Guyana Goldfields hires key members of the Project Team to advance the Aurora
Gold Project

TORONTO, March 15 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) ("Guyana" or the Company") is pleased to announce the hiring of three key members of the Project Team for the Aurora Gold Project, presently the subject of a definitive feasibility study: David Sundblad, Project Manager, Terry Nichols, Construction Superintendent and Larry Kulhman, Earthworks Superintendent.

Claude Lemasson, President & COO, states "The project is attracting top professionals that have significant experience in mine construction projects in tropical environments. Hiring these key team members is an important milestone in signaling the critical early start of the civil and infrastructure works prior to the full development of the project. We will be significantly growing the Project Team in Toronto and on the ground in Guyana in the next few months!"

    
    David Sundblad - Project Manager
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David will be responsible for the Aurora Gold Project, and in particular, will lead and manage the Feasibility Study work for the next few months. He will report directly to Claude Lemasson, President & COO, and will be based in Toronto until the end of the year, after which he will be based in Guyana. He has over 25 years of solid project management experience, including senior level project development, management, supervisory and technical experience in the mining and civil construction sectors as well as environmental remediation, with such companies as Ivanhoe Mines Limited, High River Gold and Newmont Mining Corporation. In the past, he has been involved in projects in the United States, Indonesia, Peru, Uzbekistan, Turkey, West Africa, Siberia and Kazakhstan.

    
    Terry Nichols - Construction Superintendent
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Terry will be responsible for all of the early earth, civil and construction works related to the Aurora project. He will report directly to David Sundblad, Project Manager, and will be based in Guyana. He is a seasoned construction professional with extensive background in mine construction and civil projects, including working in tropical environments. He is a Professional Engineer and Professional Land Surveyor, and more recently completed field assignments at some of the Barrick's projects in Nevada. Terry was also involved in the early development of the Omai Gold Mine in Guyana and is very familiar with Guyana.

    
    Larry Kulhman - Earthworks Superintendent
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Larry will manage the earthworks related to the Aurora Gold Project. He will report directly to Terry Nichols, Construction Superintendent, and will be based in Guyana. He is a seasoned earthworks specialist with extensive background in road and mine construction as well as civil projects, including working in tropical environments. He has worked on a multitude of projects world-wide, was also involved in the early development of the Omai Gold Mine in Guyana and is very familiar with Guyana.

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 slated to begin production mid 2012. As at the date hereof, the Company has approximately $79 million in cash and short-term bank guaranteed investment certificates and no debt.

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