Guyana Goldfields Inc. Announces Signing of Underwriting Agreement and
Pricing of Offering

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Jan. 14 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) ("Guyana" or the "Company"), a gold exploration and development company, is pleased to announce that it has entered into an underwriting agreement with a syndicate of underwriters to complete its previously announced offering of 10 million common shares at a price of Cdn$6.95 per share (the "Offering Price") to raise aggregate gross proceeds of Cdn$69,500,000 (the "Offering"). The Company has also granted the underwriters an option to purchase up to 1.5 million additional common shares at the Offering Price within 30 days following closing to cover over-allotments, if any, and for market stabilization purposes. A short form preliminary prospectus has been filed in connection with the Offering with the securities regulators in all the Provinces of Canada (except Quebec), as previously announced by the Company, and the Company expects to file the final short form prospectus in respect of the Offering on or about January 19, 2010, and to close the Offering on or about January 25, 2010.

Mr. Sheridan, CEO, stated that "We are pleased that the U.S. and Canadian investment community has enthusiastically supported our efforts to develop a major new gold mine at Aurora. We welcome a significant number of new, major institutional investors that recognize the value of our properties and have funded the Company through feasibility and towards the early stages of mine development".

Dahlman Rose & Company, LLC and Scotia Capital Inc. are acting as co-lead underwriters and book-running managers for the Offering along with a syndicate of co-managers including BMO Nesbitt Burns Inc., Cormark Securities Inc., TD Securities Inc., Thomas Weisel Partners Canada Inc., and Paradigm Capital Inc.

The Offering remains subject to the approval of the Toronto Stock Exchange and applicable regulatory approvals, as well as the satisfaction and/or waiver of certain conditions set forth in the underwriting agreement. For further details of the Offering, please refer to the press release of the Company dated as of January 11, 2010 available at www.guygold.com, and on SEDAR at www.sedar.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.

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

SOURCE Guyana Goldfields Inc.

For further information: For further information: Guyana Goldfields Inc., Jacqueline Wagenaar, Director of Investor Relations, Tel: (416) 628-5936 Ext.2295, Fax: (416) 628-5935, E-mail: jwagenaar@guygold.com, Website: www.guygold.com


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