Guyana Goldfields Inc. (Toronto:GUY.TO) ("Guyana" or "the Company") is pleased to announce the results of
initial metallurgical test work performed on samples from its Sulphur Rose
property at Aranka. The work was conducted by SGS Mineral Services of
Lakefield Ontario. A Final Report was received on January
13, 2010 and was reviewed by Mr. Les Heymann,
P.Eng, the metallurgical consultant to the Company.
The Sulphur Rose project is located approximately 23 km northwest of the
Company's flagship Aurora Project in the Cuyuni Mining District, Northwest Guyana.
This is the first of what will become a
series of metallurgical tests for Sulphur Rose as the project advances into
the development stage.
Highlights of the results are as
- Gravity gold recovery is approximately 30%;
- Overall recovery (gravity plus cyanidation of the gravity tails)
Mr. Heymann noted that the Sulfur Rose material
"is not refractory and is metallurgically similar to the material from
Aurora and (we) should be able to treat it in the same mill. Some of the
design parameters will be a little different but a good Mill Superintendant
should be able to stick handle his way through the differences."
Mr. Les Heymann, P.Eng, is an independent metallurgical
consultant to the Company. He monitored the investigation, reviewed the final
report, and is acting as the Qualified Person (QP) with regard to the
Metallurgy, for this release.
The full metallurgical report is
available on the Guyana Goldfields' website.
To date, Micon International Limited of Toronto estimated that the Sulphur Rose property has
an initial inferred resource estimate of 6,853,000 tonnes having average
grade of 2.09 g/t for a contained 460,400 ounces gold (please see Press
Release dated December 31, 2010).
Sheridan Jr., CEO of Guyana Goldfields commented, "This recently
completed initial metallurgical investigation is a technical development that
will positively contribute to the economic evaluation of both Sulphur Rose
and the Aurora project."
The Company will continue to explore the
Sulphur Rose property by a combination of infill and step-out drilling. Other
zones of interest that are proximal to the drilling area are concurrently
being evaluated by grid auger drilling and soil sampling.
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 drilling and studies to
advance and develop the Aurora Gold Project in Guyana.
At the Aranka Properties, currently in
advanced staged exploration, drilling of highly prospective targets is
ongoing. The Company recently discovered a new gold zone at Sulphur Rose and
completed an initial resource. As at the date hereof, the Company has
approximately $60 million in cash and short-term
bank guaranteed investment certificates and no debt and 81,565,743 shares
issued and outstanding.
All scientific and technical information
contained in this press release has been prepared under the supervision of Mr. Les Heymann, P.Eng, a
"qualified person" within the meaning of National Instrument 43-101
of the Canadian Securities Administrators.
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