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President Omay says Guyana is one of the few countries eager to start gold production soon
Elaine Ellingham, president and CEO of Omai Gold Mines.
Kaieteur News – Elaine Ellingham, president and chief executive officer of Omai Gold Mines, said the Guyanese government has been pushing them to move into gold production.
Ellingham made the remarks in an interview with Crux Investor in March this year, which was livestreamed on its YouTube channel. Crux Investor is an analytics platform that provides in-depth insights into mining stocks and investments. They provide expert analysis of various commodities, stages of development, and global mining projects to help investors make informed decisions. This year, the Canadian company announced a major milestone at its project in Area 7 (Cuyuni-Mazaruni). Omai holds a 100% interest in the gold project, which consists of two gold deposits: the shear-type Wenot deposit and the adjacent intrusive Gilt Creek deposit.
In the interview, Ellingham highlighted a meeting with Guyana’s President Irfaan Ali to highlight the government’s enthusiastic support for the mining plan. “He (President Ali) has a lot to live up to, as you can imagine with Guyana’s offshore oil business attracting so much foreign interest and foreign investment,” Ellingham said.
However, Omai’s CEO said Guyana’s head of state still finds time to check in on the company’s progress. “But you know they really value mining and they remember when Omai was in production… so Omai has a special place in people’s hearts,” Ellingham said. “They always want to know how Omai is progressing and how long it will take to get it in production, so we need to keep moving forward,” she added.
She added that the Ministry of Natural Resources and the Guyana Geology and Mines Commission (GGMC) are equally eager to see the Omai mine resume production as soon as possible. Ellingham highlighted Guyana’s unique position among global jurisdictions, noting that the government has played an active role in promoting mining activities. “There are very few jurisdictions in the world where you know that your government is rooting for you and wants to see you progress,” she commented.
The publication reported that its first preliminary economic assessment (PEA) for the Wenot project showed that the project is expected to produce more than 142,000 ounces of gold per year over a 13-year mine life. At peak, production is expected to soar to 184,000 ounces a year, with total production estimated at 1,840,000 ounces of recoverable gold.
On February 8, 2024, the Company announced an updated Mineral Resource Estimate (MRE) for the Omai property. The combined estimate for the Wenot and Gilt Creek deposits is 2.0 million ounces of gold at 2.15 g/t in the Indicated category and 2.3 million ounces of gold at 2.26 g/t in the Inferred category. This is a significant increase from the previous resource estimate in October 2022, with an increase of 4% in Indicated ounces and a substantial increase of 28% in Inferred ounces.
In 2020, Omai re-entered the Guyana mining industry. The company said that the work they have completed so far puts them on track to become Guyana’s next big gold mine. Notably, by 2026, Omai and three other Canadian mining companies are expected to begin gold production at their respective mining projects in Guyana. This was revealed by Dr. Ashni Singh, Senior Minister in the President’s Office for Finance, during a presentation on the 2024 Budget Estimates.
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