This record is a partial extract of the original cable. The full text of the original cable is not available.

UNCLAS SECTION 01 OF 07 GEORGETOWN 000107 
 
SIPDIS 
 
STATE FOR EB/IFD/OIA 
 
E.O. 12958: N/A 
TAGS: EINV EFIN ETRD ELAB PGOV KTDB GY OPIC USTR
SUBJECT: INVESTMENT CLIMATE STATEMENT FOR GUYANA 
 
REF: 05 STATE 202943 
 
------------------------------ 
Openness to Foreign Investment 
------------------------------ 
 
¶1.  The Government of Guyana encourages foreign direct 
investment in almost all sectors.  Billed as a "first stop 
shop" for investors, the Guyana Office for Investment (GO- 
INVEST) is charged with leading government efforts to 
attract foreign and domestic investment.  GO-INVEST focuses 
primarily on the agroprocessing, tourism, manufacturing, 
information technology, fishing, and wood processing 
sectors.  Potential investors should note that GO-INVEST 
serves as the first in a long line of bureaucratic hurdles 
required to obtain the permits and tax concessions necessary 
to do business in Guyana.  Potential investors face separate 
bureaucratic procedures at ministries throughout the 
government to obtain the desired permits and concessions. 
Major foreign investments receive intense political 
attention in an economy still dominated by the state.  The 
government has enacted new laws and amended existing ones to 
encourage foreign direct investment, with mixed levels of 
success. 
 
¶2. An annual survey of business confidence released in 
January 2006 revealed less confidence in the business 
outlook for 2006 compared to the previous year. Of the 42 
respondents, 12 were planning to increase the scale of 
operations in 2006, two were planning to downsize, and 26 
planned no change. Among the issues identified as having the 
most expected impact on business operations in 2006 were 
fuel prices, political stability, consumer spending, 
electricity supply and rates, and exchange rates. 
 
¶3.  The National Assembly passed the Investment Act in 2004, 
designed to stimulate socio-economic development and to 
attract and facilitate foreign investment. Other important 
laws pertaining to investment include the Income Tax Act, 
The Customs Act, the Procurement Act of 2003, the Companies 
Act of 1991, the Securities Act of 1998, the Small Business 
Act, and the Consumption Tax Act.  However, several 
outstanding actions are still required for much of this 
legislation, such as the Procurement Act, to be effectively 
implemented. 
 
¶4.  Although the judicial system is responsible for 
upholding the sanctity of contracts, it does not have the 
capacity to uphold its legal mandate.  Apparent corrupt 
practices, coupled with long delays in the administration of 
justice make the courts an undesirable and largely 
ineffective way to settle investment or contractual 
disputes, particularly for foreign investors unfamiliar with 
Guyana's political scene. 
 
¶5.  Foreign ownership of companies is permitted and 
welcomed.  There is no mandatory screening of foreign 
investment.  However, the government screens most 
investments to determine which businesses are eligible for 
special tax treatment, access to licenses, approval and 
procurement.  In spite of recent moves to remove 
discretionary power from the various ministries, Ministers 
still retain significant authority to determine how relevant 
laws, such as the Investment Act, Small Business Act and 
Procurement Act, are interpreted. 
 
¶6.  In general, foreign investors receive the same treatment 
as local investors in Guyana.  One exception is the special 
approval required for local financing.  Foreign borrowers 
applying for a loan of over US$10,638 (G$2 million) must 
request permission from the Minister of Finance to take out 
the loan locally.  This requirement reflects Guyana's 
preference for foreign investors to bring capital into the 
country.  In most cases, foreign investors seek credit 
abroad to avoid Guyana's high interest rates.  Another 
exception in the mining sector restricts ownership of small 
and medium scale mining property titles to Guyanese 
ownership.  However, foreigners may enter into joint-venture 
arrangements whereby the two parties agree to jointly 
develop a mining property.  There are no restrictions on the 
percentage of the investment shouldered by the foreign 
investor.  These arrangements are strictly by private 
contract.  Foreign investors that have entered into these 
arrangements report high levels of risk and have complained 
that Guyana's sluggish legal system rarely settles disputes 
in a timely or satisfactory manner.  One investor who 
entered into a private joint-venture mining contract 
reported that the mining property was sold by his partner 
after the investment had been made and without his prior 
knowledge or consent.  Despite some success in the courts, 
he was unable to fully recover the money he had originally 
invested. 
 
