Last updated on April 17, 2014 at 21:23 EDT

Guyana Goldfields Inc. Awards Engineering Contract for Early Works at the Aurora Gold Project

March 27, 2013

TORONTO, March 27, 2013 /CNW/ – Guyana Goldfields Inc. (TSX:GUY) (the “Company“, “Guyana Goldfields or “GGI“) is pleased to announce that it has awarded its detailed engineering
contract for early works at the Aurora Gold Project (“Aurora”).

The Company has engaged Tetra Tech Inc., the leading author of the
Updated Aurora Feasibility Study, for detailed engineering and design
of early works at Aurora. Detailed engineering of the early works will
be completed over the next 2 months and will include the construction
drawings for the tailings storage facility, river dike, and water
diversion dams.

In addition, GGI has carried out direct discussions with various
potential consultants and contractors for EPCM or EPC contracts that
have recently designed and/or constructed mines of similar size, scope,
geographical, and climatic conditions to Aurora. The Company is
currently performing site visits in Guyana which are scheduled to
conclude within the next two weeks. Thereafter, GGI will perform its
own due diligence site visits of projects currently in operation from
the qualifying candidates. The EPCM and EPC contracts will be awarded
upon the completion of all site visits in the second quarter.

Patrick Sheridan, CEO, states, “We are pleased to see that the Aurora
timeline is progressing on schedule with the commissioning of detailed
engineering of early works and the evaluation of EPCM/EPC contracts.”

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 ongoing in the broader Aranka group
of properties. As at the date hereof, the Company has approximately
C$124 million in cash and cash equivalent and no debt; there are
approximately 126,125,149 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 – Aurora Gold Project” dated January 29, 2013,
general business, economic, competitive, political and social
uncertainties; the actual results of exploration activities; the
receipt of applicable regulatory approvals; 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.

SOURCE Guyana Goldfields Inc.

Source: PR Newswire