TORONTO, March 19, 2012 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) ("GGI" or the Company") announces that Mr. Claude Lemasson has resigned as President and Chief Operating Officer ("COO") of the Company with effect on April 9, 2012 and as a Director of the Board immediately. The Company wishes to announce the appointment of Mr. Jean-Pierre ("J.P.") Chauvin as the newest member of its Board of Directors and that it has started assembling a team for the construction of the Aurora Gold Project.
Claude Lemasson joined the Company in March 2009 as President and COO and the Board of Directors in April 2010. He was responsible for overseeing the technical studies and pre-development work related to the Aurora Gold Project in Guyana. The Board of Directors would like to thank Claude for his dedication and contribution to the Company in the last 3 years and wish him well in his future endeavours.
Mr. Patrick Sheridan, Jr., Chief Executive Officer of the Company will replace Mr. Lemasson on a temporary basis until a successor is appointed. Patrick is the founder of GGI and was formerly the President prior to the appointment of Mr. Lemasson in 2009. The Board has identified qualified candidates with long histories of mine development and construction experience as potential successors and is currently in the process of finalizing this appointment. An announcement will be made in due course.
The Company has taken the first step in assembling a team for the construction of its Aurora Gold Project. The Company has appointed a Vice-President, Projects, with an effective initiation date of early May, who will be based in Guyana, South America and will be responsible for advancing the technical studies, development, and construction of the Aurora Gold Project and managing the overall project team.
His extensive background in Civil Engineering and Geology encompasses 15+ years experience in both the construction and resources industries. The Vice-President, Projects appointee has recently been responsible for the engineering, procurement and construction management of a multi-billion dollar project in a tropical climate similar to that of Guyana. He was directly accountable for setting the strategic project scope, definition and the delivery of the project in accordance with agreed design, safety, time and cost parameters to achieve all objectives. Further details will be provided in early May upon his commencement of employment.
The Company is also pleased to appoint Mr. J.P. Chauvin, P.Eng, as its newest member to the Board of Directors. Mr. Chauvin brings more than 40 years of combined experience in mining operations and construction management. This includes participating in the development of the Isle-Dieu mine in Matagami, Quebec for Noranda Mines Inc., which required the sinking of production and exploration shafts, as well as the development and definition of the underground operation. Later, also for Noranda, Mr. Chauvin oversaw the rehabilitation of the Gaspe Copper mine. In 1992, he relocated to Manitouwadge to head the mine department at Hemlo Gold Mine's Golden Giant mine, where he was subsequently promoted to Mine Manager, ultimately becoming General Manager of Canadian Operations for the successor company, Battle Mountain Gold. In 2004, Mr. Chauvin moved to Toronto as CEO of Patricia Mining Corp. where he was responsible for the dewatering and rehabilitation of the Island Gold project. The mine was successfully dewatered and sufficient resources defined to allow Richmont Mines to exercise their option to bring the mine into production. In 2006, Mr. Chauvin joined GlobeStar Mining Corp. as President and COO where he oversaw development of the Cerro de Maimon project in the Dominican Republic. A greenfields undertaking, Cerro de Maimon was taken to production in 2 years from start to finish, including all planning and engineering required to develop the mine and build the on-site processing plant. Mr. Chauvin is currently employed as an interim President and CEO of PC Gold Inc. and sits on the Boards of PC Gold Inc., Macusani Yellowcake Inc, Lakeside Minerals Inc., and Andean American Gold. Mr. Chauvin also provides expertise in Feasibility Study reviews to resource companies and is an engineer and graduate of Queen's University (B.Sc., Mining Engineering).
Patrick Sheridan, CEO, states, "We are very pleased to announce the additions to the Aurora Gold Project team and the Board of Directors at this important time in the pre-development phase of the Company. The project is attracting top professionals with significant experience in mine construction projects in tropical environments. This is a testament to the quality of the Aurora Gold Project. Their extensive experience and expertise in building and operating mines are invaluable and the Company now has the depth of experience required to make a smooth transition from highly successful explorer to developer."
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 5.71 million ounces gold (47.040 million tonnes at a grade of 3.83 g/t) (see press release dated September 9, 2011). The Company plans to issue a revised Aurora resource estimate mid-2012 and a New Feasibility Study by year-end. For further details regarding the Aurora Gold Project Feasibility Study, reference should be made to the press release dated February 24, 2012. The NI 43-101 Feasibility Study Technical Report for the Aurora Gold Project will be available early April on SEDAR at www.sedar.com and on the Company website at www.guygold.com.
At the Aranka Properties, the Company has discovered a gold deposit at Sulphur Rose and N-1 and other highly prospective targets within a 5-km radius have been identified for drill testing in 2012.
As at the date hereof, the Company has approximately $26 million in cash and short-term bank guaranteed investment certificates and no debt; there are approximately 83 million 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 various assumptions.
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.
For further information:
Guyana Goldfields Inc.
Patrick Sheridan, CEO
Vice President, Corporate Communications
Tel: (416) 628-5936 Ext. 2295
Fax: (416) 628-5935