Guyana Goldfields Inc. Announces Closing of Second Tranche of Offering



    /NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES/

    TORONTO, June 10 /CNW/ - Guyana Goldfields Inc. ("Guyana" or the
"Company") (TSX:GUY) is pleased to announce that it has closed the second
tranche of its previously announced non-brokered private placement (the
"Offering") pursuant to which it has issued an aggregate of 1,727,273 units
("Units") at a price of $2.75 per Unit to raise aggregate gross proceeds of
approximately $4,750,000. The aggregate gross proceeds of the Offering are
$17,050,000. Each Unit consists of one common share of Guyana and one-half of
one common share purchase warrant, each whole such warrant (a "Warrant")
entitling the holder to acquire one additional common share of Guyana at a
price of $4.00 for a period of three years from closing (the "Warrant Term").
If, however, following June 3, 2010, the closing price of Guyana's common
shares exceeds $6.00 for 30 consecutive trading days, then the Warrant Term
shall be automatically reduced and the Warrants will expire on the date that
is 60 days following either the issuance of a press release or the provision
to the holders of the Warrants of written notice announcing the reduced
Warrant Term, all in accordance with the terms of the certificates
representing the Warrants.
    Claude Lemasson, the President and Chief Operating Officer of the
Company, purchased an aggregate of 363,639 Units in the Offering.
    The securities issued in connection with the second tranche of the
Offering have a hold period expiring on October 10, 2009. The net proceeds of
the Offering will be used to complete the previously announced Definitive
Feasibility Study undertaken by AMEC, Canada, to continue exploration of the
Company's portfolio of gold exploration properties in Guyana, South America
and for general working capital purposes. The Offering remains subject to the
approval of the Toronto Stock Exchange. The securities described herein have
not been registered under the U.S. Securities Act of 1933, as amended, and may
not be offered or sold in the United States unless registered under the Act or
unless an exemption from registration is available.

    About Guyana:

    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 technical studies to advance and develop the Aurora
Project in Guyana. As previously announced, (see press release dated December
8, 2008 at www.sedar.com under the Guyana Goldfields Inc. profile, "Guyana
Goldfields Announces Increased Resource at Aurora 3.69 Million Ounces Measured
and Indicated and 1.72 Million Ounces Inferred"), the Aurora Gold Project
contains a Measured resource of 8.08 million tonnes @ 4.11 g/t Au., an
Indicated resource of 21.06 million tonnes @ 3.87 g/t Au. and an Inferred
resource of 19.97 million tonnes @ 2.77 g/t Au. Mr. D. K. Mukhopadhyay,
MAusIMM, Senior Mineral Resource Geologist of Micon International Co. Limited,
reviewed and approved the technical data in his capacity of a Qualified Person
under National Instrument 43-101. For further details, please refer to the
technical report of Guyana dated November 23, 2007 entitled "Technical Report:
A Mineral Resource Estimate For the Rory's Knoll, East Walcott and Aleck Hill
Zones, Aurora Gold Property, Guyana" available on SEDAR at www.sedar.com.

    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.

    %SEDAR: 00022477E




For further information:

For further information: Guyana Goldfields Inc., Claude F. Lemasson,
P.Eng, MBA, President and Chief Operating Officer, Tel: (416) 628-5936, Fax:
(416) 628-5935, E-mail: clemasson@guygold.com, Website: www.guygold.com


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