Guyana Goldfields Inc New GUYFF

Guyana Goldfields update

[crowcreekkate]

I like this bit "allow Aurora to maintain its distinction as one of the highest grade undeveloped gold projects not already owned by a major"

Stay golden my friends ;)
CCK

Guyana Goldfields updated its Aurora resource estimate ahead of its feasibility study set to be release at the
end of 2011. Overall measured and indicated resources increased 6% to 5.7 million ounces with an 11% increase in the open pit
resources which now stands at 2.2 million ounces of gold. The grades for the project remain high at 3.8 g/t overall. These results
allow Aurora to maintain its distinction as one of the highest grade undeveloped gold projects not already owned by a major
producer. As part of the feasibility study, Guyana says it will expand the mill capacity to 9,500 tonnes per day (tpd) up from
8,000 tpd. This potential benefit will be offset to some degree by slightly higher capital costs and a higher stripping ratio,
however it should still be a net benefit to valuation. Guyana indicated capital costs are expected to be impacted by inflation from
the preliminary assessment assumptions with the initial capex of $283 million for the open pit and $157 million for the
underground. Guyana also said it has determined the nearby Aranka property may be better suited for a standalone processing
scenario and it will not be included in the year-end feasibility study. Guyana also noted it anticipates a Mineral Agreement with
the Guyana Government by year-end. Negotiations are underway on the fiscal terms of the Mineral Agreement that is a
requirement of the Mining License needed to proceed with construction of the project.