¶7.  The government has made progress in recent years with 
privatization initiatives.  Of the 18 government entities 
originally targeted for privatization, 16 have been 
privatized.  The Aroaima Mining Company (AMC) and Guyana 
Power & Light (GPL) remain the two major exceptions.  RUSAL, 
the Russian aluminum giant, assumed management control of 
AMC in 2004 as part of a joint agreement with the Government 
of Guyana to revitalize the bauxite industry.  The 
government announced that AMC is slated for privatization in 
March 2006, with RUSAL reportedly paying US$20 million.  In 
1999, the government entered into a joint agreement with 
Americas & Caribbean Power Limited (ACP) to privatize GPL, 
with each party holding 50% of the company's shares.  Four 
years later, ACP sold its shares back to the Government for 
$1 and withdrew from the deal.  The government is now 
seeking a US$30 million investment from local investors for 
the re-privatization of the utility, though it has not 
identified any potential suitors.  Foreign investors have 
equal access to privatization opportunities.  For some 
larger operations, foreign investment is openly preferred. 
 
¶8.  Most large-scale investments in Guyana's infrastructure 
are government projects financed by international lending 
institutions, with the Inter-American Development Bank (IDB) 
as the largest donor.  U.S. firms are generally given equal 
access to these projects, though many are too small to 
interest U.S. bidders. 
 
-------------------------------- 
Conversion and Transfer Policies 
-------------------------------- 
 
¶9.  The Guyana dollar is fully convertible.  There are no 
limits on inflows or repatriation of funds, although there 
are spot shortages of foreign currency.  The exchange rate 
is US$1 to G$199.95 (December 2005).  There is no limit to 
the acquisition of foreign currency, although the government 
limits the percentage that a number of state-owned firms may 
keep for their own purchases.  The government recently eased 
restrictions on the establishment of foreign currency bank 
accounts in Guyana, a step that has significantly simplified 
the process of moving money.  Funds can now be wired in and 
out of the country electronically without having to go 
through cumbersome exchange procedures. 
 
¶10.  In practice, many large foreign investors in Guyana use 
subsidiaries outside Guyana to handle earnings generated by 
the export of primary products, including timber, gold, and 
bauxite.  Those companies then advance funds to their local 
entities to cover operating costs. 
 
¶11.  The exchange rate is commercially determined according 
to market supply and demand using telegraphic transfers for 
the three largest commercial banks.  Political uncertainty 
and poor economic performance by the Guyanese economy since 
1999 have eroded consumer and investor confidence.  The 
government has intervened in support of the Guyana dollar 
with some success.  The government announced that it will 
continue to intervene in defense of the Guyana dollar and 
its international reserves. 
 
------------------------------ 
Expropriation and Compensation 
------------------------------ 
 
¶12.  On August 16, 2001 the National Assembly approved the 
Acquisition of Lands for Public Purposes (Amendment) Bill 
¶2001.  This Bill cleared the way for the government to 
specifically acquire a private parcel of land at a price the 
owner contended was less than fair market value. 
 
------------------ 
Dispute Settlement 
------------------ 
 
¶13.  Guyana is a signatory to the Convention on the 
Settlement of Investment Disputes between States and 
Nationals of Other States.  International arbitration 
decisions are enforceable under the Arbitration Act of 1931. 
Guyana is also a member of the International Center for the 
Settlement of Investment Disputes (ICSID). 
 
¶14.  There have been several high profile investment 
disputes in recent years involving U.S. and other investors 
in Guyana.  Most disputes focus on special tax treatment, 
access to licenses, and approvals necessary to conduct 
business in Guyana. 
 
------------------------------------- 
Performance Requirements & Incentives 
------------------------------------- 
 
¶15.  While there is no set policy regarding performance 
requirements, they are often written into contracts with 
foreign investors.  Some contracts require a certain minimum 
level of investment.  Investors are not required to source 
locally.  They do not have to export a certain percentage of 
output.  Foreign exchange is not rationed in proportion to 
exports.  There are no national ownership or technology 
transfer requirements. 
 
¶16.  The Status of Aliens Act allows a non-resident of 
Guyana to acquire and dispose of assets, and moveable and 
immoveable property in the same manner as a citizen of 
Guyana.  The government treats domestic and foreign 
investors alike with regard to investment incentives.  There 
are incentives offered to all investors equally and 
incentives available based on specific criteria such as 
location of an investment or investment in specific 
government-targeted sectors. 
 
