Guyana Goldfields Inc. completes acquisition of Aranka Gold Inc.



    
    /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, Jan. 28 /CNW/ - Guyana Goldfields Inc. ("Guyana") (TSX: GUY) and
Aranka Gold Inc. ("Aranka") (TSX-V: ARK) are pleased to announce today that
the acquisition of Aranka by Guyana has been completed.
    Pursuant to a plan of arrangement completed under the Business
Corporations Act (Ontario), Aranka is now a wholly owned subsidiary of Guyana.
The former shareholders of Aranka received an aggregate of 7,798,017 common
shares of Guyana (representing approximately 13% of Guyana's outstanding
common shares) in exchange for their Aranka common shares at an exchange basis
of one common share of Guyana for every 3.25 common shares of Aranka.
Following completion of the arrangement, Guyana has a total of 58,920,160
common shares issued and outstanding. Aranka's common shares will cease to be
listed for trading on the TSX Venture Exchange after the close of trading on
January 28, 2009.
    In order to receive Guyana share certificates, former Aranka shareholders
that held their Aranka shares registered in their names must complete the
letter of transmittal which accompanied the Aranka information circular dated
December 19, 2008 and deposit it, together with their Aranka shares
certificates, with Equity Transfer and Trust Company. Complete instructions
are set out in the information circular and the letter of transmittal. The
information circular and a copy of the letter of transmittal are available on
Aranka's SEDAR profile at www.sedar.com. Former Aranka shareholders who held
their Aranka shares through intermediary banks or brokerage houses should
contact their bank or broker to determine what action, if any, they need to
take to receive their Guyana share certificates.
    In connection with the acquisition of Aranka, Richard Williams has been
appointed as a director of Guyana, replacing Robert Cudney who has resigned as
a director of Guyana.
    As a result of the arrangement, Mr. Patrick Sheridan, who is the
President and Chief Executive officer of both companies, acquired an
additional 1,793,225 common shares of Guyana and now owns or controls,
directly or indirectly, an aggregate of 6,065,803 common shares of Guyana,
representing approximately 10.3% on a non-diluted basis of the issued and
outstanding common shares of Guyana and representing approximately 13.05% on a
partially diluted basis, of the issued and outstanding common shares of Guyana
when including the 1,865,950 options of Guyana held by Mr. Sheridan. Based on
the closing trading price of the Guyana common shares on January 27, 2009, the
common shares of Guyana acquired by Mr. Sheridan pursuant to the arrangement
have a deemed value of $2.32 per Guyana share. The common shares of Guyana
were acquired for investment purposes and Mr. Sheridan has no present
intention to increase or decrease his shareholding in Guyana.

    About Guyana

    Guyana is a Canadian based mineral exploration company primarily focused
on the exploration and development of gold deposits in the Guiana Shield of
South America. The Guiana Shield is in the northern part of the Amazon Craton
and covers parts of Guyana, Venezuela, Suriname, French Guyana and northern
Brazil. Guyana holds advanced exploration projects in various stages of
development and has been operating in Guyana continuously since 1996.

    
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.
    

    %SEDAR: 00022477E




For further information:

For further information: or to obtain a copy of the early warning report
filed on SEDAR, please contact: Guyana Goldfields Inc., J. Patrick Sheridan,
President and Chief Executive Officer, 141 Adelaide Street West, Suite 1205,
Toronto, Ontario, M5H 3L5, Tel: (416) 628-5936, Fax: (416) 628-5935, E-mail:
psheridan@guygold.com


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