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Press release from CNW Group

Guyana Goldfields Continues to Confirm and Extend Gold Mineralization at the Aurora Gold Project; New Resource Estimate to Come in December

Friday, November 11, 2011

Guyana Goldfields Continues to Confirm and Extend Gold Mineralization at the Aurora Gold Project; New Resource Estimate to Come in December07:30 EST Friday, November 11, 2011TORONTO, Nov. 11, 2011 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) ("GGI" or "the Company") is pleased to announce that assay results from eighty-five (85) new drill holes have been received from drilling within the "Golden Square Mile" at the Aurora Gold Project. These drill holes are part of an ongoing exploration program within the "Golden Square Mile", which began at the beginning of June 2011, subsequent to the last resource estimate cut-off date of May 2011, and will be continued in 2012. The primary aim of the drill program is to expand known mineralization at depth beneath all zones. All intervals in this release are down hole depths. There are seven (7) diamond drill rigs currently drilling on exploration targets within the "Golden Square Mile" and along trend at Aurora.These results will not be included in the upcoming Feasibility Study due to be delivered by January 15, 2012, however, a revised resource estimate for Aurora will be issued mid December 2011 incorporating all additional exploration resources discovered post the May 2011 cut-off date. The revised resource estimate is being prepared by SRK Consulting (Canada), Inc. ("SRK") of Toronto, Ontario in accordance with National Instrument 43-101 ("NI 43-101") and provides an update to SRK's previous resource estimate issued earlier this year (see press release dated September 9, 2011).Rory's KnollDeep diamond drilling at Rory's Knoll continues with the objective to further expand the mineralized zone from 1,566 meters (which is the current depth of the Measured & Indicated block model for the Feasibility Study) to 2,100 meters below surface, where a previous mother hole went to a depth of 2,112 meters (see press release dated September 9, 2011). Results from five (5) drill holes have been received and confirm the continuity of grade, width, and depth of the mineralized tonalite. This new drilling to date between 1,566 and 2,100 meters has only tested 25% of the projected extension of mineralization at Rory's Knoll, which is outlined in light blue in Figures 1 and 2.New results from RKD-162 wedge holes include:RKD-162W-5: 92.00 meters @ 3.14 g/t Au from 1,014 meters, including 16 meters @ 7.12 g/t Au from 1,054 meters. And 115 meters @ 3.34 g/t Au from 1,158 meters including 16 meters @ 7.35 g/t Au from 1,211 meters.RKD-162W-6: 32 meters @ 3.05 g/t Au from 943 meters, 50 meters @ 3.32 g/t Au from 1,055 meters and 22 meters @ 4.80 g/t Au from 1,211 meters.Results from RKD-163 wedge holes include:RKD-163W-1: 174 meters @ 3.22 g/t Au from 1,557 meters, including 4 meters @ 14.70 g/t Au from 1,557 meters and including 6 meters @ 10.37 g/t Au from 1,719 meters.RKD-163W-3: 62 meters @ 3.47 g/t Au from 1,558 meters, 50 meters @ 4.13 g/t Au from 1,684 meters and 84 meters @ 4.28 g/t Au from 1,943 meters including 10 meters @ 9.80 g/t Au from 1,985 meters.RKD-163W-4A: 12 meters @ 3.04 g/t Au from 1,578 meters, 10 meters @ 3.18 g/t Au from 1,804 meters and 14 meters @ 4.00 g/t Au from 1,954 meters.The reported grade intercepts for Rory's Knoll were calculated from a minimum grade cut-off of 1.8 g/t Au with minimum reported average grade of 3.00 g/t Au (which is consistent with the Feasibility Study parameters and SRK's latest resource estimate).Central Zone - Aleck Hill and Mad KissAt Aleck Hill and Mad Kiss, in-fill and step-out drilling continues and assay results from eighty (80) drill holes were received.  