrilled to become part of GGI and what
promises to be a very successful and productive property with excellent
expansion potential. I look forward to working with the existing team
of dedicated professionals to develop an efficient and profitable
project on time and on budget as the Aurora Gold Project is
strategically advanced into construction and subsequent operation."
Mr. DeGuire has a B.S. Metallurgical Engineering from the Michigan
Technological University and M.S. Metallurgical Engineering from the
University of Nevada and is a qualified person for
Metallurgy/Processing and Environmental Compliance.
About Guyana Goldfields Inc.
Guyana Goldfields Inc. is a Canadian based company, primarily focused on
the exploration and development of gold deposits in Guyana, South
America where the Company has operated since 1996. The Aurora Gold
Project in Guyana has a current measured and indicated resource of 6.54
million ounces gold (62.83 million tonnes at a grade of 3.24 g/t Au)
and 1.82 million inferred ounces (16.93 million tonnes at a grade of
3.34 g/t Au). The Company plans to issue a revised Bankable Feasibility
Study by the end of 2012. For further details regarding the Aurora Gold
Project, reference should be made to the technical report for the
Aurora Gold Project on SEDAR at www.sedar.com and on the Company website at www.guygold.com.
The Company has ongoing exploration programs at both its Aurora and
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.
Forward-looking statements are based on the opinions and estimates of
management as of the date such statements are made and are based on
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of GGI to be materially different from any
future results, performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among others, the
final findings set forth in the Feasibility Study , general business,
economic, competitive, political and social uncertainties; the actual
results of exploration activities; changes in project parameters as
plans continue to be refined; accidents, labour disputes and other
risks of the mining industry; political instability; delays in
obtaining governmental approvals or financing or in the completion of
development or construction activities, as well as those factors
discussed in the section entitled "Risk Factors" in GGI's annual
information form. Although GGI has attempted to identify important
factors that could cause actual actions, events or results to differ
materially from those described in forward looking statements, there
may be other factors that cause actions, events or results to differ
from those anticipated, estimated or intended. Forward-looking
statements contained herein are made as of the date of this news
release and GGI disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events or
results, except as may be required by applicable securities laws. There
can be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward looking statements.
SOURCE: Guyana Goldfields Inc.
For further information:
Guyana Goldfields Inc.
Vice President, Corporate Communications
Tel: (416) 628-5936 Ext. 2295
Fax: (416) 628-5935