Gold Port to complete Guyanese road with existing staff

Executive Summary

• Gold Port Corp. has pivoted its strategy for the Groete Gold-Copper Project in Guyana, deciding to purchase heavy equipment and use existing staff to construct the necessary 13km access road, rather than relying on a previously announced contractor.
• The company intends to restructure its camp using a modular system currently in storage and will move a company-owned MP Explorer track-mounted core rig to the site to initiate a drill program upon road completion.
• This operational shift is driven by management's determination that purchasing equipment and self-performing the roadwork is the most cost and time-effective approach following issues with the previous construction plan.

Key Details

• Access Road Strategy: The company is pivoting from a contractor-led approach to self-completion of approximately 13 kilometres of dirt road access, including bridge and drainage construction.
• Equipment Acquisition: The company is purchasing heavy equipment, specifically an excavator and other heavy machinery, which will be utilized for both road development and the upcoming drill program.
• Camp and Drilling Setup: Upon road completion, the camp will be restructured using a company-owned modular system currently stored in Guyana. A company-owned MP Explorer track-mounted core rig will be moved to the site to begin drilling.
• Timeline: Equipment acquisition is being completed, and roadwork is expected to begin in the immediate future.

Notable Quotes

• "After consideration of existing proposals and ongoing issues with the previously announced construction, management determined the most cost and time-effective approach is to conclude an equipment purchase and have the company complete the access road. The new heavy support equipment will be vital to the successful completion of the upcoming drill program." — Adrian F.C. Hobkirk, Company President and CEO