A recently-completed independent technical report has found that the reserves at Guyana Goldfields Inc.’s Aurora Gold Mine in Region Seven were previously overestimated.
This was disclosed in a letter to shareholders by René Marion, Non-Executive Chair of the current Board of Directors, who says that while there is “no easy path to overcome the reduction in reserves,” the Canadian company’s current management team has the experience and strategic plan to position the company for future success. At the same time, Marion has revealed that while pursuing its current business plan, the board is open to a potential sale and several “credible mining companies” are in various stages of conducting their due diligence on the company.
A proxy battle is currently raging over the control of the company as former Executive Chairman Patrick Sheridan, who was ousted from the company in July last year, now leads a group of shareholders that are aiming to take over the board.
