GIYANI GOLD CORP. UPDATE

Trading Symbol:  WDG - (TSX.V)

VANCOUVER, Jan. 27 /CNW/ - Further to the news release of October 6, 2010, November 2, 2010, November 24, 2010 and January 4, 2011, Giyani Gold Corp. (the "Company") is pleased to provide an update for our acquisition of the Giyani Gold project.

On November 23, 2010, the Company received conditional approval from the TSX Venture Exchange ("TSX-V") for the acquisition of the Giyani Gold project as set out in the news release dated October 6, 2010. The conditions included - among others - review and approval of the National Instrument 43-101 ("NI 43-101") Technical Report, the delivery of a satisfactory title opinion, and consolidated financial statements of the entities being acquired.

Extension of Closing
The Company has received comments from the TSX-V on our NI 43-101 Technical Report and we are in the process of addressing those comments, and completing the supporting documentation, with executive management in country working towards the completion. While the Company continues with its due diligence process and finalizing the transaction, the Company and the vendor have agreed to extend the deadline for closing the transaction until March 31, 2011.  Additionally, the Company is in the process of seeking the approval of the investors in its recent private placement acquisition financing to further extend the escrow release date of that financing to accommodate the new closing deadline. 

Chairman Duane Parnham commented, "While we are encouraged by the progress we have made towards a completed transaction, the elements for consideration and documentation are considerable.  We are very appreciative of our shareholders' continued patience, and we remain confident that stakeholders will benefit from a successfully completed deal in short order. Although we have asked for an extension to march 31st, we endeavor to close as soon as possible."

About the Giyani Gold Project: This strategic land package covers a key geologically prospective gold region of the world. Located in the northeast part of South Africa, the Giyani Greenstone Belt represents a historically under-explored region of the country and key industry development initiative for the Chamber of Mines of South Africa and the Geological Society of South Africa. The properties are all located within a 13 km long corridor of the highly prospective Giyani Greenstones that host considerable past production and exploration potential.  

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

On behalf of the Board of
Giyani Gold Corp.,

"Duane Parnham"
Duane Parnham,
Chairman

This news release contains forward-looking statements regarding the future success of the business of the Company that is subject to risk and uncertainties.  Examples of such forward-looking statements including, but are not limited to, statements concerning the Company's acquisition of the interest in the Giyani Gold Project, expectations concerning timing and success of exploration activities generally, government regulation of exploration and mining operations, indications and benefits of exploration, drilling test work and engineering assessments, environmental risks, title disputes or claims, and the Company's intention to raise additional capital and financing.  These forward-looking statements involve known and unknown risk and uncertainties that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements.  These risks include risks related to whether or not investors will agree to the escrow release extension, or that the Company will achieve closing of the transaction by the extended deadline of March 31, 2011, or at all, dependence on key personnel, competition, risks related to newly acquired businesses, uncertainty and dilution of additional financing and ability to service debt, as well as the risk factors described in the Company's Management Discussion and Analysis filed on SEDAR at www.sedar.com, and the risks to be described in any Management Information Circular. The forward-looking statements contained herein are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement.  Except as required by law, the Company undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such forward-looking statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

SOURCE GIYANI GOLD CORP.

For further information:

please contact Alexander Helmel, President at 604-676-4133

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GIYANI GOLD CORP.

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