Guyana Goldfields Inc. reported earnings and production results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported revenues of $41,196,000, earnings from mine operations of $5,167,000 and net earnings of $1,206,000 or $0.01 per basic and diluted share.

For the six months, the company reported revenues of $91,930,000, earnings from mine operations of $21,156,000 and net earnings of $9,595,000 or $0.06 per basic and diluted share.

Gold production for the second quarter of 2018 was 28,250 ounces based on mill throughput of 646,000 tonnes at an average head grade of 1.65 grams per tonne gold ("g/t Au") and an average recovery of 91.4%. Gold production was below planned levels primarily due to slower than anticipated ramp up in mining rates, which limited access to higher-grade ore during the quarter. As higher-grade ores are planned to be mined during the second half of the year, production is expected to increase in-line with guidance. The company achieved a record daily average mining rate for the second quarter of 39,700 tpd, with an average strip ratio of 6.7 waste to ore. The mining rate was below planned rates, which limited access and therefore mining of higher grade ore. The lower than planned mining rate was a result of the late arrival of new equipment to the company's mining fleet, as well as the later than planned mobilization of the contract miner. Ore mined was 467,000 tonnes. Waste mined was 3,148,000 tonnes. Total mined was 3,614,000 tonnes. Ore processed was 646,000 tonnes.

For the six months, the company reported gold produced of 66,750 ounces. Ore mined was 984,000 tonnes. Waste mined was 5,914,000 tonnes. Total mined was 6,898,000 tonnes. Ore processed was 1,251,000 tonnes.

Revised 2018 annual gold production guidance to 175,000-185,000 ounces from previous guidance of 190,000-210,000 ounces.