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Guyana Goldfields Profitable In 1Q; Output Dips

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(Kitco News) - Guyana Goldfields Inc. (TSX: GUY) reports first-quarter net earnings of $8.4 million, or a nickel per share, down slightly from $9.9 million, or 6 cents, in the same period a year ago. Gold production fell to 38,500 ounces from 40,900 in the first quarter of 2017. The company reports record mill throughput, averaging 6,720 tonnes per day for the quarter, of which 100% was hard rock. All-in sustaining costs were $934 an ounce. The average realized gold price rose to $1,333 from $1,227. The company says it completed the first phase of a mill expansion on time and under budget, and this will allow for increased mill throughputs and recoveries going forward. "With increased throughput and higher grades expected in the second half of the year, we are confident in our ability to meet 2018 guidance,” says Scott Caldwell, president and chief executive officer. The company maintained full-year guidance of 190,000 to 210,000 ounces. “We look forward to initiating the development of the underground in the fourth quarter of this year in our effort to accelerate selective mining of higher grade stopes starting in 2019. We have begun the bidding process to bring on the required underground mining technical expertise, as well as initiated the movement of previously purchased underground mining equipment to site," Caldwell adds.

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