South America’s 3rd smallest country is the fastest-growing economy in the world, attracting unprecedented levels of foreign investment. In 2019 The International Monetary Fund (IMF) concluded that “Guyana’s medium-term prospects are very favorable” and economists forecast Guyana’s GDP will triple within the next five years.
Guyana’s natural resources are the catalyst for its economic growth. The oil discovery by ExxonMobil in Guyana’s off-shore basin are significant, now exceeding 5.5 billion barrels of recoverable oil. Production from the Liza Phase 1 will commence in 2020.
The investment climate and geologic potential for gold are attracting new foreign investment from major and mid-tier mining companies and emerging explorers.
OMAI GOLD MINE
Well-Positioned on the Guiana Shield
The Omai Gold Mine is deeply woven into the fabric of Guyana’s economy, history, and prosperity. The Omai Gold Mine opened as a Tier 1 gold mine in 1993. At that time, it was the largest gold mine in South America and produced more than 3.7 million ounces of gold during its 13-years of production. The mine contributed up to 23% of Guyana’s GDP and created employment opportunities for over 1,000 Guyanese citizens.
The Omai Gold Mine is favorably located on the Guiana Shield – a mineralised geological formation that stretches over 160,000 square miles from Venezuela in the north through Guyana, Suriname, and into French Guiana in the south. Gold inventory in the Guiana Shield exceeds 140,000,000 ounces and new discoveries are being made.
Anconia Resources Corp. and Avalon Investment Holdings Ltd. Announced a planned “reverse takeover” – establishing Omai Gold Mines Corp.1
Note(s): 1. Upon completion of the reverse takeover transaction, Anconia intends to change its name to “Omai Gold Mines Corp.” or such other name as Avalon and Anconia may otherwise determine.
- The Omai Gold Mine is a unique under-explored brownfield exploration opportunity with a significant historical drill database and core. Infrastructure includes an airstrip, roads, tailings pond, buildings, and a ferry landing.
- The Omai Gold Mine produced 3.7 million ounces of gold from the Wenot and Fennell pits, while the average gold price was less than $350 US per ounce.
- A highly experienced, Guyana-oriented management team has significant capital market and exploration expertise and is positioned to deliver shareholder value.
- The work program to relaunch the Omai Gold Mine started in December 2018.
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