Australian gold mining company Troy Resources Guyana Inc (TRGI) and the Guyana government have signed the Mineral Agreement for the company’s Karouni project with the company looking to start production by mid-2015.
The terms of the Mineral Agreement were not disclosed and the company, in a statement, said the agreement reduces uncertainty for all parties, “it is transparent, confirms commitments and acknowledges the desire to work together with the government in the task of providing for a better investment climate and to move the country towards a better tomorrow.” The agreement sets the operating parameters for the company and also defines the responsibilities of both parties.
TRGI has proposed a medium-scale gold mine designed to produce up to 110,000 ounces of gold per annum based on an average overall recovery of 92% at the Black Water Creek, Kaburi Area, in Region Seven. The mine will be focused on the recovery of ore for processing from Smarts and Hicks gold deposits. The project components include an open cut mine,