Last updated on April 19, 2014 at 13:20 EDT

Guyana Goldfields Announces Filing of NI 43-101 Technical Report for the Aurora Gold Project

January 30, 2013

TORONTO, Jan. 30, 2013 /CNW/ – Guyana Goldfields Inc. (TSX: GUY) (the “Company”) is pleased to announce that it has filed a technical report (“Report”)
prepared in accordance with Canadian Securities Administrators’
National Instrument 43-101. The Report may be found on the Company
website or under the Company’s profile at www.sedar.com.

The independent Report, dated January 29, 2013, entitled “NI 43-101
Technical Report, Updated Feasibility Study, Aurora Gold Project,
Guyana, South America” was issued by Tetra Tech Inc., with
contributions from SRK Consulting (Canada) Inc., and other key industry
consultants. The Report provides detail to the disclosure contained in
the Company’s news release issued on January 11, 2013, announcing the
key finding results of the Updated Feasibility Study for its 100% owned
and fully permitted Aurora Gold Project. As previously announced, the
Report indicates that the open pit and underground mining operations at
Aurora are anticipated to be economically robust with substantial
upside potential.

Highlights of the Report include:

        --  US$205 million estimated initial capital required to achieve
            commercial production
        --  US$800 million Net Present Value after tax and royalties (at a
            5% discount rate and $1,300/oz gold price)
        --  38% Internal Rate of Return after taxes and royalties (at a 5%
            discount rate and $1,300/oz gold price)
        --  US$527/oz Average Life of Mine Operating Cash Cost after tax
            and royalties
        --  3.29 million ounces of gold produced over an initial 17 year
            mine life, beginning in 2015
        --  194,000 oz Average annual gold production over LOM, with
            231,000 oz produced on average in the first 10 years
        --  349,000 oz Gold production peak in 2020 (year 6)
        --  Gold production is staged, with initial open pit production at
            Rory's Knoll supplying ore to the mill at a rate of 5,000
            tonnes per day. In early 2018, underground mining at Rory's
            Knoll commences when the open pit mining in this zone is
            completed.  Rory's Knoll will be mined utilizing the open
            benching and sublevel retreat mining methods via a decline
            access with truck haulage, while the satellite open pits are
            mined concurrently. During this phase mill capacity increases
            to 10,000 tonnes per day for five years.  Thereafter, nine
            years of underground mining continues and the mill operates at
            5,300 tonnes per day.
        --  The Company will explore the existing potential to incorporate
            into the mine plan previously defined resources contained below
            the pit shell at Aleck Hill and below the current Rory's Knoll
            underground mine design.

About Guyana Goldfields Inc.
Guyana Goldfields Inc. is a Canadian based company, focused on the
exploration and development of gold deposits in Guyana, South America
where the Company has operated since 1996.  The Company is focused on
bringing the Aurora Gold Project into production with infrastructure
development currently underway. Active exploration continues at Aurora
and at the Company’s Aranka Group of Properties with the intention of
further expanding these resources. Greenfields exploration by our
experienced team of geologists is also ongoing in the broader Aranka
group of properties.

As at the date hereof, the Company has approximately $32 million in cash
and cash equivalent and no debt; there are approximately 95 million
shares issued and outstanding.

Forwarding-Looking Information

This news release contains “forward-looking information” which may
include, but is not limited to, statements with respect to the
estimation of mineral resources. Often, but not always, forward-looking
statements can be identified by the use of words and phrases such as
“plans,” “expects,” “is expected,” “budget,” “scheduled,” “estimates,”
“forecasts,” “intends,” “anticipates,” or “believes” or variations
(including negative variations) of such words and phrases, or state
that certain actions, events or results “may,” “could,” “would,”
“might” or “will” be taken, occur or be achieved.

Forward-looking statements are based on the opinions and estimates of
management as of the date such statements are made and are based on
various assumptions.

Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of GGI to be materially different from any
future results, performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among others, the
final findings set forth in the NI 43-101 Technical Report, Updated
Feasibility Study, general business, economic, competitive, political
and social uncertainties; the actual results of exploration activities;
changes in project parameters as plans continue to be refined;
accidents, labour disputes and other risks of the mining industry;
political instability; delays in obtaining governmental approvals or
financing or in the completion of development or construction
activities, as well as those factors discussed in the section entitled
“Risk Factors” in GGI’s annual information form. Although GGI has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in
forward looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated, estimated
or intended.  Forward-looking statements contained herein are made as
of the date of this news release and GGI disclaims any obligation to
update any forward-looking statements, whether as a result of new
information, future events or results, except as may be required by
applicable securities laws. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue reliance
on forward looking statements.

SOURCE Guyana Goldfields Inc.

Source: PR Newswire