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Press release from CNW Group

Guyana Goldfields Extends Gold Mineralization to Depth at Sulphur Rose and Plans to Complete an Initial Resource by Year-End

Monday, September 27, 2010

Guyana Goldfields Extends Gold Mineralization to Depth at Sulphur Rose and Plans to Complete an Initial Resource by Year-End08:22 EDT Monday, September 27, 2010TORONTO, Sept. 27 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) ("Guyana" or the "Company") is pleased to announce more significant drill results at Sulphur Rose (property "A"), a new and growing 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 twenty two (22) diamond drill holes (SDH-26 to SDH-47) from a total of fifty-seven (57) holes aggregating 19,857 metres drilled to date. The current drill program continues to target the mineralization both laterally and to depth. Complete drilling results are outlined in the attached spreadsheet. << Click here to view the spreadsheet: http://files.newswire.ca/826/grade_calc_Sept2010.xlsx Click here to view the drill plan, long section and cross sections: http://files.newswire.ca/826/sulphurrose__sept2010.pdf http://files.newswire.ca/826/long_aa_looking_ne.pdf http://files.newswire.ca/826/cross_bb_looking_e.pdf http://files.newswire.ca/826/cross_cc_looking_e.pdf >> Drilling has identified an extension of the mineralization to depth, from 300 metres to over 500 metres. Drill hole SDH- 28 was drilled near the center of the mineralization and returned a broad interval of 60 metres grading 1.04g/t Au at a vertical depth of 400 meters below surface. SDH-32, located at the northwestern section of the mineralization yielded a wide interval of 56 metres grading 1.03 g/t Au at a vertical depth of 450 metres below surface. SDH-43 and 47 were also drilled at the northwest section of the mineralization returned significantly broader intervals of 106 metres grading 1.15 g/t Au and 90.5 metres grading 1.36 g/t Au, respectively. These two holes confirmed the mineralization to a vertical depth of 325-350 metres below surface.Some of the drilling has also confirmed and reinforced mineralization from surface to 300 m deep. Drill hole SDH-39, a vertical hole located towards the southeast section of the mineralization returned a broad interval of 121 meters grading 1.66 g/t Au, including a higher grade section of 24.5 metres grading 4.60 g/t Au. Drill hole SDH-44, another vertical hole located at the southeast, yielded a wider interval of 173 metres grading 0.93 g/t Au, including better grade sections of 17.5 metres grading 3.43 g/t Au and 52 metres grading 1.44 g/t Au. These holes have proven the existence of a near surface broad zone of gold mineralization that contains higher grade intersections.The latest drill results extended the mineralization to depth as well as reinforced the interpretation of a northwesterly trend of the mineralized body. The dimensions of the mineralized envelope are approximately 550 metres in strike length and close to 100 metres at its widest. Drilling has also confirmed two higher grade zones to the southeast and northwest. Mineralization has been extended to over 500 metres below surface and remains open at depth. Drilling activities continue to trace the lateral and vertical extent of the mineralization.The Company has engaged Micon International Limited ("Micon"), an independent mining consultant company based in Toronto, Ontario, to complete the initial resource at Sulphur Rose, which is expected to be completed by the end of 2010. Micon has made an initial site visit to the Sulphur Rose property.Approximately 5 kilometres north from the current area of drilling at Sulphur Rose, mapping and sampling has demonstrated additional gold mineralization at North Ridge. Drilling is about to test this new target and area.In addition, approximately 35 kilometres north from Sulphur Rose, reconnaissance work and stream sediment sampling at the Wynamu prospect has continued to demonstrate very high visual gold counts and assays. Several new areas have been selected for detailed grid soil sampling.Patrick Sheridan, CEO of Guyana Goldfields commented, "Ongoing exploration in the Aranka district continues to demonstrate that the area has significant potential to host multiple mineralized zones. We will continue to commit resources and build the exploration team to explore and develop this emerging gold district and build an initial resource. Currently, there are 8 geologists onsite and committed to further exploring the Aranka area."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 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 $63 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., Dan Noone, VP, Exploration, Tel: (416) 628-5936 Ext. 5925, E-mail: 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