Hinds very upbeat about mining after 2007 developments

Hinds very upbeat about mining after 2007 developments
Guyana Chronicle, 29 February 2008


PRIME Minister Samuel Hinds has reported that 2007 was a very good year
for mining in Guyana.

He said total investment in the sector was estimated at US$100M, with
in excess of 12,000 small claims and 4,000 medium scale permits issued.

“The declared production of gold was 246,100 ounces and diamonds
286,925 carats, all from small and medium size operations,” said Mr.
Hinds, who has portfolio responsibility for the industry.

He said the year 2007 saw an upsurge in prospecting, with 26 foreign
companies actively exploring for minerals, among them Aranka Gold,
Strata Gold Resources, Sacre Coer Minerals, Gold Port Resources and BHP
Billiton.

Hinds said an estimate of 4.56 million ounces of gold (indicated and
inferred) was mined at Aurora along Cuyuni River, an area with a number
of other prospects.

He commended Guyana Goldfield Inc. for embarking on a feasibility study
for developing a hydropower site at the nearby Devil’s Hole rapids, on
Cuyuni River, as well, to supply electricity for a mine at that
hinterland undeveloped forest location.

Hinds pointed out that the Government welcomes and fully supports all
investment, foreign and local, specifically in mining.

“Our resounding message is that Guyana is open for business,” he stated.

Hinds said the mining industry continues to be one of the main
contributors to Guyana’s exports and provider of foreign currency.

He said Office of the Prime Minister (OPM) expects the industry will
grow from strength to strength and continue as one of the main legs of
the country’s economy.

Hinds said he is exuberant and extremely upbeat about the future of
mining, because of the many developments last year