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Press release from CNW Group


Wednesday, April 13, 2011

GUYANA GOLDFIELDS INC. ANNOUNCES CORPORATE GOVERNANCE UPDATE14:44 EDT Wednesday, April 13, 2011TORONTO, April 13 /CNW/ - Guyana Goldfields Inc. ("Guyana" or the "Corporation") (TSX: GUY) announces today that in furtherance of its commitment to establish appropriate corporate governance practices, the board of directors of the Corporation (the "Board") has established a standing nominating committee (the "Nominating Committee") comprised of Messrs. Alan Ferry, Richard Williams and Robert Bondy, each of which are independent directors of Guyana.  The mandate of the Nominating Committee will include considering on a regular basis the number of directors of the Corporation, and identifying and recommending from time to time new nominees as directors of the Corporation, based upon considerations such as (i) the competencies and skills necessary for the Board as a whole to possess; (ii) the competencies and skills necessary for each individual director to possess; and (iii) the time and resources which each proposed nominee to the Board will be able to devote to the Corporation.In addition to the foregoing, the Board has committed to review its compensation discussion and analysis as contained in the annual filings of the Corporation against the Canadian Coalition of Corporate Governance Best Practises in order to enhance such disclosure on a going-forward basis.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 drilling and studies to advance and develop the Aurora Gold Project in Guyana with a current total resource of 6.7 million ounces gold (5.34 million oz Measured & Indicated; 1.33 million oz Inferred). An updated resource estimate will be released in August 2011 followed by a Feasibility Study in the fourth quarter of 2011.At the Aranka Properties, currently in advanced staged exploration, drilling of highly prospective targets is ongoing. The Company discovered a gold deposit at Sulphur Rose containing an initial inferred resource of 460,400 oz and plans to release an updated resource estimate in August 2011.For further information: Guyana Goldfields Inc. J. Patrick Sheridan, Chief Executive Officer Tel: (416) 628-5936 Fax: (416) 628-5935 E-mail: