TORONTO, March 5, 2013 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) (the "Company", "Guyana Goldfields" or "GGI") announces the resignation of Mr. Marcel. F. DeGuire as President &
Chief Operating Officer ("COO") of the Company effective July 15, 2013.
Mr. DeGuire is resigning for personal reasons and remains available to
assist the Company in advancing the development of the Project. Mr.
DeGuire states, "I continue to support the Company and the development
of the Aurora Gold Project and wish GGI success in all its growth
moving forward. I have no doubt that Aurora will be a highly profitable
operation in addition to showing excellent expansion potential beyond
the current mine plan."
Moving forward, the Company will immediately begin a search for a new
President & COO to be based at the corporate head office in Toronto.
The Company's Aurora Gold Project timeline remains unaffected and
continues to advance on track, including the delivery of the Bankable
Feasibility Study. The Company has carried out direct discussions with
potential consultants and contractors for EPCM or EPC contracts.
The on and off-site early works construction activities also remain on
schedule on such items as road works, camp construction, Buckhall port
development, etc.. Detailed engineering for early works including
tailings dam and other critical path earthworks will be awarded
imminently. We continue to have discussions with project lenders for
the remaining capital requirement of the Project.
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 C$122 million in cash and cash equivalent and no debt;
there are approximately 124,491,814 shares issued and outstanding.
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 "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; the
receipt of applicable regulatory approvals; 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.
SOURCE: Guyana Goldfields Inc.
For further information:
Guyana Goldfields Inc.
Vice President, Corporate Communications
Tel: (416) 628-5936 Ext. 2295
Fax: (416) 628-5935