¶17.  The Fiscal Enactments (Amendment) (No. 2) Bill of 2003 
allows the Minister of Finance to grant exemptions from 
Corporate Taxes for a period of five years to an investor if 
the activity demonstrably creates new employment in Region 
1: Barima Waini, Region 8:  Cuyuni-Mazaruni, Region 9: Upper 
Takatu-Upper Essequibo and Region 10:  Upper Demerara - 
Upper Berbice.  The act allows for exemptions of corporate 
taxes if the new economic activity falls under the following 
categories: non-traditional agro processing (excludes sugar 
refinery, rice milling and chicken farming); tourist hotels 
or eco-tourist hotels; information and communications 
technology (excluding retail and distribution); petroleum 
exploration, extraction, or refining and; mineral 
exploration, extraction, or refining.  In the latter three 
activities defined, the Minister may grant exemptions for a 
period up to ten years.  In spite of outlined provisions for 
tax relief, the Minister maintains final discretion over 
which investors receive corporate tax exemptions. 
 
¶18.  Other incentives available to investors include 
affordable leases for land in industrial estates.  Though 
promoted by GO-INVEST, the application for the land is done 
through the Minister of Tourism, Industry and Commerce.  The 
Ministry of Tourism continues to accept and encourage the 
submission of lease applications for industrial estates, 
though there are no industrial estates available for lease. 
The government advertised two industrial estates near to the 
capital city of Georgetown as being available for lease. 
However, the government attempts to repossess these 
properties are ongoing.  The land was previously leased to 
investors who, according to the government, have not 
developed the land or engaged it in any productive process. 
Officials from the Ministry indicated that the process for 
repossession is not straight forward.  To apply, potential 
investors are requested to submit an application form and a 
business proposal to the Ministry of Tourism.  Though not 
required, GO-INVEST can make a recommendation to the 
Ministry of Tourism on the investor's behalf.  The 
application and business proposal is then reviewed by 
Ministry personnel who determine whether the investor 
qualifies for the land.  Qualifying criteria include the 
export component of the business and employment 
opportunities created.  It is difficult to predict when and 
if the government will be successful with repossessing lands 
since these matters tend to be tied up with extensive Court 
decisions and appeals. 
 
-Waivers of the customs duty and the high consumption taxes 
on plant, machinery and equipment are granted based on 
submissions made to the Commissioner General of the GRA. 
 
-The Income Tax (In Aid of Industry) Act provides for 
accelerated depreciation of plant and equipment on 
applicable trades outlined in the act; export tax allowances 
for manufacturing or processing of non-traditional products 
exported to countries outside of the Caribbean Community; 
and research and development tax allowances. 
 
¶19.  The approval authority for duty and consumption tax 
exemptions on plant, equipment, machinery and spare parts 
lies with the Commissioner General of the GRA.  Investors 
are expected (though not required) to submit business 
proposals to GO-INVEST that outline the proposed project, 
the value of the investment, and employment to be generated 
from the economic activity.  GO-INVEST reviews the proposal 
and makes a recommendation to the GRA.  GRA grants approval 
in accordance with the Customs Duties (Amendment) (No. 2) 
Order of 2003.  Each project is reviewed on a case-by-case 
basis and recommendations are made accordingly.  The GRA 
determines whether imported materials are being imported for 
the reasons stated by the investor and whether those 
materials are eligible for tax relief under the law. 
 
-------------------------------------------- 
Right to Private Ownership and Establishment 
-------------------------------------------- 
 
¶20.  Foreign and domestic firms have the right to establish 
and own business enterprises and engage in all forms of 
remunerative activity.  However, in some cases, licenses are 
required.  Private entities may freely acquire and dispose 
of interests in business enterprises, although some newly 
privatized entities have limits on the number of shares that 
may be acquired by any one individual or entity (domestic or 
foreign).  Similarly, the articles of association of some 
firms prohibit the issuance of more than a certain number of 
share transfer forms to any one individual or company in an 
effort to prevent attempts to gain control of such companies 
in the secondary market.  In theory, the government can 
limit competition with state-owned companies by denying 
private firms the required licenses to operate.  Licenses 
are granted primarily in the mining, telecommunications, 
forestry, banking, tourism and environmental sectors. 
Investors should be aware that getting all the licenses 
required to operate in Guyana can be a time-consuming task. 
According to the GO-INVEST Investor's Roadmap, the estimated 
processing time to obtain the approvals to lease state or 
government lands may take one year, though some investors 
report much longer delays.  To register a patent or 
trademark can take approximately six months.  The right of 
foreigners to own property or land in Guyana is specifically 
protected under the Constitution. 
 
