Guyana Goldfields Inc. announced today that gold production for the second quarter of the year reached 28,500 ounces, bringing the total gold production for the first half of the year to 56,600 ounces. This is above the company’s initial guidance of 45,000 to 50,000 ounces as disclosed on May 28, 2020.
The Canadian company also noted that its unaudited cash balance as at June 30, 2020 was US$28.8 million (inclusive of US$10 million restricted cash) with US$6.5 million in debt. Guyana Goldfields also has a US$30 million loan facility which it secured from the sale of its assets to the Zijin Mining Group Co., Ltd. This loan will be used to finance ongoing operations at the Aurora gold mine and to fund other liquidity needs.
