Plenty of comments on Twitter this morning about this table from this NR out of Guyana Goldfields (GUY.to) last night:
GUY.to came out with the awaited adjustment to its Aurora mine in Guyana and the way in which the reserve (not resource folks, this was supposed to be 495k oz of proven and 3052k oz of probable reserves) have put in a waterfall drop of impressive proportions. However, it’s not that gold atoms have suddenly vaporized on us, as my addition to the twitterchatter pointed out:
“The natural reaction is to think that somehow, the gold disappeared.
The truth is that it never existed in the first place. Therefore, it’s
time to study previous 43-101 reports and remember the names of the
people and firms that signed them off.”
We should therefore consider three elements:
One: The likelihood of a class action being brought against GUY.to for a series of falsehoods, most recently in February 2017 when it published a Feasibility Report on Aurora that we now know bears no resemblance to reality.
Two: The responsibility of the SNAFU, which lies somewhere between the GUY board and management at the time and the 43-101 compilers, led by SRK (lead signature Tim Carew).
Three: The fact that President & CEO Scott Caldwell was also Prez/CEO back in February 2017 when the false reserves were announced. This man cannot hide behind “mistakes were made”, if GUY.to wants to retrieve even some of its reputation and become accountable to its shareholders and the mining sector, he has to either resign or be fired. It doesn’t really matter whether he’s a lying toerag who was actively involved with the BS, was fooled by the 43-101 compilers (one of these days, somebody’s going to sue the authors instead of the mining company and all hell will finally be let loose on the creaking and loophole-strewn CIMM 43-101 system) or whether he was totally inept and didn’t have his eye on the ball. He doesn’t deserve his $600k+ annual cash salary (not to mention the bonuses piled on top) and needs to go immediately.