Guyana Goldfields Inc. announced earnings and production results for the first quarter ended March 31, 2018. For the quarter, the company reported revenues of $50,734,000 against $49,957,000 a year ago. Earnings from mine operations were $15,989,000 against $16,317,000 a year ago. Net Income was $8,390,000 or $0.05 per diluted share against $9,938,000 or $0.06 per diluted share a year ago. Generated $18.9 million of operating cash flow amounting to net earnings of $8.4 million or $0.05 earnings per diluted share. The steady cash flow from operations is a combination of increased realized gold selling price, offset by fewer ounces sold during the quarter.

For the quarter, the company reported gold produced of 38,500 ounces against 40,900 ounces a year ago. Ore processed of 605,000 ounces against 603,000 ounces a year ago. Ore mined was 517,000 ounces against 499,000 ounces a year ago.

For 2018, the company expects gold production of 190,000 to 210,000 ounces. The company plans to spend about $8 million on exploration in year 2018. The company expects positive cash flow and controlling cost for the balance of the year.