Guyana Goldfields to sell non-core assets

Canada's gold exploration company Guyana Goldfields Inc (GUY.TO) said it plans to sell non-core assets in order to focus on its key mines, the Aurora project and the Aranka properties in Guyana.

The company said it may sell collateral exploration properties, as well as stakes in junior mining companies. The company, whose other main assets include the Peters Mine Property and the Langis Mine, has already initiated the sale of its 16 percent stake in Guyana Precious Metals Inc (GPM.V).

Guyana Goldfields did not specify in which other miners it had stakes in. The company's flagship Aurora property in northern Guyana is targeted to begin production in the second half of 2012. Early last year, Guyana Goldfields acquired Aranka Gold Inc.

An exploration program is being conducted at the Aranka properties currently. Guyana Goldfields has been raising funds aggressively and in January had plans to sell at least 10 million shares. It went to investors 17 times in 2009 to sell about 14.7 million shares.

The company's shares, which touched a new two-year high on Tuesday, closed at C$11.00 on the Toronto Stock Exchange.