Guyana Goldfields Inc.

Guyana Goldfields Inc.

December 21, 2007 14:32 ET

Guyana Goldfields Inc. Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - Dec. 21, 2007) - Guyana Goldfields Inc. ("Guyana")(TSX:GUY) announced today its intention to effect a normal course issuer bid through the facilities of the Toronto Stock Exchange, subject to receipt of regulatory approval.

Upon receiving regulatory approval, Guyana may, during the 12 month period beginning on December 31, 2007 and ending on December 30, 2008, purchase on the Toronto Stock Exchange up to 1,025,712 common shares of Guyana in total, representing approximately 2% of the total number of common shares of Guyana currently issued and outstanding. The price which Guyana will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares which may be purchased and the timing of any such purchases will be determined by Guyana. The average daily trading volume for the common shares of Guyana on the Toronto Stock Exchange during the six month period commencing on June 1, 2007 and ending on November 30, 2007 was 93,579.

Guyana has retained Cormark Securities Inc. to effect purchases on its behalf pursuant to the bid. The normal course issuer bid is being effected as management of Guyana believes that the common shares of Guyana are undervalued at current market prices and that purchases of its common shares pursuant to the bid will enhance shareholder value.

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.
The Company currently has approximately (CDN) $25 million in cash and no debt.

Additional Information

Information is available on the Company's website at and on and through the Company's offices at:

Suite 301-141 Adelaide St. West
Toronto, ON, Canada
M5H 3L5
Phone: 416-628-5936
Fax: 416-628-5935

Attention: Patrick Sheridan Jr. President & C.E.O.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information