Canadian firm to inject US$150 Million over next two decades – Major gold find.

Georgetown- Some 500 jobs are expected to be created in the near future with the announcement of a major gold find in Aurora, the Cuyuni area in the northwest. The Canadian firm, Guyana Goldfields Inc. is expected to represent what it says is the largest gold mining investment in Guyana. The company's head Claude Lemasson explained that latest findings revealed an estimated six million ounces of high grade gold at the mining site. The Chief Operations Officer said that since it's operations here in 1996 a total of US$86 million dollars have been invested. The company currently works four sites covering some 500,000 acres.

Lemasson stated that his company has a recovery rate of extracting gold at 96% and is geared to stay in line with the country’s Low Carbon Development Strategy (LCDS).
On the hydro project, the executive said that a feasibility study, with support from the World Bank’s IFC, is being conducted and is expected by mid-2011. An Environmental and Social Impact Assessment, also with IFC support, is being prepared.
The objective is to provide 100% of power needs for the Aurora Gold Mine, in keeping with Guyana’s LCDS.