Guyana Precious Metals Announces $7,000,000 Private Placement

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TORONTO, Oct. 29 /CNW/ - Guyana Precious Metals Inc. (TSX-V: GPM) ("Guyana") is pleased to announce a non-brokered private placement (the "Placement") of up to 70,000,000 units ("Units") at a price of $0.10 per Unit for gross proceeds of up to $7,000,000.

Each Unit will be comprised of one common share (a "Common Share") of Guyana and one Common Share purchase warrant (a "Warrant").

Each Warrant will be exercisable to acquire one Common Share at a price of $0.13 until the date that is 24 months following the closing date of the Placement. Insiders of Guyana, and their affiliates, are expected to subscribe for up to 25,000,000 of the Units being distributed under the Placement.

Guyana intends to use the net proceeds of the Placement for the acquisition, exploration and development of properties in the Guiana Shield, South America and for general working purposes.  The Placement remains subject to the approval of the TSX Venture Exchange.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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For further information:

Guyana Precious Metals Inc.
Suite 1205
141 Adelaide Street West
Toronto, Ontario M5H 3L5
Attn: John Patrick Sheridan
Tel: [phone]
Fax: [phone]

E-mail: [email protected]