The results are not included in the recently updated resource estimation
completed by SRK (see press release dated February 28, 2011). A revised
Resource Estimate, due to be completed in the third quarter of this
year, will be used for the Feasibility Study in the fourth quarter.
At Rory's Knoll, where known mineralization previously went to a depth
of 1,350 metres below surface, partial results for RKD-162 were
received. RKD-162, a mother hole for deep drilling, was stopped at
1,566 metres in mineralized tonalite. This confirms the continuity of
mineralization at Rory's Knoll and is still open at depth. The new
drilling depth extended the mineralization model approximately 200
metres below the known mineralization boundary of the last resource
estimation done by SRK for Rory's Knoll (February 2011). RKD-162
partial assay results were received up to 190 metres with a best
178 metres @ 4.92 g/t Au from 12 metres, including 19.80 metres @ 9.69
g/t Au from 24 metres and 29 metres @ 6.26 g/t Au from 73 metres
At Aleck Hill, two significant step-out drill holes, AHD-169 and AHD-172
have expanded the dip continuity of the Aleck Hill New zone by another
80 metres down dip and 60 metres along strike. Results include:
AHD-169 returned 36.15 metres @ 1.02 g/t Au from 602.85 metres including
4.20 metres @ 5.41 g/t Au from 602.85 metres
AHD-172 returned 53 metres @ 3.59 g/t Au from 603 metres, including 24
metres @ 6.71 g/t Au from 603 metres and 10 metres @ 10.28 g/t Au from
AHD-172 opened the down dip continuity of the Aleck Hill New zone. Other
significant step-out drill holes include:
AHD-170 returned 49.45 metres @ 1.01 g/t Au from 117 metres, including 4
metres @ 3.81 g/t Au from 129 metres and 4.70 metres @ 4.14 g/t Au from
AHD-171 returned 92 metres @ 0.90 g/t Au from 319 metres, including 6
metres @ 2.79 g/t Au from 319 metres, 18 metres @ 1.64 g/t Au from 367
metres, and 4 metres @ 2.97 g/t Au from 411 metres.
These two holes expanded the dip continuity of the Aleck Hill
mineralization by another 120 metres to the west. The continuity of the
Aleck Hill mineralization confirmed by the step-out drill holes have
opened up new zones especially along dip for follow-up drilling that
will further expand the known resource boundary.
The remaining infill drill holes confirmed the continuity of the
mineralized zone between 25 metre sections. The best intercept from the
infill drill holes is from AHD-166 returning 55.50 metres @ 2.23 g/t Au
from 396 metres, including 6 metres @ 15.67 g/t Au from 432 metres.
At Mad Kiss, MKD-114, a step-out drill hole, significantly expanded the
dip continuity of the Mad Kiss Main zone by another 120 metres down
dip. MKD-114 returned 27.80 metres @ 3.09 g/t Au from 611.20 metres,
including 9.80 metres @ 5.80 g/t Au from 613.20 metres and 2 metres @
5.10 g/t Au from 631 metres. The remaining infill drill holes
confirmed the known extent and continuity of the mineralized zones.
Best intercepts were returned by:
MKD-120 returned 10.50 metres @ 26.72 g/t Au from 257.70 metres,
including 4 metres @ 47.70 g/t Au from 259.70 metres and 2.40 metres @
33.50 g/t Au from 265.80 metres.
MKD-122 returned 10.05 metres @ 4.89 g/t Au from 390.25 metres,
including 4 metres @ 8.65 g/t Au from 394.25 metres.
At East Walcott Hill, infill drill holes confirmed continuity of the
mineralization between 25 metre sections. The best intercept is from
EWD-58 returning 9 metres @ 1.39 g/t Au from 282 metres, including 1.20
metres @ 8.40 g/t Au from 284 metres.
A 3D model of the Aurora Gold Project can be viewed on the Company
website at http://www.guygold.com/main1.aspx?id=40.
Dan Noone, Vice-President, Exploration states, "The extension holes have
demonstrated that mineralization is still open at depth across all
zones. Our near-term goals in the next six months are to aggressively
expand the ore body at depth within the Golden Square Mile and also
drill other satellite targets within the Aurora District to ultimately
The Aurora drilling programs are being carried out under the direction
of Mr. Niel Silvio (Aus.IMM), a qualified person within the meaning of
National Instrument 43-101. Mr. Silvio has reviewed the contents of
this news release. Drill core samples were sent to and prepared at ACME
Analytical Laboratories Ltd (ACME Lab) in Georgetown, Guyana, while
assaying was done at ACME Lab in Santiago, Chile and Vancouver, Canada
using FA-AAS with Fire-Assay gravimetric finish for samples with >
3,000 ppb Au.
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 drilling and studies to advance
and develop the Aurora Gold Project in Guyana with a current measured
and indicated resource of 5.34 million ounces gold (42,171 million
tonnes at a grade of 3.94 g/t). An updated resource estimate will be
released in August 2011, followed by a Feasibility Study in the fourth
quarter of 2011.
At the Aranka Properties, currently in advanced staged exploration,
drilling of highly prospective targets is ongoing. The Company
discovered a gold deposit at Sulphur Rose containing an initial
inferred resource of 460,400 oz and plans to release an updated
resource estimate in August 2011. As at the date hereof, the Company
has approximately $53 million in cash and short-term bank guaranteed
investment certificates and no debt; there are approximately 83 million
shares issued and outstanding.
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.