Guyana Goldfields Inc. announces private placement increase



    
    /NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
    NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES
    DESCRIBED HEREIN/
    

    TORONTO, May 20 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) ("Guyana" or the
"Company") is pleased to announce that it has increased the size of its
previously announced non-brokered private placement, such that Guyana now
proposes to issue up to 6,200,000 units ("Units") at a price of $2.75 per Unit
to raise aggregate gross proceeds of up to $17,050,000. All other terms of the
offering remain the same as set forth in the previous press release of the
Company dated May 15, 2009.

    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,
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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