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Press release from CNW Group

Guyana Goldfields announces new additions to the Aurora Gold Project team

Tuesday, August 24, 2010

Guyana Goldfields announces new additions to the Aurora Gold Project team07:30 EDT Tuesday, August 24, 2010TORONTO, Aug. 24 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) ("Guyana" or the Company") is pleased to announce the hiring of two more key members of the Project Team for the Aurora Gold Project, presently the subject of a definitive feasibility study: Mr. John Bates, Construction Manager and Mr. Guy Poirier, Procurement Manager.Claude Lemasson, President & COO, states "The continued addition of top quality professionals with Guyanese experience to the project team further reinforces our internal capacity to complete the pre-development phase and deliver the project through mine development and into operations!"Guyana Goldfields Inc. welcomes the following professionals to its growing project team under the leadership of Mr. Lemasson. << John Bates, M.Eng. - Construction Manager ----------------------------------------- >> Mr. Bates will lead and manage the Construction Team looking after all of the earth, civil and construction works related to the Aurora project. He will report directly to Claude Lemasson and will be based in Guyana on a full-time basis. He has over 30 years of solid international construction and mining experience, including industrial plant construction, technical project management, business planning & project budgeting, logistics, estimating & scheduling. From 2007 to 2009, Mr. Bates was the Plant Manager - Technical Projects for the Bauxite Company of Guyana Inc. - Rusal in Guyana, where he oversaw all technical aspects of project engineering and construction for a bauxite mining operation. << Guy Poirier - Procurement Manager --------------------------------- >> Mr. Poirier will support the procurement function of the Feasibility Study for the next few months as well as help set up the Project Supply Chain from North America through Georgetown and Buckhall Port and ultimately to site. He will report directly to Andrew Croal, Feasibility Study Manager, and will be based in Toronto, but will travel as required, until the end of the year. He has over 20 years of experience as an Operations/Purchasing Manager with solid knowledge and experience in mining projects and operations. From 1994 to 2008, Mr. Poirier was the Operations/Purchasing Manager based in Houston, Texas for Cambior and IAMGOLD, where he was responsible for all North American purchasing and logistics to support two major gold mines and one bauxite mine in Guyana and Suriname.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 in the second half of 2012.The Aranka Properties, currently in advanced staged exploration, are drilling highly prospective targets in an ongoing program and recently discovered a new gold zone. As at the date hereof, the Company has approximately $65 million in cash and short-term bank guaranteed investment certificates and no debt and 77,309,503 shares issued and outstanding.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., Claude Lemasson, President & COO, Director; 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