Guyana Goldfields Inc. announces acceleration of warrant expiry date

TORONTO, July 29 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) ("GUY" or the "Company") announces that it will accelerate the expiry date of its Series 2009-I and Series 2009-II warrants to September 28, 2010, all in accordance with the terms thereof.

An aggregate of 3,100,000 Series 2009-I and Series 2009-II warrants were originally issued in June 2009, each entitling the holder to acquire one common share of Guyana (a "Common Share") at an exercise price of $4.00 until the first business day that is three years after the date of issuance thereof (the "Expiry Date"), provided however that if, at any time after June 3, 2010, the closing price of the Common Shares on the principal stock exchange upon which the Common Shares trade exceeds $6.00 for 30 consecutive trading days, the Expiry Date shall automatically accelerate to the date that is 60 days following the date that Guyana issues a press release announcing the accelerated Expiry Date. The closing price of the Common Shares on the Toronto Stock Exchange has exceeded $6.00 for the 30 consecutive trading days from June 4, 2010 to July 16, 2010, inclusive.

An aggregate of 909,091 Series 2009-I and 1,995,909 Series 2009-II warrants remain issued and outstanding as of the date hereof.

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 76,309,503 shares issued and outstanding.

%SEDAR: 00022477E

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