Guyana Goldfields Inc. announced earnings and production results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported revenues of $44,403,000, earnings from mine operations of $17,407,000, earnings before tax of $11,942,000, net earnings of $8,921,000, net earnings per diluted share of $0.05, cash flow from operations of $13,802,000 compared to the revenues of $46,411,000, earnings from mine operations of $15,619,000, earnings before tax of $11,647,000, net earnings of $7,642,000, net earnings per diluted share of $0.05, cash flow from operations of $15,565,000 reported in the second quarter of 2016.

For the year to date, the company reported revenues of $139,344,000, earnings from mine operations of $50,426,000, earnings before tax of $35,083,000, net earnings of $23,580,000, net earnings per diluted share of $0.15 and cash flow from operations of $53,004,000.

For the quarter, the company's gold production of 34,400 ounces increased by 7% versus the prior quarter based on mill throughput of 491,200 tonnes at an average head grade of 2.42 grams per tonne (g/t) gold and average recoveries of 88.7%. The increase was due to higher throughput rates (5,300 tonnes per day ("tpd") versus 4,700 tpd in the prior quarter)that more than offset the lower recoveries resulting from a coarser grind size and lower retention time.

For the year to date, the company produced gold of 107,700 ounces. Tonnes mined per day were 20,500 tpd. Ore processed was 1,381,500 tonnes.

The company is maintaining its 2016 production guidance of 140,000 to 160,000 ounces of gold. Cost of sales, including production costs, royalty and depreciation is expected to be $800 to $830 per ounce. Cash cost (before royalty) guidance remains unchanged at $487 to $537 per ounce of gold while all-in sustaining cost guidance for 2016 has increased from $670 to $720 per ounce to $740 to $760 per ounce (using a gold price of $1,250 per ounce). The increase is primarily attributable to pre-stripping activities at Aleck Hill and for the second phase of mining at Rory's Knoll being brought forward as well as capital expenditures related to mining equipment. The mill continues to perform well and has achieved record throughput levels subsequent to quarter end (a total of 177,300 tonnes were processed in October resulting in gold production of 13,900 ounces).

October was a strong month, and the company expects the fourth quarter of 2016 to be a very strong quarter.