A new economic study for Omai Gold Mines' (TSXV: OMG; US-OTC: OMGGF) namesake project in Guyana positions the asset among the largest and most valuable undeveloped gold projects in South America, with a value of $4 billion (C$5.5 billion), The Northern Miner reports.

The Omai project is a past-producing gold mine in Guyana, a country on South America's northeastern Atlantic coast where gold is a major export. Guyana's economy has been transformed since offshore oil production began in late 2019, making it one of the world's fastest-growing economies in the years since. The historic Omai mine operated from 1993 to 2005 and, during that period, ranked among the largest gold mines in South America, producing roughly 3.7 million ounces of gold before operations ceased. Omai Gold Mines is now advancing the redevelopment of the deposit.

The new study also lands as gold prices have climbed to a series of record highs in recent years, a backdrop that has kept undeveloped and restart-stage gold assets in focus across the industry. Omai remains pre-production, and redevelopment projects at this stage typically still face detailed technical studies, permitting, and financing decisions before construction can proceed. Past-producing sites such as Omai are frequent targets of such efforts because an established mining history can shorten the road back to production compared with developing a new discovery.

The $4-billion (C$5.5-billion) figure comes from the new economic study covering the namesake project. Further details are available in the original report published by The Northern Miner: https://www.northernminer.com/news/omai-values-guyana-gold-project-at-4b/1003894097/