Guyana Goldfields Inc.

Guyana Goldfields Inc.

January 10, 2005 16:29 ET

Guyana Goldfields Inc. Announces Full Exercise of Share Purchase Warrants


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GUYANA GOLDFIELDS INC.

TSX SYMBOL: GUY

JANUARY 10, 2005 - 16:29 ET

Guyana Goldfields Inc. Announces Full Exercise of
Share Purchase Warrants

TORONTO, ONTARIO--(CCNMatthews - Jan. 10, 2005) - Guyana Goldfields Inc.
(TSX:GUY) announced today that all of its 1,666,669 outstanding share
purchase warrants were exercised prior to their expiry date of December
31, 2004, resulting in aggregate proceeds of $3,333,338 to the Company.
The expiry date of the share purchase warrants was accelerated to 5:00
p.m. (Toronto time) on December 31, 2004 following the trading of the
common shares of the Company on The Toronto Stock Exchange at $2.50 or
more for a period of 20 consecutive days, all pursuant to the share
purchase warrant agreement under which the warrants were created. The
share purchase warrants were originally issued on June 29, 2004 and were
exercisable at a price of $2.00 per share.

In addition, an aggregate of 499,998 broker warrants were exercised
prior to December 31, 2004, resulting in additional proceeds of $866,662
to the Company. Of these total broker warrants, 166,666 warrants were
exercisable at a price of $2.00 per share, and 333,332 warrants were
exercisable at a price of $1.60 per share.

Following the exercise of the share purchase warrants and broker
warrants, the Company has approximately Cdn.$10,400,000 in cash and no
debt.

About Guyana Goldfields

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.

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:



Patrick Sheridan, President and Chief Executive Officer

Tel: (416) 628-5936
Fax: (416) 628-5935
e-mail: info@guygold.com



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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Guyana Goldfields Inc.
    Patrick Sheridan
    President and Chief Executive Officer
    (416) 628-5936
    (416) 628-5935 (FAX)
    e-mail: info@guygold.com