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Guyana Goldfields (TSX: GUY) has signed a Mineral Agreement with the Government of Guyana and has received the Mining License for the Aurora Gold Project. This is the first large-scale mining license to be issued in the gold sector in Guyana since 1991.
The Mining Agreement details all related conditions for the continued exploration, mine development and operation of the Aurora Gold Project. The Mining License is the company’s permit to build and operate the Aurora Gold Project. The document is valid starting immediately for an initial 20-year term with provisions for extension on application by the company.
Construction work on the mine site facilities and the mill will begin immediately in the first quarter of 2012 and is scheduled to be completed over a period of 24 months which includes contingency. The mine and mill are planned to be fully operational by the first quarter of 2014.
The Company continues to work towards completing its updated resource estimate at Aurora by mid-December of this year and deliver its Feasibility Study by January 16, 2012.
