Guyana Goldfields promotes 60 Guyanese

─ restructures country office

─ forms part of an ongoing reorganisation programme launched on July 30, 2018

─ expatriate workforce reduced to 14 – represents 30% of the total expatriate staff

─ Total employment post-restructuring consists of 729 Guyanese nationals

DPI, Guyana, Wednesday, January 30, 2019

Guyana Goldfields Incorporated has promoted 60 Guyanese nationals into senior roles. The company announced the promotions, and new hires in a press release today, noting that they form part of an ongoing restructuring programme launched on July 30, 2018.

The release states that the process began on July 30, 2018, with the termination of the Company’s Executive Chairman, Patrick Sheridan, eliminating “an ineffective dual reporting structure under which Sheridan was responsible for government relations and exploration in Guyana.”

Since commencing the process on July 30, 2018, the company says it has reduced its expatriate workforce by 14, representing approximately 30 per cent of the total expatriate staff. Total employment following the restructuring consists of 729 Guyanese nationals, representing approximately 96.4 per cent of the overall workforce; and 27 expatriates.

Notably, a Guyanese national, Jermaine Critchlow, has been promoted as Sustainability Manager for Guyana; a role previously held by an expatriate.

Meanwhile, among the new local hires are a former senior writer with Guyana’s Stabroek News newspaper, Miranda LaRose, who has been appointed to Corporate Social Responsibility/Sustainability Coordinator for Guyana and Guyanese national, Boaz Wade, who was appointed as Exploration Leader effective January 1, 2019.

In addition to realising operational efficiencies, the Company says it expects these changes and the along with the new local leadership will further strengthen its presence

President and Chief Executive Officer Scott Caldwell, said, “These restructuring efforts complement recent initiatives undertaken to strengthen the management team, refocus exploration efforts and advance corporate governance.”

René Marion, Non-Executive Chairman, added, “The Company remains focused on a continuous improvement process that the Board initiated in the second half of 2018.

The release also noted, as part of the restructuring, Country Manager, Violet Smith is leaving the Company, as her position has become redundant. All of Guyana Goldfields’ and Aurora Gold Mine’s activities in Georgetown will be managed out of a single office in the country, which will increase synergies and efficiencies while reducing costs. The second office located at North Road will be closed effective immediately, the release stated.

On January 3, 2019, Former US Ambassador to Guyana, Perry Holloway secured the post of Senior Vice President, Strategy and Corporate Affairs after exiting his diplomatic post. Holloway has assumed responsibility for all activities involving government relations in Guyana, as well as corporate social responsibility.