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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

First Bauxite announces new discoveries

August 10, 2010 Leave a comment

VANCOUVER, BRITISH COLUMBIA -First Bauxite Corporation today announced the discovery of bauxite at surface and a mineral resource estimate on the Waratilla-Cartwright Prospecting Licence.

In December 2009 the company had announced the start of sonic drilling of the bauxite deposits on the Waratilla-Cartwright Prospecting Licence (the “Warcart PL”) to explore their extent, quality and continuity of a mineralized zone in the north of the PL, now referred to as the Upper Waratilla Cartwright deposit (“UWC”).

Since this date, a NI 43-101 compliant mineral resource estimate has been prepared based on 150 sonic drill holes and 1907 analyses for major oxides and LOI. The mineralized zone extends over an area of some 1600m x 700m remains open to the north, where additional drilling is merited.

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Categories: Local News

Mahdia Gold Corp. Announces $2,000,000 Private Placement and Negotiations to Acquire GUY Whitecreek

July 22, 2010 Leave a comment

MISSISSAUGA, ONTARIO (Marketwire) – Mahdia Gold Corp announces a private placement financing of $2,000,000 for property acquisitions and working capital purposes. The financing will close on August 6th, 2010. The financing will be a share issue of 10,000,000 units. Each unit will comprise of one share at $0.20 with a half warrant. One full warrant at $0.40 exercisable for two years.

Mahdia Gold Corp announces negotiations to acquire the Whitecreek gold bearing property in Guyana.

The company is in negotiations to acquire 100% of the hard rock mineral rights to the Whitecreek gold bearing property. The Whitecreek property was owned by Stratagold Resources (TSXV) and Stratagold’s Guyana’s activities were partly financed by Newmont Mining. Stratagold no longer controls the Whitecreek gold property. Mahdia Gold Corp is in a position to acquire what could become a valuable asset for Mahdia Gold Corp.  Read more…

Categories: Local News

‘Globe Yard’ fire leaves 8 homeless

July 7, 2010 Leave a comment

What was left after today's blaze (www.demerarawaves.com photo)

GEORGETOWN -An early afternoon fire at the notorious Globe Yard on Waterloo Street has reportedly left some eight persons homeless, one house completely destroyed and another severely damaged.

Globe Yard, located on the western half of Waterloo Street, oblique to Astor Cinema, is a congested tenement hostel renowned for harboring drugs and criminals.

Recent media reports indicate that there were no injuries to speak of and the cause of the fire is yet to be determined.

Firefighters were praised for their timely response to the emergency call.

Categories: Local News

China, Guyana pledge to advance military ties

July 3, 2010 Leave a comment

GEORGETOWN/BEIJING –China and Guyana pledged to advance their military ties when officials from the two countries held talks Friday.

China and Guyana are both developing countries with a common focus on economic development and the improvement of people’s lives, said Chen Bingde, chief of the General Staff of the People’s Liberation Army (PLA) of China.

Chen made the remarks in talks with Gary Anthony Rodwell Best, chief of the Defense Staff of Guyana.

Chen said military-to-military relations are an important component of bilateral ties.

The two nations have enjoyed good exchange and cooperation in recent years, Chen added.

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Tarurus Riley leads concert against domestic violence

July 3, 2010 Leave a comment

Tarrus Riley with fans at Brutal-TV channel 2 (Mark Murray photo)

By: Mark Murray

GEORGETOWN –Jamaican artiste Tarrus Riley believes that young people need to focus more on the positive messages of his music.

During an interview at a local television station, the artiste said he has never been in favor of domestic violence, which he believes is now affecting society.

“I don’t believe in any kind of violence especially a man to  woman or a woman to man. I think that relationships should not be violent… they should be filled with love and joy even when you have problems, you don’t have to fight,” Riley said.

The reggae artiste is encouraging young people to use his lyrics and his music as a means of empowering themselves and not allow society to determine who they become in the future.

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Categories: Local News