TORONTO, Dec. 21 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) ("Guyana" or the "Company") is pleased to announce that ongoing drilling at the Company's 100%
owned Aurora Gold Project has intercepted significant widths and grades
of gold mineralization, extending the previously announced new
discoveries (see Press Releases dated April 20 and August 18, 2010) to
vertical depths of 420 meters at Aleck Hill and 500 meters at the Mad
Kiss area. The project is currently the subject of a definitive
feasibility study to be completed in Q4 2011 with a resource estimate
drill cut-off date of June 30, 2011. Prior to that, the Company is
preparing an updated resource estimate to be announced in mid-February
2011 which will include all known mineralization up to mid-November
Assay results from fifteen (15) new drill holes in the new Aleck Hill
zone are reported hereunder. Highlights include drill hole AHD-145
which returned 50m @ 3.9 g/t Au (3.02 g/t Au cut to 25 g/t Au) at a
vertical depth of 420 meters. Included within this broad intercept is
a high-grade zone of 16m @ 10.59 g/t Au (7.85 g/t Au cut to 25 g/t Au).
In addition, drill hole AHD-161 intercepted 62.44m @ 2.68 g/t Au
including the following high-grade intercepts:
6.08m @ 8.33 g/t Au
6.06m @ 5.11 g/t Au
6.20m @ 8.92 g/t Au
These results demonstrate the down-dip potential of the Aleck Hill
resource and suggest significant potential for high-grade gold
mineralization at depth. True widths of gold mineralization in the
Aleck Hill area vary from 25m to 50m and all gold zones remain open to
Drilling in the Mad Kiss zones (west, east and main) also continues to
expand previously announced new areas of gold mineralization. Nineteen
(19) new drill holes are announced hereunder. Highlights include:
MKD-99 - 16m @ 4.12 g/t Au (including 4m @ 10.95g/t Au)
MKD-107 - 18m @ 2.03 g/t Au (including 3m @ 11.60g/t Au) and - 8m @ 5.17
MKD-109 - 8m @ 7.13 g/t Au
MKD-111 - 13.95m @ 4.08 g/t Au
True widths of gold mineralization in the Mad Kiss zones vary from 10m
to 35m and all gold zones remain open to depth.
All of the latest results from the ongoing "Golden Square Mile" drilling
program are tabulated in the attached intercept spreadsheet. These
results will be included in an updated resource estimate for the Aurora
Gold Project, to be released in mid-February 2011.
To view latest results click here: http://files.newswire.ca/826/GuyanaPDFResults.pdf
Separately, the Company reports that it remains on track to provide key
findings of the initial resource estimate from the Sulphur Rose gold
discovery at Aranka to be delivered within the next 2 weeks.
3D Image: http://files.newswire.ca/826/Guyana3DView.pdf
About Guyana Goldfields Inc.
Guyana Goldfields Inc. is a Canadian based mineral exploration company
primarily focused on the exploration and development of gold deposits
in Guyana, South America where the Company has operated since 1996. The
Company is currently undertaking drilling and studies to advance and
develop the Aurora Gold Project in Guyana.
At the Aranka Properties, currently in advanced staged exploration,
drilling of highly prospective targets in an ongoing program and
recently discovered a new gold zone at Sulphur Rose with plans of an
initial resource by the end of 2010. As at the date hereof, the Company
has approximately $63 million in cash and short-term bank guaranteed
investment certificates and no debt and 80,785,593 shares issued and
Drill core samples were sent to and prepared at ACME Analytical
Laboratories Ltd (ACME Lab) in Georgetown, Guyana while assaying was
done at ACME Lab in Santiago, Chile using FA-AAS with Fire-Assay
gravimetric finish for samples with >3,000 ppb.Au.
All scientific and technical information contained in this press release
has been prepared under the supervision of Mr. Niel Silvio
(AusIMM/AIG), a "qualified person" within the meaning of National
Instrument 43-101 of the Canadian Securities Administrators.
Forward Looking Statements - Certain information set forth in this news
release may contain forward-looking statements that involve substantial
known and unknown risks and uncertainties. These forward-looking
statements are subject to numerous risks and uncertainties, certain of
which are beyond the control of Guyana, including, but not limited to
the impact of general economic conditions, industry conditions,
volatility of commodity prices, risks associated with the uncertainty
of resource and reserve estimates, currency fluctuations, dependence
upon regulatory approvals, the availability of future financing and
exploration risk. Readers are cautioned that the assumptions used in
the preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such, undue
reliance should not be placed on forward-looking statements.
SOURCE Guyana Goldfields Inc.
For further information: For further information:
Dan Noone, Vice President, Exploration
Vice President, Corporate Communications
Tel: (416) 628-5936 Ext. 2295,
Fax: (416) 628-5935,