Coronation Minerals Inc.

Guyana Goldfields Inc.

Guyana Goldfields Inc.

May 11, 2005 15:12 ET

Coronation Minerals Inc. Acquires Remaining 50% of Coppermine River Project from Guyana Goldfields Inc.


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CORONATION MINERALS INC.

TSX VENTURE SYMBOL: MSA

AND GUYANA GOLDFIELDS INC.

TSX SYMBOL: GUY

MAY 11, 2005 - 15:12 ET

Coronation Minerals Inc. Acquires Remaining 50% of
Coppermine River Project from Guyana Goldfields Inc.

TORONTO, ONTARIO--(CCNMatthews - May 11, 2005) - Coronation Minerals
Inc. (TSX VENTURE:MSA) and Guyana Goldfields Inc. (TSX:GUY) are pleased
to announce that they have entered into an agreement which allows for
Coronation Minerals Inc. to acquire the remaining 50% of the Coppermine
River Project. Terms of the agreement call for Coronation to issue to
Guyana 6,000,000 common shares. Guyana Goldfields Inc. will retain a
1.5% net smelter royalty (NSR).

Upon completion of the transaction Guyana will hold approximately 28% of
the issued shares of Coronation Minerals Inc. The transaction is subject
to the approval of necessary regulatory authorities.

The Coppermine River Property is located in Nunavut, Canada. Two
geological targets are being explored within the property:

1. Copper Sulphide Target Areas, which are high grade and structurally
controlled

2. Nickel-copper-platinum group metal occurrences, hosted by a major
mafic intrusion

Copper Sulphide Target Areas

Historical exploration programs have demonstrated and partially
delineated at least 13 copper sulphide occurrences on the property.
Foremost of these deposits discovered to date is known as the Dot-47
area. Relatively shallow drilling conducted in the late 1960's returned
the following intersections:



---------------------------------------
Hole# Grade Length
---------------------------------------
S-57 4.90% Cu 129.3 feet
---------------------------------------
S-58 3.92% Cu 260.2 feet
---------------------------------------
S-68 3.00% Cu 220.5 feet
---------------------------------------
S-54 5.17% Cu 122.0 feet
---------------------------------------


During the 2003 field season additional drilling was conducted in the
Dot-47 discovery zone. This program returned the following intersections:



---------------------------------------
Hole# Grade Length
---------------------------------------
47-1 1.48% Cu 184.96 feet
---------------------------------------
Including: 3.38% Cu 51.14 feet
---------------------------------------
47-2 1.63% Cu 238.75 feet
---------------------------------------
Including: 5.27% Cu 25.35 feet
---------------------------------------
47-3 0.93% Cu 321.60 feet
---------------------------------------
Including: 1.34% Cu 98.40 feet
---------------------------------------


Anomalous palladium values were encountered throughout these holes.

Ni-Cu-PGM Target Area

This area is characterized by a large (2km X 10 km) gravity anomaly. The
area is bound by two major fault structures in which geochemical surveys
have outlined anomalous values of copper, nickel, cobalt, silver and
PGM's. Prospecting in the area of the Strike Lake Fault in 2002 returned
high grade copper grab samples. The first grab sample graded 33.3%
copper. The second sample graded 2.24% copper.

A significant diamond drilling program is being planned for the 2005
field season.

The 2003 drilling program was carried out under the direction of Mr.
Rory Calhoun, a qualified person within the meaning of National
Instrument 43-101. Mr. Calhoun has reviewed the exploration results
contained in this news release.

About Coronation Minerals Inc.

Coronation Minerals Inc. is a Canadian based resource company whose
focus is to explore for and develop mineral deposits throughout the
Coronation Gulf Region, Nunavut, Canada.

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
the Guiana Shield of South America. The Guiana Shield is in the northern
part of the Amazon Craton and covers parts of Guyana, Venezuela,
Suriname, French Guyana and northern Brazil.

The Company holds advanced exploration projects in various stages of
development and has been operating in Guyana continuously since 1996.

The Company currently has approximately (CDN) $11 million in cash and no
debt.



Guyana Goldfields Inc.
347 Bay Street, Suite 301
Toronto, ON M5H 2R1


Additional Information

Information is available on the Company's website at www.guygold.com and
on www.sedar.com, and through the Company's offices by contacting:

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Coronation Minerals Inc.
    Peter W. Holmes
    Chairman and C.E.O.
    (520) 240-5306
    http://www.coronationminerals.com
    or
    Guyana Goldfields Inc.
    Patrick Sheridan
    President and Chief Executive Officer
    (416) 628-5936
    (416) 628-5935 (FAX)
    psheridan@guygold.com
    www.guygold.com
    The TSX and TSX Venture have not reviewed and do not accept
    responsibility for the adequacy or accuracy of this release.