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Press release from CNW Group

Guyana Goldfields Inc. Confirms and Extends to Depth Gold Mineralization at Sulphur Rose Through Infill Drilling

Monday, May 02, 2011

Guyana Goldfields Inc. Confirms and Extends to Depth Gold Mineralization at Sulphur Rose Through Infill Drilling07:30 EDT Monday, May 02, 2011TORONTO, May 2 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) ("Guyana" or the Company") is pleased to announce more significant drill results at Sulphur Rose, 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 in a straight-line from the Company's flagship Aurora property, presently the subject of a definitive feasibility study.Assay results have been received from an additional twenty seven (27) diamond drill holes (12 infill and 15 exploration) from a total of one hundred twenty-two (122) holes aggregating 36,191 metres drilled to date. The current drill program is focused on conducting an infill drilling program intended to upgrade the reported 460,400 ounces Au inferred resource into measured and indicated category (see Press Release dated December 31, 2010). The drill program also continues to target the mineralization to depth. Complete drilling results are outlined in the attached spreadsheet and a 3D model of Sulphur Rose can be viewed on the Company website at http://www.guygold.com/main1.aspx?id=38&table=DevPage.Below you will find the Sulphur Rose Drilling Results.http://files.newswire.ca/826/Drill_Results.xlsA total of sixty-three holes (63) are programmed for infill with fifty-four (54) holes completed to date and the rest expected to be completed by mid-May. Results from 12 drill holes so far received showed significant gold grades and broad intervals (all intercepts in this release are down hole depths). The best results are:SDH-65 returning 43.5 metres grading 3.27 g/t AuSDH-67 returning 46 metres grading 3.45 g/t AuSDH-72 returning 34.5 metres grading 3.81 g/t Au.Exploration drilling to depth has identified gold mineralized zones approximately 200 metres below the optimized pit limit established by Micon International Ltd in their ore resource computation (Please see press release of Dec. 31, 2010). Best results are from SDH-56 yielding 22 metres grading 3.17 g/t Au and SDH-62 returning 39 metres grading 1.07 g/t Au. SDH-62 has effectively confirmed mineralization to a vertical depth of 400-450 metres below surface and remains open at depth.The latest infill and exploration drill results have confirmed and reinforced the mineralization identified during the early drilling and modeling by Micon International Ltd. An updated resource estimate for Sulphur Rose is due to be completed in the third quarter of this year.Continued reconnaissance and mapping work around the concession area have identified several zones of gold mineralization trends that have close affinities to the Sulphur Rose deposit. In addition, approximately 35 kilometres north from Sulphur Rose, reconnaissance work and stream sediment sampling at the Wynamu prospect has identified a very broad alteration zone measuring approximately 3km by 2km. This area has been selected as high priority for detailed grid soil sampling and trenching and will be drilled in the second half of this year.Patrick Sheridan, CEO of Guyana Goldfields commented, "We are very pleased with the progress and results so far at Sulphur Rose. Ongoing exploration in the Aranka district continues to demonstrate that the area has significant potential to host multiple mineralized zones. We have an aggressive exploration drill program planned for the second half of this year which will systematically drill our most prospective targets."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 drilling and studies to advance and develop the Aurora Gold Project in Guyana with a current measured and indicated resource of 5.34 million ounces gold (42,171 tonnes (000 t) at a grade of 3.94 g/t) 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.  As at the date hereof, the Company has approximately $53 million in cash and short-term bank guaranteed investment certificates and no debt; there are approximately 83 million 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.For further information: Guyana Goldfields Inc., Dan Noone, VP, Exploration Tel: (416) 628-5936 Ext. 5925 E-mail: dnoone@guygold.comJacqueline Wagenaar, Director of Investor Relations,  Tel: (416) 628-5936 Ext. 2295, Fax: (416) 628-5935, E-mail: jwagenaar@guygold.com, Website: www.guygold.com