TORONTO, Dec. 23, 2013 /CNW/ - Guyana Goldfields Inc. ("GGI" or "the Company") (TSX: GUY) would like to announce that Mr. Richard Williams and Mr. Robert Bondy have resigned as Board of Directors (the "Board") of the Company effective immediately, and in their place, GGI has appointed Mr. René Marion and Mr. Michael Richings as independent Board members. In addition, Patrick Sheridan, Executive Chairman of GGI, has resigned as Corporate Secretary of the Company, effective immediately, and Mr. Robert Bondy has been appointed as his successor. Rick will continue to provide consulting services to the Company. GGI would like to thank both Rick and Robert for their 10+ years of support and acknowledge their valuable service and contribution to the Board.
Mr. Marion has over 25 years of diversified management and senior technical experience with resource industry expertise in operations, mineral exploration, and mine development, along with a successful history of corporate development. Mr. Marion was most recently President, CEO and Director of AuRico Gold Inc. ("AuRico") from 2007 to 2012, where he oversaw the acquisition and development of AuRico's flagship Young-Davidson Mine. Prior to AuRico, he held several senior positions with Barrick Gold Inc. for over 14 years including Vice-President of Russia and Central Asia, Vice-President Technical Services, and Vice-President and General Manager of Kahama Mining. He is currently Chairman and President of RJLM Professional Services Ltd., a private engineering consulting firm. Mr. Marion is a member of the Professional Engineers of Ontario, and holds a BScE in Mine Engineering from Queens University.
Mr. Richings has over 40 years of development and operational experience in the resource sector. Mr. Richings is currently the Chairman of the Board for Vista Gold, where he also served as CEO from 2007 to 2012. Mr. Richings also sits on the Board of Directors of Midas Gold Corp. Previously, he was a director of Allied Nevada Gold Corp., Zaruma Resources Inc., and Triumph Gold Corp. Mr. Richings, a mining engineer, is a graduate of Camborne School of Mines (UK) and has a Master's degree from Queens University (Canada).
Scott A. Caldwell, President & CEO of Guyana Goldfields states, "On behalf of the Board, I would like to thank both Rick and Bob for their extended support and service and welcome René and Mike to the team".
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. The Company is focused on the construction and development of the Aurora Gold Project scheduled for initial production in early 2015. The mine plan for the Project is designed to produce 3.29 million ounces of gold, averaging 194,000 ounces per year, over an initial 17 year mine life. The Aurora Gold Project has a total gold resource of 6.54 million ounces in the measured and indicated categories (62.83 million tonnes at 3.24 g/t Au) as well as an additional 1.82 million ounces in the inferred category (16.93 million tonnes at 3.34 g/t Au). For further details, please refer to the press release dated December 9, 2013 and the report entitled "NI 43-101 Technical Report, Updated Feasibility Study - Aurora Gold Project" dated January 29, 2013 available on SEDAR at www.sedar.com. The Company also holds a significant portfolio of attractive exploration properties and currently holds cash balances of US$109 Million as of October 31, 2013.
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 various assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company 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 receipt of applicable regulatory approvals, the final findings set forth in the "NI 43-101 Technical Report, Updated Feasibility Study - Aurora Gold Project" dated January 29, 2013, 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 the Company's annual information form. Although the Company 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 the Company 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.
SOURCE: Guyana Goldfields Inc.
For further information:
Guyana Goldfields Inc.
Scott A. Caldwell
President and CEO
Vice President, Investor Relations & Corporate Communications