Guyana Goldfields appoints new CEO in hope for turnaround

Last Updated on Tuesday, 26 November 2019, 19:30 by Writer

Poor-performing Guyana Goldfields Inc. has appointed a new President and Chief Executive Officer who it says has a track-record of turning around companies.

Mr. Alan Pangbourne will assume duties from January 1.

A company statement says Allen Palmiere, who was appointed interim Chief Executive Officer, will continue as a director of the company.

Guyana Goldfields notes that Mr. Pangbourne brings more than 35 years of experience including successful history of company turnarounds, and mergers and acquisitions.

Mr. Pangbourne was most recently the Chief Operating Officer at SSR Mining Inc.

He was quoted as saying in a company statement that he hopes to improve the performance of Guyana Goldfields. “I look forward to the opportunities we have to improve operational performance at Aurora and to create value for our shareholders through a disciplined approach to both productivity and value creation,” he said.

Guyana Goldfields’ stocks were Tuesday being traded at $0.61 Canadian on the Toronto Stock Exchange. Third quarter gold production was 22,100 ounces amounting to 96,000 ounces of gold produced in the first nine months of this year.

Guyana Goldfields Inc. is a Canadian-based mid‐tier gold producer primarily focused on the exploration, development and operation of gold deposits in Guyana.