Guyana Goldfields Inc. said Wednesday it signed a stability agreement with Guyana to develop its Aurora Gold Project.

Permits and licenses will be issued within 45 days, the Canada-based company said.

This watershed agreement is an important milestone for GGI as it will allow the advancement of the mine development project under a clear and stable fiscal and royalty regime, the company said in a statement.

Up until now, Guyana Goldfields has conducted off-site infrastructure construction work in preparation for the development and construction of the Aurora Gold Project. Guyana Goldfields plans to build on-site infrastructures including a new camp, airstrip, river dyke and completing road access to the site, which will be followed by the construction of the mining facilities.