Formally known as the Cooperative Republic of Guyana, the country is located on the northeast shoulder of South America, bordered by the Atlantic Ocean, Suriname, Brazil, and Venezuela. It is governed by a stable parliamentary democracy and has a population of approximately 770,000 people. Its currency is the Guyanese dollar, and Georgetown is its capital city which is home to approximately 250,000 people. Guyana's other major cities include Linden, New Amsterdam, Rose Hall, Anna Regina, and Bartica.
One of the most highly prospective, yet under-explored, gold regions in the world, Guyana is on track to joining the ranks of the major oil exporting countries in the world with expected production by ExxonMobil starting in 2020.
The Land Tenure Act of 2004 allowed foreign direct investment in Guyana, resulting in large-scale mining in a country that had a long history of alluvial gold production. The self-financing Guyana Geology and Mines Commission (GGMC) is the government entity responsible for overseeing the country's mining and quarrying sector, that has been a critical component of the Guyanese economy up to the present day.
On November 9, 2011, Sandspring signed a mineral agreement with the Government of Guyana that details all fiscal, property, import-export procedures, taxation provisions, and other related conditions for the continued exploration, mine development, and operation of the open pit mine at the Toroparu Project. Sandspring's agreement was the first comprehensive mineral agreement for the Guyanese gold sector since 1991, includes the following terms: