…yield set at 300,000 ounces per annumSandspring Resources Inc and its affiliate ETK Inc yesterday signed a partnership agreement with the Government of Guyana and the Guyana Geology and Mines Commission (GGMC) for a large scale mining operation that could yield 250,000 to 300,000 ounces of gold on an annual basis.Prime Minister Samuel Hinds, Chairman of Sandspring Resources Inc, John Adams and GGMC Chairman Major General Ret’d Joe Singh were signatories to the agreement at the Office of the President.President Bharrat Jagdeo, PPP Presidential Candidate Donald Ramotar, key stakeholder in the endeavour, Alfro Alphonso,China Jerseys Wholesale, who discovered the Toroparu property, and Sir Shridath Ramphal and advisor and Norman McLean,Wholesale NFL Jerseys, a key stakeholder,Jerseys Wholesale, were witnesses.The agreement was to encourage the development of natural resources in Guyana in an economically fair and environmentally responsible fashion.Chairman of the Board,Cheap Jerseys Free Shipping, Mr. Adams said that the government required an increase in the gold royalty from five percent to eight percent when the price of gold is above US$1,000.He said that in light of the current price of gold the government also requires that Sandspring follow stringent environmental standards meet or exceed those that exist in the US and Canada.Adding that Toroparu mine will cost between US$600 million and US$700 million to build, Adams said the company will employ in excess of 1000 Guyanese workers.He continued that in addition to the annual production of gold there would be 20 million pounds of copper. The mine life is said to be 15 years. At current prices,NFL Jerseys China, the mine would contribute approximately US$550 million annually to Guyana’s Gross Domestic Product.He thanked Alfro Alphonso and Sons for discovering the Toroparu property and for their co-operation in moving this property to large scale development.Former Major General, Ret’d Joe Singh, the Chairman of GGMC, said that the importance of the collaboration and partnership between the government and the local agencies, GGMC EPA, forestry commission and all those who, from a sectoral responsibility standpoint have been all involved in this process.He noted that last year nine percent of GDP was attributed to the mining sector and the export earnings. However, 50 percent of export earnings were attributed to the mining sector, not just gold but also bauxite.“We have obligations to hinterland folk, we have obligations to the environment,Jerseys NFL Wholesale, we have obligations to the future generations and we want to make sure things are done in a transparent manner, with a high degree of integrity.From an economic standpoint, what accrues from investments such as this will help to stimulate the economy, the development of other enterprises so that we are not compromising ourselves because mining is not a renewable resource, Singh said.Prime Minister Samuel Hinds said that the mining agreement, mineral agreement and this agreement is based on the original Omai agreement with some adjustments for the particular location and for some update but essentially to the extent of 95 per cent or more between the centralist Omai agreement, which is the basis for this agreement.He said that Guyanese can find job opportunities and capital can be gained so that we can move on to other things and we can find capacities in other areas also.