Joint Press Release - Coronation Minerals Inc./Guyana Goldfields Inc. acquisition of remaining 50% of Coppermine River Project



    TORONTO, Aug. 29 /CNW/ - Coronation Minerals Inc. (TSX-V: CMV)
("Coronation") and Guyana Goldfields Inc. (TSX: GUY) ("Guyana") are pleased to
announce that Coronation has received the approval of the TSX Venture Exchange
to complete the acquisition of the remaining 50% interest of the Coppermine
River Project (the "Coppermine Agreement") from Coppercorp Inc. ("CCI"), a
wholly owned subsidiary of Guyana. Coronation acquired its initial 50% in the
Coppermine River Project in 2002. Terms of the Coppermine Agreement require
Coronation to: (i) issue 5,000,000 common shares to CCI; (ii) grant to CCI a
1.5% net smelter return royalty over the unpatented claims comprising the
Coppermine River Project; and (iii) grant to CCI a right of first refusal to
participate in future financings of Coronation. It is anticipated that the
closing of the transactions contemplated by the Coppermine Agreement and the
issuance of the 5,000,000 common shares is expected to occur in late September
2008. Further details in respect of this transaction were disclosed in a joint
press release issued by Coronation and Guyana on June 26, 2008.

    About Coronation Minerals Inc.

    Coronation Minerals Inc. is a Canadian based resource company whose focus
is to explore for and develop mineral deposits throughout the Coronation Gulf
Region, Nunavut Territory, Canada and on the Wellgreen Property in the Yukon
Territory, Canada.

    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 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.

    Additional Information

    Information is available on Guyana's website at www.guygold.com and on
www.sedar.com, and through Guyana's offices by contacting:

    
    J. Patrick Sheridan, President and Chief Executive Officer
    141 Adelaide Street West, Suite 1205
    Toronto, ON M5H 3L5
    Tel: (416) 628-5936
    Fax: (416) 628-5935
    E-mail: psheridan@guygold.com

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.
    
    %SEDAR: 00008455E




For further information:

For further information: J. Patrick Sheridan, President and Chief
Executive Officer, 141 Adelaide Street West, Suite 1205, Toronto, ON, M5H 3L5,
Tel: (416) 628-5936, Fax: (416) 628-5935, E-mail: psheridan@guygold.com


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