Tuesday, November 3, 2015

Guyana Goldfields: Venezuela-Guyana Border Dispute Slams Stock Price


Guyana Goldfields (OTCPK:GUYFF) is a Canadian gold producer operating its flagship Aurora gold mine in Guyana, South America. In August, the company transitioned from gold developer to producer, and just last month, it sold its first gold ounces for total revenue of $1.65 million. The plant's ramp-up is progressing well. It completed commissioning of the entire processing plant with saprolite ((soft)) ore. Guyana Goldfields expects pre-commercial production to range between 30,000 and 50,000 ounces of gold in 2015. Commercial gold production should start-up during the first quarter of 2016, at the latest. Shares of the company (on the TSX) have slid in recent days, losing 5% after management received notification of possible legal action by the Venezuelan government over the Aurora gold mine. More…

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