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Archive for September, 2010

GMV Minerals Inc. exploration program in Guyana underway

September 20, 2010 Leave a comment

Fifth Avenue Research Corporation has published a review of GMV Minerals Inc. (GMV.V), offering insight on opportunities to invest in a gold company in Guyana with blue sky potential.

GMV Minerals Inc.(GMV.V) is a mineral exploration company active since 2008. The company recently refocused its efforts on gold exploration and changed its principal business to sourcing and exploring mineral properties in Guyana. GMV Minerals Inc. has approximately 535,000 acres of land and forms one of the largest and most strategically focused exploration properties in Guyana.

The full equity review may be found at http://www.fifthavenueresearch.com/research/GMV.pdf

GMV Minerals Inc. has a strong management team with more than 30 years experience in mineral exploration throughout North and South America. The company’s country manager, Mr. Alfro Alphonso, has sold his previous property holdings to Guyana Goldfields Inc. (GUY.TO), Sandspring Resources Ltd. (SSP.V) and Sacre-Coeur Minerals, Ltd. (SCM.V)

Gold-bearing gravel and alluvium is presently being exploited by artisanal miners at several locations, on GMV Minerals Inc. claims, yielding production of up to 75,000 ounces of gold per year.

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Guyana Goldfields to sell non-core assets

September 18, 2010 Leave a comment

AURORA (GUY/CAN) -Canada’s gold exploration company Guyana Goldfields Inc (GUY.TO) said it plans to sell non-core assets in order to focus on its key mines, the Aurora project and the Aranka properties in Guyana.

The company said it might sell collateral exploration properties, as well as stakes in junior mining companies.

The company, whose other main assets include the Peters Mine Property and the Langis Mine, has already initiated the sale of its 16 percent stake in Guyana Precious Metals Inc (GPM.V).

Guyana Goldfields did not specify in which other miners it had stakes in.

The company’s flagship Aurora property in northern Guyana is targeted to begin production in the second half of 2012.

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Full refunds for CLICO Guyana policyholders

September 18, 2010 Leave a comment

President Jagdeo

GEORGETOWN -CLICO policyholders who may have thought they’d lost all their money following last week’s ordered wind-up of the operations of the troubled company’s Guyana branch, have received some good news from  President Bharrat Jagdeo: They’ll get back their money within a matter of weeks.

Jagdeo has rolled out a rescue plan that guarantees refunds to all those who were affected by the company’s financial troubles. Disclosing the bailout plan to a large gathering of CLICO shareholders yesterday, the country’s leader explained that policyholders with investments in the company up to a maximum GUY$30 million (US$145,842) as of February 2009, will be repaid in full.

Of the GUY$600 million (US$2.9 million) in cash resources which CLICO has immediate access to, Jagdeo said GUY$500 million (US$2.4 million) will be used to ensure that 6,924 people with long-term insurance policies, including life insurance, are covered; while the remaining funds will be set aside to cover the expenses of the company until wind up.

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Timber company reopens after worker’s death

September 18, 2010 Leave a comment

GEORGETOWN –Guyana officials say they have allowed a Malaysian-owned timber factory to reopen because it has agreed to update safety measures after a worker’s death.

Labor Minister Manzoor Nadir said Friday that Barama Company will install security cameras and back-up switches to turn off machines in case of emergencies.

Police are still investigating the death of 30-year-old Jason Fraser at an idle plant whose machines were not in use. They said he seems to have been crushed, but not by the machine he was found beside.

Barama was ordered closed nearly two weeks ago. Plant officials did not return calls for comment.

Nadir says similar measures will be applied to the entire wood processing industry.

Categories: Local News

Exciting end to Guyana Folk Fest

September 10, 2010 Leave a comment

By Tangerine Clarke

BROOKLYN -The Guyana folk festival ended its ninth season with an international flair. The energetic Guyana-based Classique Dance Company, joined the KenDrum Youth Steel orchestra from Canada, and juicy storyteller and veteran performer, Doris Harper from England, to thrill thousands of patrons at Meyer Levin School grounds in Brooklyn.

The inviting weather played a huge part in the success of the more that five hours of loud entertainment that included crowd pleaser, and Calypso Monarch, the Mighty Rebel, and Adrian Dutchin, direct from Guyana, who revved up the crowd with his eye-popping shirtless act.

A-list performers, such as Wrickford Dalgetty, Terry Gagraj, African drummer Jaggae, Chuck Girard and Yonnette Hopper provided exciting entertainment to engage both the nationals and their Caribbean counterparts.

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GUYANA: An offshore financial centre?

September 7, 2010 Leave a comment

The Majestic Kaieteur Falls

By: Andrea Proctor

GEORGETOWN –Somewhere in the heart of sunny Georgetown Guyana, there are murmurings about developing Guyana into an Offshore Financial Centre (“OFC”), with a focus on Offshore Banking. OFCs provide low or no tax jurisdictions, along with excellent commercial and corporate services to non-resident companies and individuals. Residents of an OFC typically experience a higher standard of living.

No one would argue that Guyana needs a sound and sustainable plan to attract capital, resources and investment to its shores. However, ideas of such magnitude should not be embraced or indeed dismissed without in-depth analysis.

The Guyanese experience

All Guyanese know that it is the careful preparation that makes any meal a success.

Guyana’s reputation as a stable political, social and economic destination will have to be carefully and firmly established before it could succeed as an OFC.

Despite the reports that Guyana has experienced moderate economic growth in recent years, it must project an image of sustained development and economic maturity before foreign banks and businesses will seriously consider migrating to its soils. The nation will at the very least, need to make a greater effort to restore basic humanities, provide reliable utilities, manage its waste collection and disposal, and do what it takes to remove itself from certain “Watch Lists” and a variety of other coloured lists.

Genuine buy-in from, and consultation with, all major political parties, relevant industry bodies and stakeholders, and a willingness to progress such a proposal at a national, unified, level will be essential. Even with the greatest political will, this is not going to be a 4 year project.

What’s the Attraction?

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Nationwide acceptance of LCDS impresses forest evaluation experts

September 3, 2010 Leave a comment

GEORGETOWN -A delegation sent to conduct a real time evaluation of the Norwegian Global Initiative on Climate Change and Forestry in Guyana is impressed with the mass acceptance of Guyana’s Low Carbon Development Strategy (LCDS).

The team led by Pete Hardcastel a forester and consultant, met President Bharrat Jagdeo today at the Guyana International Conference Centre (GICC) after concluding a baseline assessment of their four-year assignment.

“One of the things that we found is that everybody that we have met, without exception, has been supportive of the Low Carbon Development Strategy,” Dr Hardcastle said.

Its wide-based concept, Dr Hardcastle said is enough conviction for the strategy to be genuinely and universal accepted as an initiative good for Guyana.

“We feel that’s a good starting point and its implementation is something that we should all need to learn about as things start moving forward,” Dr. Hardcastle.

He was accompanied in his visit to the President by Political Scientist Dr. Deborah Davenport and Forest Ecology Specialist, Dr. Phillipa Lincoln.

The visit to Guyana is one of a series of five national level assessments to determine Norway’s impact on climate change and forestry at the sub-national, national and global levels. The other countries include, Brazil, the Democratic Republic of Congo, Tanzania and Indonesia.

Norway has partnered with Guyana to achieve one of the first attempts between a developed and a developing country to work together to implement a national scale model on how forests can be deployed to address climate change without compromising sovereignty or national development priorities.

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