----------------------------- 
Protection of Property Rights 
----------------------------- 
 
¶21.  Guyana adopted British law on patents and copyrights 
upon independence.  This outdated legislation currently is 
being revised to conform to global norms.  For instance, 
Guyana passed the Geographic Indication Bill in July 2005, 
giving protection to local products that are uniquely 
Guyanese in origin.  Guyana joined the World Intellectual 
Property Organization (WIPO) and acceded to the Bern and 
Paris Conventions in late 1994.  WIPO officials visited 
Guyana in early 1995 and conducted a seminar on intellectual 
property rights.  At present, there is no enforcement 
mechanism to protect intellectual property rights.  Patent 
and trademark infringement is common.  Local television 
stations pirate and re-broadcast TV satellite signals with 
impunity.  Most music and software for sale is pirated. 
Book piracy is also rampant, especially foreign textbooks; 
some estimates say illegally copied textbooks account for 
nearly one-third of local sales.  Guyana has not ratified an 
intellectual property rights agreement with the U.S.  Trade 
Related Intellectual Property Rights (TRIPS) draft 
legislation was prepared, but has apparently been shelved. 
 
--------------------------------------------- --- 
Transparency of the Regulatory System 
--------------------------------------------- --- 
 
¶22.  Guyana has no anti-trust legislation, though a 
Competition and Fair Trading was tabled in Parliament in 
December.  The Bill includes provisions against bid-rigging, 
misleading advertisements and price fixing and would 
establish a Competition Commission with the authority to 
review anti-competitive business practices.  Historical 
factors, Guyana's small population, and economies of scale 
have led many sectors to be dominated by one or two firms. 
Capital markets are still evolving and the allocation of 
investment takes place without a well-organized market. 
Bureaucratic procedures are cumbersome.  Investors often 
receive conflicting messages from various officials and have 
difficulty determining where the authority for decision- 
making lies.  In the current absence of adequate 
legislation, much decision-making is centralized.  An 
extraordinary number of issues are resolved in Cabinet or in 
the Office of the President, a process that is not open to 
public scrutiny and which often results in long delays. 
Attempts to reform Guyana's many bureaucratic procedures 
have not succeeded in limiting red tape. 
 
--------------------------------------------- ----- 
Efficient Capital Markets and Portfolio Investment 
--------------------------------------------- ----- 
 
¶23.  Guyana's banking system is still not fully developed. 
Inefficiencies and delays periodically plague the foreign 
currency exchange market.  Businesses report that currency 
shortages can result in significant delays in converting 
Guyana dollars to U.S. dollars at some banks.  Because 
Guyana has yet to develop an effective inter-bank trading 
system, some banks may be short of foreign exchange while 
others have currency available. 
 
¶24.  In November 2004, the Financial Institutions Act was 
passed, giving the Central Bank the power to take temporary 
control of financial institutions in trouble.  This 
effectively gives the bank greater responsibility for 
licensed financial institutions.  Previously, the Central 
Bank had been criticized for not taking a more proactive 
role in helping one local bank to remedy its poor financial 
situation.  As a result, the institution went into 
receivership and many small depositors were unable to 
recover their savings. 
 
¶25.  The cost of capital in Guyana is not attractive. 
Interest rates on capital loans range from 10% to 19.75%. 
The Minister of Finance must give permission for a foreign 
investor to borrow over US$10,638 (G$2 million) in Guyana. 
The government sells treasury bills at auction to finance 
the public debt, and other government-controlled rates move 
with the treasury bill rate.  Private attempts at bond 
financing have not been successful.  One large Guyanese 
company offered a bond issue in early 1995 in an attempt to 
raise US$10 million.  The issue was not successful and no 
subsequent large bond offers have been made. 
 
