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Guyana Goldfields Announces Increased Resource at Aurora 3.69 Million Ounces Measured and Indicated and 1.72 Million Ounces Inferred

Posted on: Monday, 8 December 2008, 13:24 CST

TORONTO, Dec. 8 /PRNewswire-FirstCall/ - Guyana Goldfields Inc. (TSX-GUY) is pleased to announce a new resource estimate at the Aurora Property, Guyana. The updated resource is based on data from approximately 145,000 metres of diamond drilling comprised of 528 boreholes. Comparative results from the initial resource estimate of October 2007 are summarized below:

----------------------------------------------------------- Measured* Indicated* ------------------------------------------------------------------------- Gold Gold Tonnage Grade (million Tonnage Grade (million (MT) (g/t) of ounces) (MT) (g/t) of ounces) ------------------------------------------------------------------------- 2007 17.00 3.41 1.86 ------------------------------------------------------------------------- 2008 8.08 4.11 1.07 19.97 2.77 2.62 ------------------------------------------------------------------------- *Cut-off grade of 1 gram per tonne Au ----------------------------------------------------------- Measured + Indicated* Inferred* ------------------------------------------------------------------------- Gold Gold Tonnage Grade (million Tonnage Grade (million (MT) (g/t) of ounces) (MT) (g/t) of ounces) ------------------------------------------------------------------------- 2007 17.00 3.41 1.86 23.29 3.38 2.53 ------------------------------------------------------------------------- 2008 29.14 3.92 3.69 19.97 2.77 1.72 ------------------------------------------------------------------------- *Cut-off grade of 1 gram per tonne Au

Measured and Indicated resources have doubled to 3.69 million ounces, and the total resource has increased significantly. A large portion of the increase in resources lies within 200 metres of surface, and likely will be amenable to open pit mining.

Mr. Patrick Sheridan, CEO of Guyana Goldfields noted "This project is now one of the larger undeveloped gold projects in the world. The Company, utilizing existing cash in hand, will aggressively pursue the completion of a bankable feasibility study leading to commercial production."

The following details outline the parameters used in the calculation of the resource estimate:

1. Mineral resources for the Aurora Gold Deposit have been prepared and categorized for reporting purposes by Mr. D. K. Mukhopadhyay, MAusIMM, Senior Mineral Resource Geologist of Micon International Co Limited, under the overall direction of Mr. B. Terrence Hennessey, P.Geo, Vice President of Micon International Limited. The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council December 11, 2005. Mr. Mukhopadhyay is acting as the Qualified Person for this disclosure as defined in the NI 43-101. 2. Aurora mineral resources are defined primarily by diamond core drilling. Drilling was conducted on a grid of 100 m x 100 m, 50 m x 50 m or 25 m x 25 m. 3. Mineralization was defined using a cut-off grade of 0.3 g/t and reported at a cut-off of 1.0 g/t Au. 4. Drill core samples were assayed for Au. Drill samples are generally 1.5 m in length. All samples have been regularized to 2 m composites. 5. Block grades were interpolated using Multiple indicator kriging for Rory's Knoll, Ordinary kriging for the main zones for other areas and inverse distance to the power of 2 for the minor zones (represented by less than 5 holes) 6. The bulk density of the mineralization was based on actual data collected during exploration. 7. Measured Resources were defined as those portions where the drilling density is 25m X 25m. 8. Indicated mineral resources were defined as those portions of the deposit where there is 50 m X 50 m drill spacing and a high level of confidence on the geological continuity of mineralization. 9. Inferred mineral resources were defined as those portions of the deposit for which grade is interpolated utilizing wider drill spacing or fewer intersections but with a higher level of confidence on the geological continuity of the mineralization. 10. The data cutoff for the resource estimate was September 31, 2008. 11. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. It is uncertain if further exploration will result in upgrading of inferred mineral resources to the indicated or measured category. About Guyana Goldfields: ------------------------

Guyana 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. As at the date hereof, Guyana has approximately $14.9 million in cash and short-term bank guaranteed investment certificates and no debt.

The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

SOURCE Guyana Goldfields Inc.

Source: PR Newswire

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