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

TORONTO, Aug. 4 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) ("Guyana" or the Company") is pleased to announce the hiring of two key members of the Project Team for the Aurora Gold Project, presently the subject of a definitive feasibility study: Andrew Croal, Feasibility Study Manager and Milko Rivera, Senior Mine Engineer.

Claude Lemasson, President & COO, states "The project is attracting top professionals that have significant experience in mine design and construction projects in tropical environments. Hiring these key team members will help ensure the optimization of the design of the new mine and ensure the timely delivery of the definitive feasibility study in the fourth quarter of this year!"

    
    Andrew Croal, P.Eng. - Feasibility Study Manager
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Andrew 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. He has over 25 years of solid international mining experience, including senior level project development, management, cost control, supervisory and technical experience, with such companies as Barrick Corporation, Iamgold and Cambior. In the past, he has been involved in projects in Canada, Guyana, Tanzania and Papua New Guinea. Andrew was the Chief Engineer at Rosebel Gold Mines in Suriname for Cambior and Iamgold from 2002 to 2007, and held senior engineering roles at Omai Gold Mines in Guyana, where he was a central figure in the mine design and implementation for these two successful projects.

    
    Milko Rivera, P.Eng. - Senior Mine Engineer
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Milko will support the Feasibility Study work for the next few months. He will report directly to Andrew Croal, Feasibility Study Manager, and will be based in Toronto until the end of the year. He has over 14 years of experience as a Geological and Mining Engineer with solid knowledge and experience in design, construction, cost control, and project management in the areas of mining/processing/environmental including exploration. Mr. Rivera has extensive liaison experience with Engineering-Construction teams. He has experience in QA/QC construction and assay lab reporting, underground mine design, ground control, pre-feasibility and feasibility studies, and mine development. He has a successful track record in assisting clients meet demanding objectives in mining related projects located in Africa and all over the Americas.

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.

The Aranka Properties, currently in advanced staged exploration, are drilling highly prospective targets in an ongoing program and recently discovered a new gold zone. As at the date hereof, the Company has approximately $67 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, Director, Jacqueline Wagenaar, Director of Investor Relations, Tel: [phone] Ext. 2295, Fax: [phone], E-mail: [email protected], Website: www.guygold.com