TORONTO, May 19 /CNW/ - GUYANA PRECIOUS METALS INC. (TSX-V:GPM) ("GPM") announces that Takara Resources Inc. ("Takara") (TSX-V:TKK) has elected by notice received by GPM on May 18, 2011, to purchase the 70.1% interest held by Guyana Goldfields Inc. in the Arakaka Property located in Guyana as per the terms previously noted in a press release dated April 26, 2011.

Completion of the Arakaka Property purchase by GPM was subject to the expiry or waiver of 30 day rights to acquire the Arakaka Property in favour of the former and current venture partners in the Arakaka Property, including Takara.

About Guyana Precious Metals Inc.

GPM is a Canadian based exploration and development company. GPM presently controls and holds the Coppermine River Project, Nunavut Territory and the Rory Claims, Yukon Territory. Both of these projects are described as Copper-Nickel-Platinum-Palladium prospects.

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 GPM, 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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.