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Guyana Goldfields shareholders hire consultant to review Aurora resource model

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Guyana Goldfields shareholders hire consultant to review Aurora resource model

Some Guyana Goldfields Inc. shareholders hired an independent consultant to review the resource model at the Aurora gold mine after the company reported in February that it may have overstated the mine's average gold grade.

The shareholders, who collectively own about 5% of Guyana Goldfields, said in a March 20 release that they want an independent review to make sure the company does not manipulate data to justify its poor performance. The company is expected to complete its own review by the end of March.

The company's board is facing scrutiny from dissident shareholders led by founder and former Executive Chairman Patrick Sheridan over the alleged loss of more than C$1 billion in shareholder value since 2016.

The two sides will face off in an annual meeting scheduled for May 22.