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Canamex Resources - Note from CEO Robert Kramer
1. To those with an interest in Canamex Resources:
After the market close today, Guyana Goldfields issued an important news release
that reads in part:
GUYANA GOLDFIELDS ANNOUNCES UPDATED FEASIBILITY STUDY
WITH $800 MILLION NPV AND 38% IRR (AFTER-TAX)
Guyana Goldfields Inc. has released the key findings from its National Instrument
43-101 technical report, updated feasibility study (FS) for the 100-per-cent-owned
and fully permitted Aurora gold property. The FS was authored by Tetra Tech Inc.
with contributions from SRK Consulting Inc., Bluhm Burton Engineering, Itasca
International Inc., Environ International Corp. and others. The FS will be available
on SEDAR and the company website within 45 days.
The estimated initial capital required to achieve commercial production is $205-
million (U.S.) and reflects numerous positive changes, in particular, the phased
mining and milling approach, reduced footprint of the mine site and facilities, and
utilization of an optimized mobile equipment fleet. Based on the key findings of
the FS, the company will continue to move forward with mine construction and
development of the project.
The improved mine plan produces 3.29 million ounces of gold over an initial 17-
year mine life at an operating cash cost of $527 (U.S.) per ounce (including
royalty). Average annual gold production over the life of mine is 194,000 ounces
and averages 231,000 ounces per year over the first 10 years. Gold production
peaks in 2020 at 349,000 ounces. Commercial production is expected to
commence in the first quarter of 2015. Gold production will be staged, with initial
open-pit production of 5,000 tonnes per day from the Rory's Knoll deposit and
expanding to 10,000 tonnes per day in early 2018 when underground mining
commences.
Why is this of importance to Canamex?
• Guyana Goldfields has two projects in Guyana: the Aurora Project (the subject
of the above mentioned Feasibility Study) and the Aranka Project
• Canamex’s Guyana project is Aranka North, located at the northeast end of the
2. gold trend that includes major discoveries by both Guyana Goldfields and
Sandspring Resources
• We believe publication of the Feasibility Study with a NPV over two times the
present market capitalization of Guyana Goldfields should result in
enhanced coverage and interest in Guyana and those companies exploring
for gold therein
Gold Price Prediction
Switching gears, we were most interested to read today’s comment by David
Rosenberg, Chief Economist & Strategist of Gluskin Sheff + Associates Inc.
regarding the future price of gold:”…I have no clue as to why anyone would
resist the notion that the gold price is going to ultimately conclude its secular
bull market somewhere north of $3,000 an ounce.” It’s important to note,
Rosenberg is not a gold bug. He was Chief North American economist at Bank
America-Merrill Lynch in New York for seven years, and was ranked most
accurate forecaster for 2011 by MSNBC.
Please call with your questions or comments. Thank you for your support.
Robert K. Kramer
CA, CPA (Illinois)
Chairman and CEO
Canamex Resources Corp.
Suite 303
595 Howe Street
Vancouver, BC
Canada V6C 2T5
T: 604.336.8621
C: 604.828.0067
F: 604.718.2808
E: rkramer@canamex.us
W: www.canamex.us
Forward-‐Looking Statements:
This note contains forward-‐looking statements regarding future events and
Canamex’s future results. These statements are based on current expectations,
estimates, forecasts, and projections about the industry in which Canamex operates
and the beliefs and assumptions of Canamex’s management. Words such as
"expects," "anticipates," "targets," "goals," "projects," "intends," "plans,"
"believes," "seeks," "estimates," "continues," "may," variations of such words, and
similar expressions, are intended to identify such forward-‐looking statements. In
addition, any statements that refer to projections of Canamex’s future financial
performance, Canamex's anticipated growth and potentials in its business and
3. other characterizations of future events or circumstances are forward-‐looking
statements. Readers are cautioned that these forward-‐looking statements are only
predictions and are subject to risks, uncertainties, and assumptions that are
difficult to predict, including those identified elsewhere herein and Canamex's
filings on www.sedar.com. Therefore, actual results may differ materially and
adversely from those expressed in any forward-‐looking statements. Canamex
undertakes no obligation to revise or update any forward-looking
statements for any reason.