Mississauga, ON -- (SBWIRE) -- 12/12/2014 -- AllPennyStocks.com Media, Inc. (http://www.AllPennyStocks.com/) announces its latest article titled "Guyana Goldfields Moves One Step Closer to Commercial Production at Aurora Gold Project."
Companies mentioned in this article include Guyana Goldfields Inc. (TSX:GUY).
Article Excerpt:
Gold was everyone's darling for a decade from the start of 2001 when the precious yellow metal could be bought from just over $250 per ounce. Spot gold rose to as high as $1,923 an ounce in September 2011, but has been on the slide since, including losing 28 percent in 2013. In 2014, gold is basically flat thanks to a December that is proving to be fruitful so far with gains just over 5 percent taking spot gold back to $1,227 through Thursday. Still, the precipitous $700 per ounce drop in gold has put pressure on many producing miners, stressing balance sheets and forcing cuts in expenses and production targets for some.
Guyana Goldfields Inc. (TSX:GUY) isn't producing yet, but it is getting close and at a production cash cost of $423 per ounce (excluding royalty to Guyana government), the company can still make good money at current – or even lower – gold prices. The Toronto-based company is fully financed for its flagship Aurora Gold Project in Guyana, South America, in October taking its first drawdown of $42.6 million from a $185 million project finance facility for development and construction on the project. Commercial production is expected to commence in mid-2015. More than 700 people are working on site to keep the project on schedule, with plans to ramp the number of workers up to more than 900 in the next couple weeks.
The full version of this article can be found at:
http://www.allpennystocks.com/aps_ca/special-reports/468/guyana-goldfields-moves-one-step-closer-to-commercial-production-at-aurora-gold-project.htm
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