Results from step-out drilling further extended the dip and strike continuity of all zones. Significant intercepts include:AHD-251: 30 meters @ 1.66 g/t Au from 405 meters, including 3 meters @ 10.30 g/t Au from 432 meters.AHD-260: 22 meters @ 5.35 g/t Au from 327 meters, including 10 meters @ 10.15 g/t Au from 333 meters.AHD-266: 63 meters @ 1.40 g/t Au from 231 meters, including 12 meters @ 4.65 g/t Au from 282 meters.AHD-268: 34 meters @ 2.33 g/t Au from 423 meters, including 7.50 meters @ 4.48 g/t Au from 449.50 meters.AHD-269: 45 meters @ 2.73 g/t Au from 561 meters, including 20 meters @ 5.27 g/t Au from 586 meters.AHD-270: 72 meters @ 2.96 g/t Au from 647 meters, including 39 meters @ 5.27 g/t Au from 680 meters, including 14.50 meters @ 12.63 g/t Au from 704.50 meters.Grade intercepts for the central zones were calculated using a minimum grade cut-off of 0.40 g/t Au (which is consistent with the Feasibility Study parameters and SRK's latest resource estimate issued Sept 9, 2011).The complete assay results received between September 4, 2011 and November 9, 2011 for the eighty-five (85) new drill holes at both Rory's Knoll and the central zones are tabulated in the attached intercept spreadsheets 1 and 2. Significant intercepts from these results confirming the continuity of the mineralized zones are highlighted in yellow.Spreadsheet 1 - Rory's KnollRory's Knoll  5  Total    5Spreadsheet 2 - Central Zone Aleck Hill zones 57 Mad Kiss zones 23   Total             80   Total new drill holes            85Dan Noone, Vice-President, Exploration states, "Exploration success thus far has exceeded our expectations and we still have yet to determine the limits of mineralization. The results show all zones continue to extend and remain open at depth and we will deliver an updated revised resource estimate in December to demonstrate the growth within the deposit that we have been encountering. We are currently devising our exploration program for 2012 which will focus on making new discoveries along strike outside of the "Golden Square Mile".The Aurora deep drilling program is being carried out under the direction of Mr. Niel Silvio (Aus.IMM), a qualified person within the meaning of National Instrument 43-101. Mr. Silvio has reviewed the contents of this news release. Drill core samples were sent to and prepared at ACME Analytical Laboratories Ltd (ACME Lab) in Georgetown, Guyana, while assaying was done at ACME Lab in Santiago, Chile and Vancouver, Canada using FA-AAS with Fire-Assay gravimetric finish for samples with > 3,000 ppb Au.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 5.71 million ounces gold (47,040 million tonnes at a grade of 3.83 g/t). A revised resource estimate is expected in December 2011 followed by the completion of a Feasibility Study in January 2012.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 November 2011.  As at the date hereof, the Company has approximately $41 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.  PDF with caption: "Figure 1 Rory's Knoll". PDF available at: http://stream1.newswire.ca/media/2011/11/11/20111111_C4958_DOC_EN_6517.pdfPDF with caption: "Figure 2 Rory's Knoll". PDF available at: http://stream1.newswire.ca/media/2011/11/11/20111111_C4958_DOC_EN_6518.pdfPDF with caption: "Spreadsheet 1 - Rory's Knoll". PDF available at: http://stream1.newswire.ca/media/2011/11/11/20111111_C4958_DOC_EN_6519.pdfPDF with caption: "Spreadsheet 2 - Central Zone". PDF available at: http://stream1.newswire.ca/media/2011/11/11/20111111_C4958_DOC_EN_6520.pdfFor further information: Guyana Goldfields Inc.,  Dan Noone, Vice-President, Exploration Jacqueline Wagenaar, Vice President, Corporate Communications Tel: (416) 628-5936 Ext. 2295, Fax: (416) 628-5935, E-mail: jwagenaar@guygold.com, Website: www.guygold.com