Guyana Goldfields Inc. Reports a Shift in Recovered Ounces to the Fourth Quarter; Full Year Production Guidance Maintained

TORONTO, Aug. 10, 2017 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) (the "Company") reported a small fire on its elution circuit boiler on the evening of Wednesday, August 9^th. No injuries were sustained by employees and emergency response procedures were immediately initiated and the fire was quickly extinguished. Mill operations were suspended for 4 hours for safety precautions and to determine the cause of the fire. The mill is fully operational with the only impact being the inability to strip loaded carbon.

The incident resulted in damage to the boiler and adjacent cables.  All spare parts are located on site and are immediately being utilized. Management expects repairs to cost approximately US$300,000 – $400,000 and take up to 21 days to complete.

Based upon the current carbon stripping capacity, the Company will need to store the excess carbon containing approximately 3,500 ounces of recoverable gold, which will not be available for sale until the fourth quarter.", Scott A. Caldwell, President & CEO states, "Thankfully our emergency response procedures were in quick effect and the fire was contained immediately and no injuries were sustained. The incident will not affect full year guidance as the ounces haven't been lost but instead will be stored in inventory and poured and sold in the fourth quarter."

SOURCE Guyana Goldfields Inc.

Guyana Goldfields Inc.: Scott A. Caldwell, President and Chief Executive Officer; Jacqueline Wagenaar, Vice President, Investor Relations & Corporate Communications; Tel: [phone] Ext. 5295, Fax: [phone], E-mail: [email protected], Website: www.guygold.com

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