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Canadian-owned Guyana Goldfields Inc. has announced a good year so far with 107,700 ounces of gold produced at the end of September.Between July and September (the third quarter), the company’s Aurora Gold Mine,Guyana Goldfield appears well on course of meeting this year’s target,cheap nfl jerseys, the company said in its third quarter report yesterday.Region Seven, produced 34,wholesale jerseys china,400 ounces of gold, an increase from 32,cheap nfl jerseys online,000 ounces in the previous quarter- this was due mainly by higher mill throughput,wholesale jerseys, the company said yesterday in its third quarter report.In the first quarter, the company declared 41,300 ounces with 32,000 ounces recorded for the second.The company said that its cost of sales (including royalty and depreciation) improved for the third quarter to $811 per ounce of gold sold (compared to $842 per ounce in the prior quarter). The company said that revenue decreased slightly versus the prior quarter to US$44.4 million due to the timing of sales, however earnings from mine operations increased to US$17.4 million representing a margin of 39%.The company appears to be sitting pretty too with the third quarter ending with a cash balance of US$128.5 million (including restricted cash of US$23.3 million) and a debt balance of US$135.7 million,jerseys nfl wholesale, following the completion of an equity financing that raised aggregate gross proceeds of $103.5 million during the period.According to Scott Caldwell, President and Chief Executive Officer, the company remains well on track to meet its 2016 production and cash cost (before royalty) guidance. The company is targeting up to 160,000 ounces for this year.“Ongoing capital investment in the mine should drive further efficiencies in mining costs and mill performance as we head in to 2017. The company’s strong cash position also provides ample capacity to meet our short and long-term liquidity requirements including the funding of a potential mill expansion at the Aurora Mine, the restructuring of the project loan facility and a significantly expanded exploration programme as we ramp-up drilling in 2017″.The company started operations last year, reaching commercial operations in January.Guyana Goldfields is among two of the big gold mining companies here. The other one is Troy Resources.Almost a third of this year’s declaration of gold,cheap jerseys nfl wholesale, which is over 530,000 ounces currently, is due to Guyana Goldfields and Troy.The small and medium scale operators have also been rolling out declarations that have been encouraging to Government.The national declarations are on course for the record breaking 600,cheap nfl jerseys china,000 ounces that Guyana wants to touch this year.Gold has been one of the biggest performers for the economy in recent years.With a number of other sectors down, gold has been delivering as prices have continued to remain relatively stable over the past year.