….says Guyana to directly receive US$1.6BWith less than 10 days before the country heads to the polls to elect its new government for the next five years, Guyana Goldfields Inc,Wholesale Jerseys USA, a Canada-based mineral exploration company has announced that it has secured the first large scale mining licence in the country ever since the current administration took office.The company said yesterday that it has signed a Mineral Agreement (MA) with the Government of Guyana and has received the Mining License for the Aurora Gold Project,Cheap Jerseys, as previously promised through its Memorandum of Understanding (MOU) with the Government.“This is the first large-scale mining licence to be issued in the gold sector in Guyana since 1991.According to the company the agreement details all fiscal, property, import-export procedures, taxation provisions and other related conditions for the continued exploration, mine development and operation of the Aurora Gold Project.Included in this Agreement with the Government is the stipulation for the company to pay royalty at five per cent on gold sales at a price of gold of US$1,000/oz or less.Should the price for gold exceed the US $1,000/oz mark then the company will be required to pay eight per cent royalty.The company has also agreed to pay a corporate income tax rate of 30 per cent and no withholding tax on interest payments to lenders.The company has also secured for itself through the agreement, Duty and Value Added Tax exemptions on all imports of equipment and materials for all continuing operations at the Aurora Gold Project, including the construction and operation of a planned port facility, road and power improvements and the construction and operation of the mine.The Mining Licence is the Company’s permit to build and operate the Aurora Gold Project.The document is listed as valid starting immediately for an initial 20-year term with provisions for extension on application by the Company.The MA and Mining License is said to signal the commitment of the Government of Guyana and GGI to the development of the Aurora Gold Project.“This is an extremely important milestone for the Company as it will allow the advancement of the mine development project under a clear and stable fiscal and royalty regime,NFL Jerseys Cheap,” the company stated.Construction work on the mine site facilities and the mill is slated to commence immediately in the first quarter of 2012 and is scheduled to be completed over a period of 24 months.The mine and mill are planned to be fully operational by the first quarter of 2014.Patrick Sheridan,Cheap NFL Jerseys China, Chief Executive Officer of the company stated: “We have reached a significant milestone in the development of the Aurora Gold Project as a result of receiving all relevant approvals and licenses.“After a considerable amount of time was spent obtaining these documents, we are now in a position to commence construction of the mine. We are very proud of this milestone achievement, and are dedicated to returning the government’s trust and faith through becoming a leading corporate citizen and a productive partner in the future of Guyana’s economy.“This historic landmark agreement for the Company and Guyana, which strikes a fair and reasonable balance of taxation and royalties for gold mining, sets the stage for future large scale gold mining operations and reaffirms GGI’s view that Guyana is “open for business.”He said,Wholesale Jerseys China, too, that Guyana Goldfields has invested in excess of US$120 million in Guyana and directly employ 450 men and women and many more indirectly.Measured and indicated resources at Aurora currently at 5.8 million ounces and growing.“We recently drilled the deepest hole ever in South America, to a depth of 2.2 km. In total, we have drilled over 1200 holes totaling 300 km…Our drilling at Aurora has established that gold in Guyana can have deep roots, confirming the faith that the GGMC originally placed in me and the company…This will be the first significant underground mine in Guyana’s history and will bring new insight and strategies to exploration; new skills,Cheap Jerseys Free Shipping, and technology to the development of the industry.”According to Sheridan the project represents the largest private investment in Guyana’s history. Over the life of the mine approximately US$1 billion will be spent on the project.In the construction phase approximately 900 men and women are expected to be directly employed by the company.“This project, based on the current gold price will result, through royalties and taxation, US$1.6B di