Guyana Goldfields Inc. Announces Changes in Manage Guyana Goldfields Inc. Announces Changes in Management and Board of Directors
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TORONTO, March 19, 2012 /PRNewswire/ - 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.
FORWARD-LOOKING INFORMATION
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.