TORONTO, Feb. 11 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) ("Guyana" or the "Company"), is pleased to announce the appointment of Mr. Dan Noone as Vice President, Exploration. Mr. Noone will be responsible for the ongoing exploration initiatives at both the Aurora and Aranka group of properties.
Mr. Noone has more than 20 years of international mineral exploration and development experience ranging from implementing grass roots programs through to feasibility studies. In his recent role, Mr. Noone was the Vice President of Peru Operations from 2008 to 2010 for Aquiline Resources Inc., prior to its acquisition by Pan American Silver Corp. Mr. Noone has held various senior geologist roles managing projects in Papua New Guinea, Indonesia, Peru, Ecuador and Argentina. Mr. Noone has been a Director of Guyana Goldfields since 2009. Mr. Noone holds a Masters of Business Administration from the Melbourne Business School and is a graduate of Ballarat C.A.E (School of Mines) of Australia.
Patrick Sheridan Jr, CEO commented, "The appointment of Dan to lead the exploration team will enhance the Company's ability to advance the exploration and development of the Company's significant portfolio of assets and specifically, the Aurora Gold Project, as we move into the development phase. His extensive experience in exploration and project development brings additional complementary leadership to the Guyana Goldfields team to advance the Company's objectives."
Diamond drilling with four rigs continues at Aurora. Areas being targeted include infill drilling at the Aleck Hill zone as well as additional exploration drilling in the Mad Kiss zone where a new discovery was announced in a press release dated October 8, 2009 (see Sedar). The Company has completed 5 holes totaling 1,709 meters in the Mad Kiss area during 2010 to continue delineating the "New Zone" blind deposit (see press release dated October 8, 2009 on Sedar)
In addition, trenching and sampling work is ongoing in The Powis Hill area approximately 2 kms south-east of the "Golden Square Mile" where the Company has a 4.6 million ounce resource (see NI 43-101 Technical Report dated October 6, 2009 on Sedar). Previous drilling 200 meters north of the area presently being trenched returned 1 meter of 75.05 g/t Au and 1 meter of 19.09 g/t Au (see press release dated January 23, 2007 on Sedar).
Aranka Group of Properties
The Company announced the acquisition of three additional properties in the Aranka district (see press release dated October 20, 2009 on Sedar). These properties form part of a contiguous land package of approximately 300,000 acres.
At Property "C", an initial six drill holes were completed last year totaling 1,641 meters. Hole KHD-05 returned a best interval of 0.92 g/t Au over 10 meters (51 - 61m) and KHD-04 yielded 4.56 g/t Au over 3.1 meters (93.9 - 97.0m). The limited drilling so far has not yet pinpointed a deposit for delineation drilling follow-up. However, elevated gold values in drill core and trenches as well as the presence of associated favorable silica-pyrite alteration are indicative of a gold mineralized hydrothermal system that passed through the property. The Company is currently conducting additional sampling and trenching programs on Property "C".
At Property "A", a 300 by 100 meter anomalous gold zone was delineated by soil augering last year. Follow-up work consisting of trenching and mapping has confirmed the presence of "en-echelon" quartz veins and veinlets hosted in a highly bleached and altered dilational zone. The Company has currently drilled three holes totaling 516 meters in this target area as part of an ongoing drilling program. In addition, soil augering to the south and south-east of the anomaly following up on elevated stream sediment values is ongoing in an attempt to trace possible occurrences of other dilational structures amenable to gold deposition.
Pat Sheridan Jr. commented, "We are very pleased and encouraged with these early findings and believe that we are in an area that has all the strong geological indication of having a gold system that may potentially host a significant gold deposit. An aggressive exploration program is underway to follow up the known showings and step-out program to expand the areal coverage of the search".
This news release and its contents have been reviewed by Mr. Niel Silvio (Aus.IMM) and Mr. Augusto Flores (P.Geo), both qualified persons within the meaning of National Instrument 43-101.
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 technical studies to advance and develop the Aurora Gold Project in Guyana which is slated to begin production mid 2012. The Aranka Properties, currently in advanced staged exploration, are drilling highly-prospective targets in an ongoing program. As at the date hereof, the Company has approximately $79 million in cash and short-term bank guaranteed investment certificates and no debt.
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: Guyana Goldfields Inc., Claude Lemasson, President & COO, Jacqueline Wagenaar, Director of Investor Relations, Tel: (416) 628-5936 Ext. 2295, Fax: (416) 628-5935, E-mail: email@example.com, Website: www.guygold.com