TORONTO, June 7, 2012 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) ("GGI" or the Company") is pleased to announce the appointment of Mr. Scott A. Caldwell as its newest member to the Board of Directors.
Mr. Caldwell is a mining engineer with over 30 years experience building and operating gold and base metal mines worldwide. He is the current President, Chief Executive Officer and Director of Allied Nevada Gold Corp. since September 2006 and also served as the Chief Financial Officer and Principal Accounting Officer for the company from September 2006 to April 2007. While under Mr. Caldwell's tenure, Allied Nevada's Hycroft gold mine was built and achieved commercial production in 2009.
From March 2003 to August 2006, Mr. Caldwell was the Executive Vice President and Chief Operating Officer and Director of Kinross Gold Corp. and oversaw the La Coipa and Maricunga gold mine operations. He also served as the Senior Vice President of Surface Operations from June 1998 to March 2002.
Mr. Caldwell sits on the Board of Directors of Atacama Pacific Gold Corporation and also acts as a consultant to Vista Gold Corp. He holds a Bachelor of Science (Mining) degree in Engineering from the University of Arizona.
Patrick Sheridan, CEO, states, "On behalf of the Board of Directors, I am pleased to welcome Scott to the team. His global experience as a professional mining engineer and track record in the mining industry will add strong technical expertise to our team and we look forward to working with him as we make a smooth transition from highly successful explorer to developer at the Aurora Gold Project."
Mr. Caldwell's appointment is subject to the approval from the Toronto Stock Exchange.
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 June 2012 and a new FS by year-end. 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.
At the Aranka Properties, the Company has discovered a 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.
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.
Vice President, Corporate Communications
Tel: (416) 628-5936 Ext. 2295
Fax: (416) 628-5935
E-mail: [email protected]