¶26.  The banking system in Guyana is liquid.  Local bank 
statements reveal that deposits continue to increase even as 
loans continue to decrease; a trend that appears to indicate 
the existence of a large underground economy.  Some local 
analysts suspect that the underground economic activity 
could account for as much as 50% of Guyana's total economic 
activity.  Eager to lend money, but skeptical of Guyana's 
legal system, banks claim that they are unable to find 
suitable local candidates for loans. 
 
¶27. Although large and well-established companies sometimes 
use equity financing, the government encourages companies to 
finance new operations by offering shares on Guyana's stock 
market.  In 2003 The Guyana Association of Securities 
Companies and Intermediaries Inc., (GASCI) a self-regulating 
organization, was registered to operate the Guyana Stock 
Exchange.  Its members, the stockbrokers who compete against 
each other in share trading, own GASCI.  GASCI relies on 
trades to support the exchange's operations.  However, the 
small volumes traded have been insufficient to meet 
organizational expenses. Consequently, the Association has 
struggled to maintain adequate staffing levels.  The Guyana 
Security Council (GSC), the regulatory body for the 
Exchange, has been the target of two high profile lawsuits 
by two of the largest local conglomerates over disclosure 
issues.  The GSC has also struggled to garner the support of 
listed firms that are unwilling to disclose relevant 
information.  Individual investors generally prefer to 
utilize the banking sector to finance investments, although 
one Canadian company reported that it was able to 
successfully finance its operations using the stock market 
in late 2004. 
 
------------------ 
Political Violence 
------------------ 
 
¶28. The last three elections, in 1992, 1997 and 2001, saw 
politically motivated violence leading up to and following 
the election.  National and regional elections are due by 
August 2006, and some commentators fear violence surrounding 
the elections may be worse than previous years. 
 
¶29. Apart from election-related violence, crime is a major 
problem in Guyana.  Four Americans were murdered in three 
separate incidents in 2005.  A spate of high profile 
robberies have prompted private sector interests to call on 
the Government of Guyana to increase its efforts to stem the 
crime problem.  Most business owners resort to private 
security protection for both business and home. 
 
---------- 
Corruption 
---------- 
 
¶30.  Despite the paucity of documented corruption, 
allegations of corruption are common.  Transparency 
International's 2005 Corruption Perceptions Index ranked 
Guyana 117 of 158 countries surveyed, assigning the country 
a score of 2.5 (with 10 being least corrupt and 1 being most 
corrupt).  Although the government acted in 1998 to address 
this problem with legislation that requires public officials 
to disclose their assets to an Integrity Commission prior to 
assuming office, its implementation has been slow and 
ineffective.  The Integrity Commission has not been 
constituted as a result of disagreement between the 
government and the main political opposition party on the 
names of members to sit on the Commission. 
 
¶31.  The Procurement Act 2003 was passed in Parliament to 
provide for the regulation of government procurement of 
goods, services and the execution of works to promote 
competition among suppliers and contractors and to promote 
fairness and transparency in the procurement process.  The 
Act has come under fire by critics because it grants the 
Minister of Finance the power to unilaterally appoint a 
National Board, responsible for the National Procurement and 
Tender Administration that exercises jurisdiction over 
tenders. 
 
¶32.  Offering or receiving a bribe is a criminal offense in 
Guyana punishable by incarceration.  The law is not applied 
extraterritorially.  The government has periodically 
prosecuted officials for corruption with mixed success. 
 
------------------------------- 
Bilateral Investment Agreements 
------------------------------- 
 
¶33.  Guyana has not signed a Bilateral Investment Treaty 
with the United States.  Negotiations began in 1993, but 
broke down in 1995 due to disagreements on formal investment 
rules.  There have been no continuing negotiations.  Guyana 
has similar treaties with Germany, the United Kingdom, and, 
most recently, Switzerland.  Guyana has double taxation 
treaties with Canada, the United Kingdom, and CARICOM 
countries. 
 
 
-------------------------------------------- 
OPIC and Other Investment Insurance Programs 
-------------------------------------------- 
 
¶34.  OPIC renewed its support for U.S. investors in Guyana 
in 2000 following the settlement of a long-standing dispute 
between an OPIC client, Green Mining, Inc., and Guyana.  The 
EX-IM Bank resumed limited coverage in Guyana, offering 
insurance and short-term loans for the private sector at the 
beginning of 1994. 
 
