Guyana Goldfields Announces Intent to Divest Its Non-Core Assets

TORONTO, Sept. 15 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) ("Guyana" or the Company") announces that it plans to sell its non-core assets in order to focus its resources on the exploration and development of its key mining and mineral exploration properties, the Aurora project and the Aranka properties. The sales may include collateral exploration properties, as well as its share portfolio of junior mining companies. The Company has initiated the sale of shares of Guyana Precious Metals, in which it is a significant shareholder. Future sales of securities may be effected either through the public markets, in private transactions, or through a combination thereof, all on such terms as the Company may determine.

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 technical studies to advance and develop the Aurora Gold Project in Guyana, which is targeted to begin production in the second half of 2012.

As well, the Company continues an extensive exploration program at its Aranka properties where it recently made a new discovery at Sulphur Rose. Sampling, trenching, and drilling are on-going at various prospective targets. As at the date hereof, the Company has approximately $65 million in cash and short-term bank guaranteed investment certificates and no debt and 77,309,503 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.

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For further information: Guyana Goldfields Inc., Claude Lemasson, President & COO, Jacqueline Wagenaar, Director of Investor Relations, Tel: [phone] Ext. 2295, Fax: [phone], E-mail: [email protected], Website: www.guygold.com