TORONTO, Dec. 5, 2014 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) ("GGI" or "the Company") is pleased to announce that it has received the Outstanding Achievement Award given for notable corporate development success in the past year. This award was presented at the Mining Journal awards dinner at the Mines and Money conference held on December 4th in London, UK.
The Company received the award for its success in obtaining its project financing requirements in 2014 through the completion of two transactions which resulted in raising total gross proceeds of US$ 226.5 Million towards the development and construction of the Aurora Gold Project ("Aurora"). The transactions composed of a US$ 185 Million senior secured project finance facility with a consortium of senior lenders (see press release dated September 3, 2014) as well as a non-brokered private placement equity offering in the amount of US $41,523 Million (or Cdn$44,400 Million) (see press release dated June 27, 2014).
Scott A. Caldwell, President & CEO, states "We are honoured to be the recipient of this prestigious award which represents the significant achievement of raising funds in a difficult financial environment and reflects the quality of the Aurora asset. We would like to once again thank all parties involved in these transactions and the dedicated team at GGI".
GGI was advised by Endeavour Financial Limited (Cayman) on the project debt financing.
The Mining Journal Outstanding Achievement Awards have been established to honour those individuals and organizations who have made a notable contribution to the industry and who stand out from the crowd.
About Guyana Goldfields Inc.
Guyana Goldfields Inc. is a Canadian based company, focused on the exploration and development of gold deposits in Guyana, South America. GGI is focused on the construction and development of the Aurora Gold Project scheduled for commercial production in mid-2015. The Aurora Gold Project has a total gold resource of 6.54 million ounces in the measured and indicated categories (62.83 million tonnes at 3.24 g/t Au) as well as an additional 1.82 million ounces in the inferred category (16.93 million tonnes at 3.34 g/t Au). For further details, please refer to the press release dated December 9, 2013 and the report entitled "NI 43-101 Technical Report, Updated Feasibility Study – Aurora Gold Project" dated January 29, 2013 available on SEDAR at www.sedar.com. GGI also holds a significant portfolio of attractive exploration properties and holds cash and cash equivalents of US$68M as of July 31, 2014.
Forwarding-Looking Information
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the estimation of mineral resources. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the receipt of applicable regulatory approvals, the timing of the advance of the funds pursuant to the Facility, fulfilling all conditions precedent to the advance of funds pursuant to the Facility, general business, economic, competitive, political and social uncertainties; the actual results of exploration activities; changes in project parameters as plans continue to be refined; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in GGI's annual information form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
SOURCE Guyana Goldfields Inc.
For further information: Guyana Goldfields Inc.: Scott A. Caldwell, President and Chief Executive Officer, Jacqueline Wagenaar, Vice President, Investor Relations & Corporate Communications, Tel: (416) 628-5936 Ext. 2295, Fax: (416) 628-5935, E-mail:
jwagenaar@guygold.com, Website:
www.guygold.com
