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Introduction | The Region | The Country — Guyana | The Company | Aranka Properties and Peters Mine | Aurora Gold Project | Management Team

Introduction


Guyana Goldfields Inc. is a Canadian based mineral exploration company primarily focused on the exploration and development of gold deposits in Guyana, South America where the Company has operated since 1996. The Company is advancing its Aurora Gold Project with a growing resource of 4.6 million ounces into the development phase and targeted to begin production in mid 2012. Guyana Goldfields also announced a new gold zone discovery at its nearby Aranka Properties, currently in advanced stage exploration and being further drilled.


The Region


The Guiana Shield, as one of the three cratons of the South American Plate, is a 1.7 billion year old Precambrian geological formation. The rocks of the Guiana Shield consist of metasediments and metavolcanics (greenstones) overlain by quasi-horizontal layers of sandstone, quartzites, shales and conglomerates intruded by sills of younger mafic intrusives. Thousands of traditional gold miners work on hundreds of smaller workings throughout the Guiana shield.


The Country — Guyana


  • Only English speaking country in South America
  • British common law, secure tenure
  • Highly literate population of 750,000
  • Long history of significant gold production; gold is the largest export of the country
  • Largely unexplored by modern methods
  • Pro-mining government
  • Quotes from Prime Minister Sam Hinds, with responsibility for the mining sector:
    “We are simply elated that a new large mine is opening up in Guyana. This is good news for the country and good news for the industry.” — Reuters, September 22, 2008
    “The Government welcomes and fully supports all investment, foreign and local, in the mining sector. Our resounding message is that Guyana is open for business.” — Government Press Release, February 28, 2008

The Company


  • In Guyana since 1996
  • Excellent governmental and community relations
  • Large “free and clear” land position of over 426,000 acres
  • Aurora gold discovery in 2004
  • Guyana-Aranka Merger completed
       • Allowing for simpler corporate structure
       • Blue sky potential
  • New additions to the Board of Directors, Management and Development Teams
  • Outstanding Leverage to Gold


Property Locations




Aranka Properties and Peters Mine


Aranka Properties


  • Excellent land position of 307,589 acres
  • Blue sky potential
  • New property acquisitions in October 2009 consisting of Properties A, B, and C
  • New gold zone discovery made in March 2010 on Property A
  • Plan for 2010:
       • Continue drilling to determine delineation and expand zone on Property A
       • Regional sediment sampling
       • Trenching
  • 2010 budget — US $6M

Peters Mine

  • Reported indicated resource of 420,000 tonnes of tailings averaging 1.9 gpt and inferred saprolite material resource of 353,000 grading 2.8 gpt (NI 43-101 report by Dr. George Cargill dated Jan. 20, 2004)
  • Knelson metallurgical test report under review by Les Heymann, P.Eng.
  • Plan to encourage participation of local operators to mine and process available resource

Aurora Gold Project


Objective

To develop and operate the Aurora Gold Mine as the centre of Guygold’s emerging Northwest Guyana mining district in a sustainable and profitable manner that will be environmentally, socially and economically responsible and will recognize the rights and responsibilities of all stakeholders.



Resource Estimate (August 2008, AMEC)

  • 4.58 Million ounce resource (37 million tones)
  • All zones remain open laterally and at depth
  • Open Pit grade of 2.8 g/t Au (Cut-off grade at 0.85 g/T Au)
  • Underground grade of 4.5 g/t Au (Cut-off grade at 2.00 g/T Au)

2010 Strategic Drill Plan

  • Infill of key zones
  • Drill gaps to 300m between main zones
  • Drill selected targets between 300 and 600m
  • Drilling on trend near the Golden Square Mile (3 drills)
  • 1 drill dedicated to the Aurora project

3D Views of the Golden Square Mile



Key Infrastructure

  • Hydropower — Final feasibility study for 25 MW run-of-river dam started (MWH Engineering) — due Q4 2010
  • Road — 31 km of road surveyed to connect Aurora to existing all-weather road; tote road in progress
  • Port — Facilities (wharf & pier, fuel storage, laydown areas and buildings) to handle large barges and mid-size ocean-going vessels, design mostly complete, early development underway
  • Airstrip — Temporary (600 m) in use, permanent (1100 m) to be built

Key Studies and Permitting

  • Pre-Development Studies
       • Awarded to AMEC of Oakville, Ontario
       • Phase 1 — NI43-101 Preliminary Economic Assessment — August 2009
       • Phase 2 — NI43-101 Report & DFS — Q4 2010
  • ESIA (Environmental & Social Impact Assessment) — Completed
       • 3 Years of baseline study completed
       • Awarded to ERM of Washington, D.C.
       • Charles P. Ceres, PE as main consultant in Guyana
  • Permitting
       • Permitting process initiated in Q1 2009
  • Preliminary Environmental Impact Assessment submitted to the Guyanese EPA in June 2009
  • Permit to Build and Operate the Mine expected Q3 2010

Current Internal Assessment† — Mining

  • Open Pits
       • Engineered dike to be built between north side of pit and river
       • Overburden varies from 0 to 5 m
       • Strip Ratio is approximately 9.5:1 (Based on Mega-Pit concept during preliminary assessment August 2009)
       • Top layer of ore (~7%) is saprolite oxides (easy to mine and mill)
       • Open pit grades are high at 2.8 g/T
       • Open pit production rate — 6,000 to 8,000 Tonnes per day
  • Underground
       • Underground grade at 4.5 g/T suits underground bulk mining methods
       • Ore depth to 1,350 m will require a shaft
       • Underground production rate — 3.600 to 4,400 Tonnes per day

