VANCOUVER (miningweekly.com) – Following maiden gold sales of 910 oz of gold in June, Guyana Goldstrike has received further royalty payments underpinned by the sale of 618.2 oz of gold recovered by local small-scale alluvial, or artisanal, miners on the company’s Marudi gold project, as part of a corporate social responsibility drive.
The gold was produced during the six months ended September 31, with artisanal miners working the Marudi property’s alluvial areas and artisanal alluvial tailings.
This has resulted in a total of 61.82 oz of gold paid as an in-kind 10% royalty to Romanex Guyana Exploration, the Guyanese operating subsidiary of Guyana Goldstrike. This royalty is paid under a cooperative agreement between Romanex and the artisanal miners.
On August 4, Romanex sold 30.57 oz of gold in the form of fines to the Guyana Gold Board, in Georgetown, for a price of $1 269.30/oz and for a net sale of $35 686, after smelting costs, as well as a 5% royalty to the Guyana government. The gold was assayed at 97% purity.
On October 25, Romanex sold a further 31.25 oz of gold in the form of fines to the Guyana Gold Board for a price of $1 275/oz and for a net sale of $36 487.
As a result of the August and October sales, total gold sales were $72 173.
Romanex estimates that it has incurred about $9 750 of costs to supervise activities that contributed to the royalty payment, and the preparation and transportation of gold to the Guyana Gold Board.