Guyana Goldfields Inc. Awards Engineering Contract for Early Works at the Aurora Gold Project

TORONTO, March 27, 2013 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) (the "Company", "Guyana Goldfields" or "GGI") is pleased to announce that it has awarded its detailed engineering contract for early works at the Aurora Gold Project ("Aurora").

The Company has engaged Tetra Tech Inc., the leading author of the Updated Aurora Feasibility Study, for detailed engineering and design of early works at Aurora. Detailed engineering of the early works will be completed over the next 2 months and will include the construction drawings for the tailings storage facility, river dike, and water diversion dams.

In addition, GGI has carried out direct discussions with various potential consultants and contractors for EPCM or EPC contracts that have recently designed and/or constructed mines of similar size, scope, geographical, and climatic conditions to Aurora. The Company is currently performing site visits in Guyana which are scheduled to conclude within the next two weeks. Thereafter, GGI will perform its own due diligence site visits of projects currently in operation from the qualifying candidates. The EPCM and EPC contracts will be awarded upon the completion of all site visits in the second quarter.

Patrick Sheridan, CEO, states, "We are pleased to see that the Aurora timeline is progressing on schedule with the commissioning of detailed engineering of early works and the evaluation of EPCM/EPC contracts."

About Guyana Goldfields Inc.:

Guyana Goldfields Inc. is a Canadian based company, focused on the exploration and development of gold deposits in Guyana, South America where the Company has operated since 1996. The Company is focused on bringing the Aurora Gold Project into production with infrastructure development currently underway. Active exploration continues at Aurora and at the Company's Aranka Group of Properties with the intention of further expanding these resources. Greenfields exploration by our experienced team of geologists is ongoing in the broader Aranka group of properties. As at the date hereof, the Company has approximately C$124 million in cash and cash equivalent and no debt; there are approximately 126,125,149 shares issued and outstanding.

Forwarding-Looking Information

This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the estimation of mineral resources. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved.

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of GGI to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the final findings set forth in the "NI 43-101 Technical Report, Updated Feasibility Study - Aurora Gold Project" dated January 29, 2013, general business, economic, competitive, political and social uncertainties; the actual results of exploration activities; the receipt of applicable regulatory approvals; changes in project parameters as plans continue to be refined; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in GGI's annual information form. Although GGI has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and GGI disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

SOURCE: Guyana Goldfields Inc.

Guyana Goldfields Inc.
Patrick Sheridan
CEO

Jacqueline Wagenaar
Vice President, Corporate Communications

Tel: [phone] Ext. 2295
Fax: [phone]
E-mail: [email protected]
Website: www.guygold.com