GUY: Soon to Soar

Notable Quotes

"ICG has closed a CA$2.5M flow-through placement." (12/24/15) Integra Gold Corp. - Thibaut Lepouttre, Caesars Report More�>

"The exploration upside at MAG's Juanicipio project is substantial." (12/23/15) MAG Silver Corp. - Gwen Preston, Resource Maven More�>

"AKG's management continues to deliver on its development milestones." (12/22/15) Asanko Gold Inc. - Nana Sangmuah, Clarus Securities More�>

"We are initiating coverage on KDX with a Buy rating." (12/21/15) Klondex Mines Ltd. - Don Blyth, Paradigm Capital More�>

"VIT's Eagle is a shovel-ready, fully permitted, prefinanced gold project." (12/17/15) Victoria Gold Corp. - Tom Hayes, Edison Investment Research More�>

RICHARD GRAY, Cormark Securities (06/09/2010)
"Guyana Goldfields' flagship project is the Aurora project, which hosts a 4.6 MMoz resource and has the potential to produce on average 250,000 oz/yr and become a major mine in a mining-friendly country. The exploration potential is excellent as the Company is extending the deposit with drilling and also has numerous other targets at various stages in Guyana.

Highlights:

Major Milestones To Be Achieved In H2/10:The Company has been working toward several major milestones (permitting, definitive feasibility study completion, financing) at the project that are expected to be achieved in H2/10. Reaching these milestones should de-risk the project and reduce the multiple discount at which the shares trade.
Exploration Upside Taking Shape: Drilling this year has identified the potential for a new resource at the nearby Sulphur Rose target and additional ounces near the current Aurora site. This drilling success has added an exciting exploration element to the story.
Resuming Coverage With Buy Rating And C$8.25 Target: We are resuming coverage on Guyana Goldfields with a Buy rating and a target price of C$8.25. We continue to believe the Aurora project remains one of the better gold projects of its size in terms of the potential economic return, low geopolitical risk, and relatively low capital and operating costs.

Aurora Project To Become A Significant Gold Producer: As per the Preliminary Economic Assessment (PEA) released in August 2009, we forecast construction beginning in 2011 and gold production commencing in 2013 with life-of-mine production averaging 248,000 oz/yr with average cash costs of $389/oz (based on current prices). Total life-of-mine capital costs are estimated at $520 MM including $283 MM in pre-development expenditures."

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Under SEC rules, analysts are required to disclose their interest in securities that they cover. We strongly encourage you to contact them to understand any potential conflicts of interest they may have.

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