Guyana Goldfields Inc. announces private placement increase
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
TORONTO, May 20 - Guyana Goldfields Inc. (TSX:GUY) ("Guyana" or the "Company") is pleased to announce that it has increased the size of its previously announced non-brokered private placement, such that Guyana now proposes to issue up to 6,200,000 units ("Units") at a price of $2.75 per Unit to raise aggregate gross proceeds of up to $17,050,000. All other terms of the offering remain the same as set forth in the previous press release of the Company dated May 15, 2009.
The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.
About Guyana
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 technical studies to advance and develop the Aurora Project in Guyana.
As previously announced, (see press release dated December 8, 2008 at www.sedar.com under the Guyana Goldfields Inc. profile, "Guyana Goldfields Announces Increased Resource at Aurora 3.69 Million Ounces Measured and Indicated and 1.72 Million Ounces Inferred"), the Aurora Gold Project contains a Measured resource of 8.08 million tonnes @ 4.11 g/t Au., an Indicated resource of 21.06 million tonnes @ 3.87 g/t Au. and an Inferred resource of 19.97 million tonnes @ 2.77 g/t Au. Mr. D. K. Mukhopadhyay, MAusIMM, Senior Mineral Resource Geologist of Micon International Co. Limited, reviewed and approved the technical data in his capacity of a Qualified Person under National Instrument 43-101. For further details, please refer to the technical report of Guyana dated November 23, 2007 entitled "Technical Report: A Mineral Resource Estimate For the Rory's Knoll, East Walcott and Aleck Hill Zones, Aurora Gold Property, Guyana" available on SEDAR at www.sedar.com.
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.
For further information:
Guyana Goldfields Inc.
Claude F. Lemasson
President and Chief Operating Officer
Tel: (416) 628-5936
Fax: (416) 628-5935
E-mail: clemasson@guygold.com
Website: www.guygold.com