Guyana Goldfields history

In 1863 a quartz crushing operation was started in the Cuyuni, but the low quantity of gold obtained forced it to close down.

In 1879, after information circulated that gold was found in other parts of Essequibo, many individuals left the coastal region and became independent gold miners in various tributaries of the Essequibo River.

As late as March 1887, the Officer Administering the Government (or acting Governor) of British Guiana, Charles Bruce, issued a public notice that licences issued for gold mining were subject to a subsequent settlement of the border dispute with Venezuela.

The Peters Mine deposit was discovered in 1904 and initially worked by a New York syndicate.

Geological mapping, sampling, and diamond drilling in the mid 1960’s was conducted at the Peters Mine property by the Geological Survey of Guyana, sponsored and funded by the USGS and United Nations.

Later, it became a British Colony, known as British Guiana, and remained so for over 200 years until it achieved independence on 26 May 1966 from the United Kingdom.

In the late 1990’s Guyana Goldfields acquired the project and conducted limited drill programs, both as the Operator and the Optionor to WSR Gold; these work programs were concentrated in the Main Shaft (MS) area and returned significant intersections.

Prior to the construction and opening of the Omai Mine in 1993, the Peters Mine was the most developed and highest-grade deposit in Guyana.

Guyana Goldfields Inc. (Champs D'Or De Guyana Inc.) was founded in December 1994 by J. Patrick Sheridan Jr. for the purposes of exploring mineral properties located in Guyana.

The company was formerly known as Chiboug Copper Company Limited and changed its name to Guyana Goldfields Inc. in January 1995.

The company's stocks moved from the TSX Venture Exchange to the Toronto Stock Exchange in 2003.

The company funded new exploration and, in 2004, reported result that indicated the discovery of a significant deposit in the Aurora Mine area.

3.6 million ounces (closed in 2005)

The share price peaked in late-2006 at $11.90 as the company had raised funds for proceeding with scoping and feasibility studies.

In 2008, the country joined the Union of South American Nations as a founding member.

In 2009 the company would acquire Sheridan Jr.'s other company Aranka Gold Inc. and its properties around the Aremu River area in Guyana to conduct similar exploration work as being done in the Peters and Aurora properties.

In 2012, they released an updated mine plan for Aurora that had them producing 3.29 million ounces of gold over a 17 year mine life.

They began construction of the Aurora gold mine in 2014 after the board of directors approved the $238 million expenditure.

However, also in 2015, a revised study lowered the mine's reserves to 2.86 million ounces of gold and a mine life of 16 years, and also the government of Venezuela made a territorial claim for the land underlying Guyana Goldfield's Aurora mine, and threatened the company with legal action.

During that time, the Aurora mine under-performed and the 2018 third-quarter results were released, Sheridan Jr. was removed from the company causing its share price to fall to $1.62.

While Alan Pangbourne took over as CEO in January, the company faced a class action lawsuit in 2020 alleging misrepresentations were made by the company in its public disclosures.