Current Internal Assessment† — Metallurgy

  • Second phase of metallurgical testing almost completed; third phase being designed
  • Only metal to be recovered is gold
  • Ore is mainly non-refractory Sulphides (~93%) with saprolite Oxides (~7%)
  • Initial assessment indicates a conventional gold milling process
       • Crushing-Grinding-Gravity-CIL-EW-Refining
       • For grinding, only Ball mill required for oxides; SAG mill and Ball mill required for sulphides
  • Throughput
       • Years 1 to 9 — 8,000 tonnes per day on average
       • Years 10 and beyond — 4,400 tonnes per day on average
  • Recoveries at 96% average (95% used in model), of which ~35% by gravity for saprolite and 50% for hard rock
  • Gold production averages 250,000 ounces per year over 16 years

Current Internal Assessment† — Economics

  • Suggests potential for highly profitable mining operation
  • Mine life of 17 years
  • Capex
       • Pre-production Capex estimated at US$283M
       • Underground Capex (shaft option) estimated at US$157M
       • Sustaining Capex estimated at US$80M
  • Life of Mine Cash Costs of US$364 per ounce

Current Internal Assessment† — Economics: From the Snowden's Scoping Study

  • Potential cash flows
       • US$1,000 Au — potential cash flow US$1,832 million, IRR 30%
       • US$1,200 Au — potential cash flow US$2,595 million, IRR 39%
  • Payback is 2.8 to 3.6 years

Current Internal Assessment† — Possible Scenario

  • Years 1-3
       • Open pit Saprolite mining and milling at 8,000 TPD
       • Shaft sunk from Years 1-3
  • Years 4-9
       • Open pit hard rock mining at 5,000 TPD
  • Underground hard rock mining at 3,6000 TPD
  • Milling at 8,000 TPD
  • Years 10-17
       • Underground Sulphide mining and milling at 4,400 TPD

† Note: the Current Internal Assessment is based on the latest information and data available, as well as management’s knowledge and opinions and on previous reports, specifically AMEC’s NI 43-101 Resource Estimate and  Preliminary Assessment (August 2009)


Plan and Budget for 2010

  • Critical Advancement of the Aurora Gold Project
       • Equity financing of 2010 budget — Q1 — Completed
       • Strategic Drilling — Ongoing
       • ESIA — Early Q2 2010 — Completed
       • Obtain Permitting — Q2 2010
       • Hydropower Feasibility Study — Q4 2010
       • Feasibility Study — NI43-101 — Q4 2010
       • Start of Aurora Development and Construction — Q4 2010
  • Aggressive Exploration of Aranka

Management Team


J. Patrick Sheridan Jr., M.Sc. — Founder & Executive Chairman, Director
Mr. Sheridan has a depth of experience, working in the mining industry for more than 30 years. He has been actively exploring Guyana since 1996 and is the founder of the Company. He holds a B.Sc. and M.Sc. from the London School of Economics and Political Science, United Kingdom.

Scott A. Caldwell, P.Eng., B.Sc. — President & CEO, Director
Mr. Caldwell is a mining engineer with 30+ years of experience building and operating gold and base metal mines worldwide, including USA, Canada, Russia, Zimbabwe, Chile, and Indonesia. Previously, Mr. Caldwell was the President, CEO and Director of Allied Nevada Gold Corp. from 2006 - 2013. Prior to Allied Nevada, Mr. Caldwell held various senior capacities at Kinross Gold Corporation for eight years. Mr. Caldwell sits on the Board of Directors of Atacama Pacific Gold Corporation. He holds a Bachelor of Science (Mining) degree in Engineering from the University of Arizona.

Peter Lello Galassi ("Lello") — COO
Mr. Galassi has 15+ years of experience in Senior Project Director roles where he budgeted, implemented, built, commissioned and turned over large international development projects around the world. Mr. Galassi is located in Guyana and is responsible for the daily operations of the Aurora Gold Project. Previously, he was the senior project manager for Rio Tinto's Simandou Project in Guinea. From 2004 to 2008, Mr. Galassi was the senior project manager at the Tenke Fungurume mine in the Democratic Republic of the Congo, where he oversaw engineering procurement and construction. He holds advanced-degrees in Aeronautical and Astronautical Engineering and is a Level III Senior Project Manager graduate from the Air Force Institute of Technology and the University of Washington. He served a 20-year long career in the U.S. Air Force as a senior officer leading teams in development of military defense systems and leading Air Force survival, evasion, resistance, and escape training operations throughout the world.

Paul J. Murphy, B.Comm., CA, CFA — Executive Vice President, Finance & CFO
Mr. Murphy has significant industry experience gained as a Partner in the PricewaterhouseCoopers LLP and the National Mining Leader in Canada as well as the Western Hemisphere Mining Centre for Excellence. Mr. Murphy has over 40+years of financial experiance and has worked almost exclusively in the resource industries for the past 30 years. He has been a leader in industry-specific areas of financial reporting and controls, governance, operational effectiveness, SEC reporting issues, financing, valuation and taxation. He has worked with an extensive number of foreign companies seeking listings in Toronto to raise financing for foreign operations.

Dan Noone, Geologist, BApSci(Geol), MBA — Vice President, Explorations, Director
Mr. Noone has more than 20 years of international mineral exploration and development experience ranging from implementing grass roots programs through to feasibility studies. In his recent role, Mr. Noone was the VP of Peru operations for Aquiline Resources Inc., prior to its acquisition by Pan American Silver Corp. Mr. Noone has held various senior geologist roles managing projects in Papua New Guinea, Indonesia, peru, Ecudaor and Argentina.


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