TORONTO, May 2 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) ("Guyana" or the Company") is pleased to announce more significant drill results at Sulphur Rose, a
new and growing discovery at its Aranka group of properties. The Aranka
group of properties are comprised of a contiguous 307,000 acre land
package approximately thirty (30) kilometres northeast in a
straight-line from the Company's flagship Aurora property, presently
the subject of a definitive feasibility study.
Assay results have been received from an additional twenty seven (27)
diamond drill holes (12 infill and 15 exploration) from a total of one
hundred twenty-two (122) holes aggregating 36,191 metres drilled to
date. The current drill program is focused on conducting an infill
drilling program intended to upgrade the reported 460,400 ounces Au
inferred resource into measured and indicated category (see Press
Release dated December 31, 2010). The drill program also continues to
target the mineralization to depth. Complete drilling results are
outlined in the attached spreadsheet and a 3D model of Sulphur Rose can
be viewed on the Company website at http://www.guygold.com/main1.aspx?id=38&table=DevPage.
Below you will find the Sulphur Rose Drilling Results.
A total of sixty-three holes (63) are programmed for infill with
fifty-four (54) holes completed to date and the rest expected to be
completed by mid-May. Results from 12 drill holes so far received
showed significant gold grades and broad intervals (all intercepts in
this release are down hole depths). The best results are:
SDH-65 returning 43.5 metres grading 3.27 g/t Au
SDH-67 returning 46 metres grading 3.45 g/t Au
SDH-72 returning 34.5 metres grading 3.81 g/t Au.
Exploration drilling to depth has identified gold mineralized zones
approximately 200 metres below the optimized pit limit established by
Micon International Ltd in their ore resource computation (Please see
press release of Dec. 31, 2010). Best results are from SDH-56 yielding
22 metres grading 3.17 g/t Au and SDH-62 returning 39 metres grading
1.07 g/t Au. SDH-62 has effectively confirmed mineralization to a
vertical depth of 400-450 metres below surface and remains open at
The latest infill and exploration drill results have confirmed and
reinforced the mineralization identified during the early drilling and
modeling by Micon International Ltd. An updated resource estimate for
Sulphur Rose is due to be completed in the third quarter of this year.
Continued reconnaissance and mapping work around the concession area
have identified several zones of gold mineralization trends that have
close affinities to the Sulphur Rose deposit. In addition,
approximately 35 kilometres north from Sulphur Rose, reconnaissance
work and stream sediment sampling at the Wynamu prospect has identified
a very broad alteration zone measuring approximately 3km by 2km. This
area has been selected as high priority for detailed grid soil sampling
and trenching and will be drilled in the second half of this year.
Patrick Sheridan, CEO of Guyana Goldfields commented, "We are very
pleased with the progress and results so far at Sulphur Rose. Ongoing
exploration in the Aranka district continues to demonstrate that the
area has significant potential to host multiple mineralized zones. We
have an aggressive exploration drill program planned for the second
half of this year which will systematically drill our most prospective
Analytical testing and reporting of assays was conducted by Acme
Analytical Laboratories Ltd. ("AcmeLabs") based in Georgetown, Guyana
and Santiago, Chile. This news release and its contents have been
reviewed by Mr. Augusto Flores IV (P.Geo), a qualified person 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 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 tonnes (000
t) 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.
SOURCE Guyana Goldfields Inc.
For further information:
Guyana Goldfields Inc.,
Tel: (416) 628-5936 Ext. 5925
Director of Investor Relations,
Tel: (416) 628-5936 Ext. 2295,
Fax: (416) 628-5935,