----- 
Labor 
----- 
 
¶35.  According to the 2002 Census, Guyana's labor force 
comprises approximately 484,000 people with skills 
encompassing a vast range of disciplines in the fields of 
manufacturing, agriculture, electronics, commerce, 
management, and other professional practices.  Education and 
skill development are provided in primary, secondary, and 
technical schools as well in the university and privately 
owned institutions of learning.  Individual companies mount 
various programs to develop human resources specific to 
their needs.  Parliament passed the Trade Union Recognition 
Bill in 1997.  All businesses operating in Guyana must 
recognize and collectively bargain with the trade union 
selected by a majority of its workers.  Guyana adheres to 
the International Labor Organization (ILO) Convention 
protecting worker rights. 
 
¶36.  Emigration, particularly of skilled labor, poses a 
serious problem to employers throughout Guyana.  An 
International Monetary Fund study in late 2005 revealed that 
86% of college-educated Guyanese have left the country. 
Large private sector companies report a turnover of about 
20% to 25% of their administrative workforce, and extreme 
difficulty is recruiting and retaining qualified employees. 
Skilled workers migrate to the United States, Canada, the 
Caribbean, and Europe.  Unemployment and underemployment of 
the unskilled element of the population also plague Guyana's 
economy. 
 
------------------------- 
Foreign Direct Investment 
------------------------- 
 
¶37.  There was a surge in foreign direct investment from 
1989 to 1991 that fueled healthy growth figures in the early 
to mid-1990s.  In recent years there have been relatively 
few large-scale investments in Guyana.  Bank of Guyana 
statistics show that foreign direct investment, outside of 
the telecommunications sector, has decreased in recent 
years.  New foreign direct investment (FDI) in Guyana 
decreased from US$43.5 million in 2002 to US$26.1 million in 
¶2003.  In 2004, the telecommunications sector accounted for 
US$25 million of the US$30 million invested in the country. 
Bank of Guyana statistics for the first half of 2005 report 
FDI in the amount of US$61.7 million.  A notable recent 
development was the Russian aluminum company RUSAL's US$20 
million investment in the Aroaima Bauxite Mine. In late 
2005, a local manufacturing enterprise announced plans to 
constructs a US$600,000 food processing facility in the 
Eccles Industrial Estate following the 2006 elections.  A 
local beverage distributor has also embarked on a US$841,000 
program to upgrade its fleet of American-made delivery 
vehicles. 
 
¶38. Following is a list of foreign direct investment 
compiled by the Bank of Guyana for 2002 to 2004. 
 
Foreign Direct Investment 
January-December 2002/2004 
(US$ Million) 
 
Companies                        2002       2003      2004 
Ask 4 Solutions 
                                5.0        -         - 
Barama 
                                4.0        11.0      3.3 
Blue Sky Communication 
                                2.0        -         - 
Caribbean Containers Ltd. 
                                0.3        -         - 
Courts 
                                0.3        -         - 
Decipher International Inc. 
                                2.0        -         - 
Esso Standard Oil S. A. Ltd. 
                                0.3        -         - 
Global Seafood Technology 
                                1.3        -         - 
Guyana Lottery Company 
                                0.3        -         - 
Guyana Power and Light Co. 
                                2.6        -         - 
Guyana Telephone & Telegraph Co. 
                                14.0       -         10.0 
National Milling Company Ltd. 
                                0.5        -         - 
Omai 
                                4.5        1.5       - 
Sanata 
                                6.4        -         - 
Trans World Telecom (TWT) 
                                -          6.0       15.0 
Mining Exploration companies 
                                -          7.6       5.0 
Skeldon 
                                -          -         1.7 
 
 
Total                            43.5       26.1      35.0 
Source: Bank of Guyana 
 
The Guyana government has signed a deal with a Canadian 
company, Cambior, to privatize the Linmine bauxite 
operations.  The government announced plans to secure 
investments during 2005 with the following entities: 
Jaling Forest Industries Inc. (Canadian Investors) 
Omai Bauxite Company Ltd. (US$39M)(Canadian Investors) 
Lake View Hotel and Resort (US$25M)(Unknown Investors) 
RotorWay International Guyana (US$5M)(American Investor) 
ROMANEX Guyana Exploration Ltd. - a subsidiary Of Vannessa 
Ventures (US$1.5M)(Canadian Investors) 
 
BULLEN