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Press release from CNW Group

Guyana Goldfields Announces New Gold Discovery at Aranka

Tuesday, February 28, 2012

Guyana Goldfields Announces New Gold Discovery at Aranka13:59 EST Tuesday, February 28, 2012TORONTO, Feb. 28, 2012 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) ("GGI" or the Company") is pleased to announce initial trench and drill results from a new discovery at its Aranka group of properties. The Aranka group of properties is comprised of a contiguous 307,000 acre land package approximately thirty kilometres north east of the Company's flagship Aurora Gold Project.At the Greater Sulphur Rose Area (GSRA), assay results have been received from initial trenching and drilling programs conducted at the "N1" prospect. The N-1 prospect is a 400m by 300m Au soil anomaly located approximately 5kms northeast of the Company's Sulphur Rose Resource (8,280,000 tonnes @1.04 g/t Au, total Indicated 277,580 oz Au and 6,330,000 tonnes @1.42 g/t Au, total Inferred 289,250 oz Au; See Press Release of Dec. 14, 2011). (see Figure 1: http://files.newswire.ca/826/Guyana_Figure_1.pdf).Results from two (2) trenches  out of six (6) excavated to date have returned a best interval of 1.41 g/t Au over 52 metres, including1.80 g/t over 32 metres and 4.34 g/t Au over 12 metres (Trench # 12-01A). The estimated true width is around 14.4 metres with an overall average grade of 2.65 g/t Au. Trenching has confirmed a 400 metre strike length consisting of altered and mineralized quartz diorite comparable to the style of mineralization at Sulphur Rose Gold deposit. Several other altered quartz diorite zones have been recognized and mapped in other trenches (see Figure 2: http://files.newswire.ca/826/Guyana_Figure_2.pdf).Four (4) diamond drill holes, totalling 797 meters, have been drilled to date to test the sub-surface continuity of the Au anomalous zones delineated from the trenches. The Company has received assays from two holes to date, the rest are pending (see Figure 2: http://files.newswire.ca/826/Guyana_Figure_2.pdf).Drill Hole N1D-01 returned gold grades of 1.06 g/t Au over 29 meters including a higher grade interval of 2.44 g/t Au over 8 metres and 14.13 g/t Au over 1 metre. N1D-02, drilled below N1D-01, yielded 4.35 g/t Au over 20 meters including higher grade intervals of 6.42 g/t Au over 13 metres and 53.21 g/t Au over 1 metre (Refer to table for complete results). Visible gold is observed in the cores of both drill holes. Results from N1D-01 and N1D-02 so far has confirmed an altered and gold mineralized quartz diorite host traceable to over 100 metres below surface; with a notable increase in gold grades at depth (see Figure 3: http://files.newswire.ca/826/Guyana_Figure_3.pdf).Three (3) other gold targets aside from N1 have been identified adjacent to the Sulphur Rose artisanal mining area (refer to January 24 press release). Of particular interest is the S3 gold anomaly situated halfway between N1 and the Sulphur Rose Gold deposit was discovered in 2010 (see press release dated December 14, 2011). Results from infill soil auger sampling at S3 have delineated two gold anomalies measuring 400m by 300m and 300m by 200m, respectively; with the latest soil samples returning up to 8.40 g/t Au (see Figure 4: http://files.newswire.ca/826/Guyana_Figure_4.pdf). Trenching of this gold anomaly will commence next month.Results of trenching and drilling at N1 and soil sampling at S3 support a potentially 10 kilometre long northeast trending corridor of gold mineralized zones similar to Sulphur Rose deposit and N1 prospect (see Figure 1: http://files.newswire.ca/826/Guyana_Figure_1.pdf). An extensive soil sampling program is ongoing to fully cover this northeast corridor.Trenching and drilling will continue at N1 to trace the northwest and southeast extension of the mineralization. Two drill rigs are currently on site. The Company is mobilizing a third drill rig to the area in order to expedite the ongoing drilling program. Five geologists are actively exploring the Greater Sulphur Rose Area.DRILLING RESULTSFebruary 28, 2012AREAHole #UTM Coordinates(PSAD 56)Azimuth (True North)Dip (degrees)Drill Intercept (meters)Grade(g/tAu)EastingNorthingFromToWidthN1N1D-01220065.5764873.8160-45366529.001.03     Cut to 25 g/t Au0.77    including57658.002.44     64651.0014.13     Cut to 25 g/t Au5.92         N1D-02220048.5764921.2160-5013415420.004.35     Cut to 25 g/t Au2.62    including14115413.006.42     Cut to 25 g/t Au3.76     1411421.0053.22     Cut to 25 g/t Au25.00Dan Noone, VP Exploration stated, "The Company has identified multiple drill targets in the GSRA which we will drill aggressively in the coming months. The GSRA clearly hosts the potential for multiple zones of gold mineralization on a district-wide scale. We strongly believe additional anomalous zones remain to be found and significant resources are committed to regional sampling based on the recent discovery."In addition, approximately 35-kms north from Sulphur Rose, a team of three geologists are on site to conduct in-fill soil sampling programs and follow-up stream sediment sampling at the Wynamu prospect. The Company previously identified a broad alteration zone measuring approximately 3km by 2km at this location. Currently, this program is helicopter-supported in order to fast track collection of data for drill target development.The Company is currently utilizing the services of two independent laboratories, Loring Laboratories and Acme Analytical Laboratories Ltd both based in Georgetown, Guyana and Canadian operated facilities. 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 company, primarily focused on the exploration and development of gold deposits in Guyana, South America. The Company's two main assets are Aurora and the Aranka group of properties.As at the date hereof, the Company has approximately $29 million in cash and short-term bank guaranteed investment certificates and no debt; there are approximately 83 million shares issued and outstanding.FORWARD-LOOKING INFORMATIONThis news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the estimation of mineral resources. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved.Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions.Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of GGI to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the final findings set forth in the Feasibility Study , general business, economic, competitive, political and social uncertainties; the actual results of exploration activities; changes in project parameters as plans continue to be refined; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in GGI's annual information form. Although GGI has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.  Forward-looking statements contained herein are made as of the date of this news release and GGI disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. PDF with caption: "Figure 1". PDF available at: http://stream1.newswire.ca/media/2012/02/28/20120228_C8095_DOC_EN_10521.pdfPDF with caption: "Figure 2". PDF available at: http://stream1.newswire.ca/media/2012/02/28/20120228_C8095_DOC_EN_10518.pdfPDF with caption: "Figure 3". PDF available at: http://stream1.newswire.ca/media/2012/02/28/20120228_C8095_DOC_EN_10519.pdfPDF with caption: "Figure 4". PDF available at: http://stream1.newswire.ca/media/2012/02/28/20120228_C8095_DOC_EN_10520.pdfFor further information: Guyana Goldfields Inc.  Dan Noone  VP, 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