Georgetown, Guyana – (August 10, 2015) After visiting the Guyana Gold Fields Incorporated, Aurora Gold Project and Troy Resources, Karouni Project, both in Region 7, Minister of Governance Mr. Raphael Trotman is optimistic about the prospect for industrial gold mining in Guyana.
Minister Trotman, whose portfolio includes Natural Resources, recently led a team that included Permanent Secretary (Natural Resources) Mr. Joslyn McKenzie, Technical Officer- Mining (Guyana Geology and Mines) Ms. Euilene Watson, Advisor to the Minister of Governance, Mr. Clayton Hall and other senior officials from the Guyana Geology and Mines Department on a familiarization tour of the two entities.
On completion of the tour Minister Trotman complimented the management of both companies and expressed optimism that the future of industrial gold mining in Guyana is full of great potential. The Minister said, “These operations are coming on stream at the right time and will have a significant impact on the economy…” Both Troy and Guyana Gold Fields have invested heavily in the training and employment of Guyanese workers and are contributing to development in the Cuyuni- Mazaruni Region.
Aurora Gold Project
On August 9, Minister Trotman visited Guyana Gold Fields Aurora Project. The Minister and team were met by several high ranking officials of the company including Country Manager Ms. Violet Smith.
Smith, along with General Manager Mr. Victor Rozon, presented an operational brief and conducted a tour of the mine and plant. The plant which already operational has a capacity to produce 5000 tons of ore per day.
Rozon told the team that the mine plan for the Aurora Gold Project was designed to produce 3.29 million ounces of gold, averaging 194,000 ounces per year. The mine is projected to have a 17 year mine-life.
The Aurora project has a probable reserve of 3.48 million ounces of gold. Already Guyana Gold Fields have invested, as initial capital expenditure, over US$200 million. The company, which currently employs more than 800 Guyanese, has set a September 15 official start date for the Aurora operations.
Troy Resources Karouni Project:
In the week prior, the same team visited Troy Resources, Karouni Project on August 6.
At that site, Minister Trotman and his team were greeted by Chief Executive Officer (CEO), Mr. Ken Nilsson. The team was given a comprehensive operational brief and a tour of the facility.
On January 21, 2014, Troy Resources announced the results of the Preliminary Economic Assessment (PEA) for development of the Karouni project. The PEA considered a combination of two open cut and one underground mine, feeding a conventional carbon-in-leach gold plant with a nominal capacity of 750,000 tons per annum.
According to the Chief Executive Officer Mr. Ken Nilsson the plant is scheduled to be fully operational by September and will have an operational capacity of 137 tons per hour. Nilsson said that the total cost of the project would be US$100 million.
Troy currently employs over 500 employees; approximately 96% of the workforce is Guyanese.
Troy Resources is projecting that a total of 5.2 million tonnes of material will be processed, with a recovered gold production of 633,000 ounces over a seven to ten year mine life.
The CEO claims that with a seven year mine life, the company projects an annual average gold production of 90,000 ounces, with production in the first 12 months of 102,000 ounces of gold.
