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Guyana Goldfields Inc.

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Summary

Project:

Aurora

Deposit:East Walcott
Location:Guyana
Commodities:Gold
Date:10/30/2018
Report Code:NI43-101
Report Type:Exploration/Drilling Update
Project Stage:Active Mining & Production
Report details:30-10-2018: Guyana Goldfields Inc. announces an Exploration/Drilling Update report for its East Walcott deposit at the Aurora project. Drilling results incl. 13.0m @ 7.74g/t Au from 319.0m. TORONTO, Oct. 30, 2018 /CNW/ - Guyana Goldfields Inc. (TSX: GUY)
Resources:(not mentioned in this report)
CP/QP:[Overall Report]: Ron Stewart (Internal)
ABSTRACT:TORONTO, Oct. 30, 2018 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) (the "Company") reports its 2018 third quarter operational and financial results. All amounts are expressed in U.S. dollars unless otherwise stated. A conference call will be held today, Tuesday, October 30 th at 10:00 am ET to discuss third quarter results and details of the call can be found at the end of this release. The Company previously announced its third quarter gold production results from mining operations on October 9, 2018. The Company had an improved third quarter of 2018 from both a production and cost perspective, driven by improved mining rates. The average head grade, however, was lower than anticipated. Since production commenced in 2016, ore sourced from the Rory's Knoll diorite has reconciled well with the reserves. Previous guidance assumed that the average grade would rebound to +3 g/t Au throughout the current quarter, however, based on results to date, that no longer appears likely. Management believes the recent underperformance can be attributed to grade variability not captured in the model. The Company has initiated a review of the underlying resource model. The Company has engaged RPA Inc., an independent firm of engineers and geologists, to assist in the investigation of the geologic controls and grade variability of the deposit. The Company expects the results from this review to be incorporated in the 2019 guidance and annual reserve and resource update to be disclosed in the first quarter of 2019.

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