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Press release from CNW Group

Guyana Goldfields extends high grade gold zones at Sulphur Rose

Monday, June 21, 2010

Guyana Goldfields extends high grade gold zones at Sulphur Rose08:00 EDT Monday, June 21, 2010TORONTO, June 21 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) ("GUY" or the "Company") is pleased to announce more significant drill results at Sulphur Rose (property "A"), a new discovery at its Aranka group of properties. The Aranka group of properties are comprised of a contiguous 307,000 acre land package approximately thirty (30) kilometres northeast of the Company's flagship Aurora property, presently the subject of a definitive feasibility study.Assay results have been received from an additional seven (7) diamond drill holes from a total of thirty eight (38) holes aggregating 11,535 meters drilled to date. The current drill program is targeting the mineralization both laterally and at deeper levels. Complete results are outlined in the table below.Drill hole SDH-20, located at the northwestern section of the mineralization yielded a broad high grade interval of 37.5 metres grading 3.55 g/t Au including 8 metres at 10.43 g/t Au. Another zone down the hole returned 21 metres grading 2.27 g/t Au.Drill hole SDH-21, drilled on the same section as SDH-20 returned a wide high grade zone of 27.5 metres at 3.15 g/t Au including a better grade interval of 14 metres at 5.84 g/t Au.Drill holes SDH-23 and SDH-24 both tested the mineralization at depth and returned wide intervals of 45 metres grading 0.79 g/t Au and 23 metres grading 1.15 g/t Au, respectively.Drill hole SDH-22, the northwestern-most drill hole that traced the lateral extent of the mineralization, returned 17.5 metres at 0.74 g/t Au.The latest drill results continued to confirm the highly distinct northwest trending sigmoidal shaped zone of significant gold mineralization. It has effectively extended the lateral continuity of the mineralization to over 500 metres strike length and close to 100 metres at its widest. It also has identified two higher-grade zones to the southeast and northwest. Mineralization has been extended to approximately 200 meters below surface and still open at depth.Exploration activities will continue to trace the lateral and vertical extent of the mineralization with two drill rigs currently conducting drilling at the property. A recent re-interpretation of the geophysics identified three more potassium anomaly targets identical to the Sulphur Rose discovery within 3 kilometres of the current drilling.Reconnaissance work farther north in the concession area at the Wynamu prospect continued to follow-up anomalous gold in stream sediments and coincident geophysical potassium anomalies. Several targets for a more detailed soil grid have been identified. << ------------------------------------------------------------------------- Hole UTM Coordinates Drill Intercept No. (PSAD 56) Azimuth (meters) ------------------ Dip --------------------- Grade Easting Northing (degrees) From To Width (g/t Au) ------------------------------------------------------------------------- SDH-19 218055.9 759715.0 0 -45 123 131.5 8.50 3.93 ------------------------------------------------------------------------- ------------------------------------------------------------------------- SDH-20 217703.2 759862.3 0 -45 171 208.5 37.50 3.55 3.48 (cut to 25 g/t Au) ------------------------------ including 200.5 208.5 8.00 10.43 10.07 (cut to 25 g/t Au) ------------------------------ 216 237 21.00 2.27 ------------------------------ 299 307 8.00 1.43 ------------------------------------------------------------------------- ------------------------------------------------------------------------- SDH-21 217719.7 760137.1 180 -45 68 79 11.00 1.38 ------------------------------ 99.5 118.5 19.00 1.37 ------------------------------ 173 200.5 27.50 3.15 2.93 (cut to 25 g/t Au) ------------------------------ including 173 187 14.00 5.84 5.40 (cut to 25 g/t Au) ------------------------------------------------------------------------- ------------------------------------------------------------------------- SDH-22 217557.7 760015.0 0 -45 137.5 155 17.50 0.74 ------------------------------ 163 164 1.00 16.8 ------------------------------ 172 174 2.00 1.24 ------------------------------ 187.5 190.5 3.00 0.54 ------------------------------------------------------------------------- ------------------------------------------------------------------------- SDH-23 217776.6 759810.2 0 -65 171 216 45.00 0.79 ------------------------------ 242 254 12.00 0.43 ------------------------------ 353 363 10.00 0.52 ------------------------------ 387 394 7.00 1.00 ------------------------------------------------------------------------- ------------------------------------------------------------------------- SDH-24 217898.2 759703.8 0 -65 197 220 23.00 1.15 ------------------------------ including 212 220 8.00 2.41 ------------------------------------------------------------------------- ------------------------------------------------------------------------- SDH-25 217787.1 759607.8 0 -45 310 318 8.00 6.25 ------------------------------ 358 375 17.00 0.85 ------------------------------ including 358 372 14.00 1.03 ------------------------------ 407 421 14.00 0.41 ------------------------------------------------------------------------- >> Patrick Sheridan CEO commented, "These new assay results reinforce our belief that the Sulphur Rose discovery has the potential to become another significant gold deposit in the Cuyuni greenstone belt in terms of tonnage and grade. Continuing exploration at the Sulphur Rose and vicinity has a good chance that we might have another exploration back drop similar to the "Golden Square Mile" of our Aurora Project".Analytical testing and reporting of assays was conducted by Acme Analytical Laboratories Ltd. ("AcmeLabs") based in Georgetown, Guyana and Santiago, Chile. This news release and its contents have been reviewed by Mr. Augusto Flores IV (P.Geo), a qualified person within the meaning of National Instrument 43-101.About Guyana Goldfields Inc.: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 Gold Project in Guyana, which is targeted to begin production mid 2012.The Aranka Properties, currently in advanced staged exploration, are drilling highly prospective targets in an ongoing program. As at the date hereof, the Company has approximately $70 million in cash and short-term bank guaranteed investment certificates and no debt.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.%SEDAR: 00022477EFor further information: Guyana Goldfields Inc.: Dan Noone, VP, Exploration, Tel (416) 628-5936 Ext. 5925, Email: dnoone@guygold.com; Jacqueline Wagenaar, Director of Investor Relations, Tel: (416) 628-5936 Ext. 2295, Fax: (416) 628-5935, E-mail: jwagenaar@guygold.com, Website: www.guygold.com