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Report: Guyana Goldfields exploring possible sale

Guyana Goldfields Inc. is exploring options, including a possible sale, after recently settling a bitter dissident shareholder dispute, Bloomberg News reported Aug. 12, citing people familiar with the matter.

Deliberations are in early stages, and Guyana Goldfields may decide against a sale, the sources said. The company is reportedly working with advisers at Royal Bank of Canada and Maxit Capital.

The company faced scrutiny from dissident shareholders led by former CEO Patrick Sheridan over its lackluster performance and issues related to the mine plan at the Aurora gold deposit in Guyana, where the mine's average gold grade had been overstated.

In April, Guyana Goldfields agreed to dismiss President and CEO Scott Caldwell and revamp its board as part of its settlement with the dissident shareholders.

Representatives for Guyana Goldfields and Maxit did not immediately respond to Bloomberg News' request for comment, while RBC declined the news agency's request for comment.