Guyana Goldfields Inc. announced earnings and production results for the first quarter ended March 31, 2017. For the quarter, the company reported revenues of $49,957,000 against $48,530,000 a year ago. Earnings before tax were $10,391,000 against $11,495,000 a year ago. Net earnings were $9,938,000 or $0.06 per diluted share against $7,017,000 or $0.04 per diluted share a year ago, primarily due to the recognition of the deferred tax asset during the current quarter of $3.0 million. Cash flow from operations was $16,918,000 against $26,121,000 a year ago. Excluding changes in non-cash working capital, operating cash flow was $21.9 million for the quarter, in-line with the previous year. This was due to revenues and production costs being relatively flat year-on-year.

For the quarter, the company reported gold produced of 40,900 ounces against 41,300 ounces a year ago. Ore processed of 602,800 ounces against 462,600 ounces a year ago. Ore mined was 498,800 ounces against 553,600 ounces a year ago.

For 2017, the company expects capital expenditure requirements of $21.4 million.

For 2017, the company expects gold production of 160,000 to 180,000 ounces.