Omai President says Guyana one of few countries eager for early start of gold production
Elaine Ellingham, President and Chief Executive Officer (CEO) of Omai Gold Mines.
Kaieteur News – Elaine Ellingham, President and Chief Executive Officer (CEO) of Omai Gold Mines, said that the Guyana Government has been pushing them along to get into gold production.
Ellingham made the comments during an interview back in March this year with Crux Investor and streamed on their YouTube Channel. Crux Investor is an analysis platform that provides in-depth insights on mining stocks and investments. They offer expert analysis on various commodities, development stages, and global mining projects, empowering investors to make informed decisions. This year, the Canadian company announced significant milestones with its project, located in Region Seven (Cuyuni-Mazaruni). Omai holds a 100% interest in the gold project, which encompasses two gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit.
During the interview, Ellingham highlighted a meeting with Guyana’s President Irfaan Ali, emphasising the government’s enthusiastic support for mining initiatives. Ellingham stated, “He’s (President Ali) got a lot on his plate and you can imagine the offshore oil business in Guyana is just attracting so much foreign interest and foreign investment.”
However, Omai’s CEO stated that Guyana’s head-of-state still finds time to stay updated on the company’s progress. “But you know they really value mining, they remember when Omai was in production…so Omai in particular has kind of a special place in the hearts and souls,” Ellingham stated. “They always wanna know how Omai is doing and how soon it can be in production so we need to forge forward,” she added.
She added that the Ministry of Natural Resources and the Guyana Geology & Mines Commission (GGMC) are equally keen to see Omai back in production soon. Ellingham underscored Guyana’s unique position among global jurisdictions, noting the government’s proactive role in fostering mining activities. She remarked, “There’s very few jurisdictions in the world, where you know you have a government that’s kinda routing for you and wanting to see you advance.”
This publication had reported that the results from its first Preliminary Economic Assessment (PEA) for the Wenot Project revealed that the project is slated to yield over 142,000 ounces of gold annually over a 13-year mine life. At its peak, production is anticipated to soar to 184,000 ounces in a single year, with a total estimated production of 1,840,000 ounces of payable gold.
On February 8, 2024, the Company announced an updated Mineral Resources Estimate (MRE) for the Omai Property. The combined estimates from the Wenot and Gilt Creek deposits stands at 2.0 million ounces of gold grading at 2.15 g/t gold in the indicated category and 2.3 million ounces of gold grading at 2.26 g/t in the inferred category. This represents a notable increase compared to the previous resource estimate conducted in October 2022, with indicated ounces seeing a 4% uptick and inferred ounces experiencing a substantial 28% surge.
Back in 2020, Omai re-entered Guyana’s mining industry. The company had said that their work completed thus far, has put them on track to become the next large-scale gold mine to open in Guyana. Notably, by 2026, Omai and three other Canadian mining companies are expected to start gold production in their respective mining projects in Guyana. This was revealed by Senior Minister within the Office of the President with responsibility for Finance, Dr. Ashni Singh during his 2024 budget estimates presentation.
