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 3, 2012.
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 project.
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, in Indonesia.
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 Aranka properties.
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.
SOURCE: Guyana Goldfields Inc.
For further information:
Guyana Goldfields Inc.
Vice President, Corporate Communications
Tel: (416) 628-5936 Ext. 2295
Fax: (416) 628-5935