The Guyana Geology and Mines Commission (GGMC) says that over 50 ounces of gold with a value in excess of $4M was seized at the Ogle Aerodrome on Sunday.

The gold was found hidden in a pipe, which had been placed in an unaccompanied bag with what was described as old parts. Stabroek News understands that the flight on which the GGMC made the find came from the Northwest District.

A source from the GGMC said that this practice is suspected to be widespread as persons attempt to avoid the payment of royalties and taxes.

As part of an expansive surveillance programme that the Commission initiated, mines officers have been making checks at various locations for signs of similar practices. According to the GGMC, all minerals under conveyance should be accompanied by proper documentation to identify source and ownership. They have to be declared to the mines officers, the Guyana Gold Board, and the GGMC or to a licenced dealer while under conveyance.

For 2003, gold declaration by national miners was 105,287 ounces. Estimates of the revenues lost due to undeclared gold exceed $500M per year.

GGMC Commissioner Robeson Benn told Stabroek News yesterday that the flight came from the Northwest District.

As to what happens to the seized gold, Benn said that the Commission has to go through a process of determining the proper owner by looking at the documentation and whether the person had intended to defraud the state of revenue. Based on that, the decision on whether or not to forfeit the gold would be made.