Drilling Extends Depth Potential of New Zones at the Aurora Gold Project

TORONTO, Dec. 21 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) ("Guyana" or the "Company") is pleased to announce that ongoing drilling at the Company's 100% owned Aurora Gold Project has intercepted significant widths and grades of gold mineralization, extending the previously announced new discoveries (see Press Releases dated April 20 and August 18, 2010) to vertical depths of 420 meters at Aleck Hill and 500 meters at the Mad Kiss area. The project is currently the subject of a definitive feasibility study to be completed in Q4 2011 with a resource estimate drill cut-off date of June 30, 2011. Prior to that, the Company is preparing an updated resource estimate to be announced in mid-February 2011 which will include all known mineralization up to mid-November 2010.

Assay results from fifteen (15) new drill holes in the new Aleck Hill zone are reported hereunder. Highlights include drill hole AHD-145 which returned 50m @ 3.9 g/t Au (3.02 g/t Au cut to 25 g/t Au) at a vertical depth of 420 meters.  Included within this broad intercept is a high-grade zone of 16m @ 10.59 g/t Au (7.85 g/t Au cut to 25 g/t Au). In addition, drill hole AHD-161 intercepted 62.44m @ 2.68 g/t Au including the following high-grade intercepts:

• 6.08m @ 8.33 g/t Au
• 6.06m @ 5.11 g/t Au
• 6.20m @ 8.92 g/t Au

These results demonstrate the down-dip potential of the Aleck Hill resource and suggest significant potential for high-grade gold mineralization at depth. True widths of gold mineralization in the Aleck Hill area vary from 25m to 50m and all gold zones remain open to depth.

Drilling in the Mad Kiss zones (west, east and main) also continues to expand previously announced new areas of gold mineralization. Nineteen (19) new drill holes are announced hereunder. Highlights include:

• MKD-99 - 16m @ 4.12 g/t Au (including 4m @ 10.95g/t Au)
• MKD-107 - 18m @ 2.03 g/t Au (including 3m @ 11.60g/t Au) and - 8m @ 5.17 g/t Au
• MKD-109 - 8m @ 7.13 g/t Au
• MKD-111 - 13.95m @ 4.08 g/t Au

True widths of gold mineralization in the Mad Kiss zones vary from 10m to 35m and all gold zones remain open to depth.

All of the latest results from the ongoing "Golden Square Mile" drilling program are tabulated in the attached intercept spreadsheet. These results will be included in an updated resource estimate for the Aurora Gold Project, to be released in mid-February 2011.

To view latest results click here: http://files.newswire.ca/826/GuyanaPDFResults.pdf

Separately, the Company reports that it remains on track to provide key findings of the initial resource estimate from the Sulphur Rose gold discovery at Aranka to be delivered within the next 2 weeks.

3D Image: http://files.newswire.ca/826/Guyana3DView.pdf

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.

At the Aranka Properties, currently in advanced staged exploration, drilling of highly prospective targets in an ongoing program and recently discovered a new gold zone at Sulphur Rose with plans of an initial resource by the end of 2010. As at the date hereof, the Company has approximately $63 million in cash and short-term bank guaranteed investment certificates and no debt and 80,785,593 shares issued and outstanding.

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 using FA-AAS with Fire-Assay gravimetric finish for samples with >3,000 ppb.Au.

All scientific and technical information contained in this press release has been prepared under the supervision of Mr. Niel Silvio (AusIMM/AIG), a "qualified person" within the meaning of National Instrument 43-101 of the Canadian Securities Administrators.

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:

GuyanaGoldfields Inc.,
Dan Noone, Vice President, Exploration
Jacqueline Wagenaar,
Vice President, Corporate Communications
Tel: [phone] Ext. 2295,
Fax: [phone],
E-mail: [email protected],
Website: www.guygold.com