Guyana Goldfields Announces the Award of Two Key Feasibility Studies for the Aurora Project
Wed Mar 11, 8:01 AM
ca.news.finance.yahoo.com
TORONTO, March 11 /PRNewswire-FirstCall/ - Guyana Goldfields Inc. (TSX: GUY.TO) ("Guyana") is pleased to announce the award of the Definitive Feasibility Study for the Aurora Gold Project to AMEC of Oakville, Ontario.
The Definitive Feasibility Study will be completed in two phases. Phase 1, which runs from March to August 2009, will conclude with a Preliminary Economic Assessment NI43-101 report, and Phase 2, which will run from August 2009 to February 2010, will conclude with the issue of the NI43-101 report and Definitive Feasibility Study.
Guyana also announces the award of a Technical and Economical Feasibility Study for the Cuyuni Hydroelectric Project to MWH (Montgomery Watson Harza) of Argentina. This study will evaluate a clean-energy alternative to operating the future mine on diesel generated power, offering significant benefits from both environmental and cost perspectives. Guyana Goldfields is equally sharing the cost of the study with the IFC (International Finance Corporation) of the World Bank Group of Washington, D.C.
Claude F. Lemasson, the new President and Chief Operating Officer (COO) of Guyana, states "After detailed review of proposals submitted, we are pleased to award these two key studies to such world-class firms as AMEC and MWH. I look forward to working closely with the teams from these two firms to advance the Aurora project."
The Aurora Gold Project, located in north central Guyana in South America, is a multi-million ounce gold discovery being advanced through key studies with infrastructure construction expected to start in 2010.
AMEC is an international project management and services company with over 20,000 employees worldwide. AMEC's Mining & Metals unit provides a full range of services to the mining industry, including strategic planning and market assessments, mine planning and design, feasibility studies, process development, environmental services, simulations, geotechnical, engineering design, procurement, project and construction management, plant start-up and commissioning, operator training and mine support services. The Aurora Definitive Feasibility Study will be executed out of AMEC's Oakville, Ontario Mining and Metals Office.
MWH is a Denver, US, based global provider of environmental engineering, construction and strategic consulting services with an office in Buenos Aires, Argentina. The company provides water, wastewater, energy, natural resource, program management, consulting and construction services to industrial, municipal and government clients around the world.
About Guyana Goldfields Inc.
Guyana Goldfields Inc. is a Canadian based mineral exploration company primarily focused on the exploration and development of gold deposits in Guyana, South America where the Company has operated since 1996. The Company is currently undertaking technical studies to advance and develop the Aurora Project in Guyana. As previously announced, (see press release dated December 8, 2008 at www.sedar.com under the Guyana Goldfields Inc. profile, "Guyana Goldfields Announces Increased Resource at Aurora 3.69 Million Ounces Measured and Indicated and 1.72 Million Ounces Inferred"), the Aurora Project contains a Measured resource of 8.08 million tonnes @ 4.11 g/t Au., Indicated resource of 21.06 million tones @ 3.87 g/t Au. and an Inferred resource of 19.97 million tonnes @ 2.77 g/t Au. Mr. D. K. Mukhopadhyay, MAusIMM, Senior Mineral Resource Geologist of Micon International Co. Limited, reviewed and approved the technical data in his capacity of a Qualified Person under National Instrument Policy 43-101. As at the date hereof, the Company has approximately $20 million in cash and short-term bank guaranteed investment certificates and no debt.
SOURCE Guyana Goldfields Inc. |
