Guyana Goldfields Receives Environmental Permit Approval for the Aurora Gold
Project

TORONTO, Sept. 28 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) ("Guyana" or the Company") is pleased to announce that the Environmental Permit for the development of the 100% owned Aurora Gold Project was received today. The Environmental Permit (Authorization) is approved in light of the Guyanese Environmental Protection Agency ("EPA") completing its review of the Revised Environmental and Social Impact Assessment ("ESIA") which adequately addresses the EPA's, Environmental Assessment Board's ("EAB"), Guyana Geology and Mines Commissions' ("GGMC") and other sectors agencies' comments. The Revised ESIA, submitted in May 2010, was prepared to international standards by Environmental Resource Management ("ERM") of Washington, D.C. in conjunction with Ground Structures Engineering Consultants ("GSEC") of Georgetown, Guyana.

The Environmental Permit is an essential requirement for the approval of the final Mining License expected later this year from the Guyanese Government. Another key component of the Mining License is a Mineral Agreement (also known as a Stability or Fiscal Agreement). Discussions on a Mineral Agreement between Guyana Goldfields and the Guyanese Government are well-advanced.

Mr. Patrick Sheridan Jr., Founder and CEO of Guyana Goldfields states, "The Environmental Permit is the culmination of many years of work by Guyana Goldfields and the EPA, EAB and GGMC and is a crucial cornerstone in processing the Company's Mining License Application. Management is working with the Government of Guyana to complete the final stages of this process."

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 $63 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