Guyana Goldfields Inc.
TSX : GUY

Guyana Goldfields Inc.
Aranka Gold Inc.
TSX VENTURE : ARK

Aranka Gold Inc.

November 05, 2007 13:24 ET

Guyana Goldfields Inc.: Aurora Exploration Update-More Gold at Aurora

TORONTO, ONTARIO--(Marketwire - Nov. 5, 2007) - Guyana Goldfields Inc. (TSX:GUY) and Aranka Gold Inc. (TSX VENTURE:ARK) -

Guyana Goldfields Inc. (TSX:GUY) is pleased to announce additional diamond drilling results from it's 100% owned Aurora Project, Cuyuni Mining District, Guyana, South America. The Company released an initial resource estimate on the project on October 10, 2007 in which two of eight known mineralized zones in the Golden Mile area of Aurora were analyzed by Micon International Limited. The focus of the current drilling program is the following:



i. To upgrade the initial resource estimate in terms of tonnage and grade
ii. To expand the known gold resources in the Golden Mile
iii. To develop additional gold resources both within, and outside of, the
Golden Mile


Rory's Knoll

The Company reports results from four diamond drill holes which are tabulated hereunder. Hole RKD-70 can be considered a step-out hole in the sense that it probed lateral continuity of known gold mineralization on the northern edge of the zone at elevations of approximately -450 mRL. This hole returned 144 metres grading 2.31 g/t Au (uncut) including a higher grade section of 14 metres grading 7.35 g/t Au (uncut). This hole also hit a near surface zone of 9 metres grading 15.69 g/t Au.

Hole RKD-75 can also be considered a "step-out" hole as it was designed to explore for lateral continuity of mineralization on the western edge of the zone at an elevation of approximately -900mRl. This hole returned two significant intercepts: 27.7 metres grading 7.26 g/t Au (uncut) as well as 68 metres grading 2.1 g/t Au.

Holes RKD-72B and RKD-73 can be considered infill holes as they lie between existing holes with known gold mineralization. Hole RKD-72B returned 82 metres grading 2.96 g/t Au and 12 metres grading 7.9 g/t Au. Hole RKD-73 returned 206.35 metres grading 3.52 g/t Au which includes four additional high grade zones, the most significant being 16 metres of 15.09 g/t Au (uncut).



Location / Orientation Drill Intercept (meters)
Hole # --------------------------------------------------------------------
Grade
North East Azimuth Dip From To Width (g/t Au)
---------------------------------------------------------------------------
RKD-70 10098 10900 289 -75 6 15 9.00 2.42
---------------------------------------------------------------------------
53 62 9.00 15.69
--------------------------------------
13.57 (cut to 25 g/t Au)
--------------------------------------
including 55 60.75 5.75 23.59
--------------------------------------
20.28 (cut to 25 g/t Au)
--------------------------------------
382.8 394 11.20 1.4
--------------------------------------
433 577 144.00 2.31
--------------------------------------
2.26 (cut to 25 g/t Au)
--------------------------------------
including 446 452 6.00 4.27
--------------------------------------
458 464 6.00 5.12
--------------------------------------
490 504 14.00 7.35
--------------------------------------
6.89 (cut to 25 g/t Au)
---------------------------------------------------------------------------
RKD-72B Devico Directional Hole 416.6 419.6 3.00 1.14
Kick-off point at 371.6 m from -------------------------------------
RKD-60 480 481 1.00 2.10
--------------------------------------
705 787 82.00 2.96
--------------------------------------
2.76 (cut to 25 g/t Au)
--------------------------------------
including 705 713 8.00 12.95
--------------------------------------
10.87 (cut to 25 g/t Au)
--------------------------------------
753 765 12.00 7.90
--------------------------------------
817 823 6.00 2.22
--------------------------------------
849 888 39.00 0.89
---------------------------------------------------------------------------
RKD-73 Devico Directional Hole 959 962 3.00 1.70
Kick-off point at 630 m from --------------------------------------
RKD-62 974.65 1181 206.35 3.52
--------------------------------------
3.33 (cut to 25 g/t Au)
--------------------------------------
including 1022 1038 16.00 15.09
--------------------------------------
12.80 (cut to 25 g/t Au)
--------------------------------------
1056 1064 8.00 5.56
--------------------------------------
1116 1132 16.00 6.59
--------------------------------------
6.38 (cut to 25 g/t Au)
--------------------------------------
1138 1146 8.00 5.43
---------------------------------------------------------------------------
RKD-75 Devico Directional Hole 972 999.7 27.70 7.26
Kick-off at 623.70 m from --------------------------------------
RKD-62 7.19 (cut to 25 g/t Au)
--------------------------------------
including 980 987 7.00 21.74
--------------------------------------
21.49 (cut to 25 g/t Au)
--------------------------------------
including 980 999.7 19.70 9.79
--------------------------------------
9.70 (cut to 25 g/t Au)
--------------------------------------
1046 1078.5 32.50 1.60
--------------------------------------
1092 1160 68.00 2.10
--------------------------------------
including 1128 1138 10.00 4.06
---------------------------------------------------------------------------
(i) Distances are down hole depths and are not absolute vertical distances
from surface nor do they represent true width intersections


Aleck Hill

Aleck Hill, like Rory's Knoll, was included in the initial resource estimate. Three holes are reported hereunder, the most significant of which is AHD-49. This hole was designed to test for mineralization below that reported in hole AHD-20 (9.6 g/t AU over 21.5 metres) The deepest intersection in hole (4 metres grading 8.68 g/t Au) lies approximately 75 metres below the intersection in AHD-20 or approximately 315 metres below surface. Like Rory's Knoll, the Aleck Hill gold zone remains open to depth.



Location / Orientation Drill Intercept (meters)
Hole # --------------------------------------------------------------------
Grade
North East Azimuth Dip From To Width (g/t Au)
---------------------------------------------------------------------------
AHD-46 10125 9550 55 -60 30 33 3.00 2.73
--------------------------------------
60 71.2 11.20 0.49
--------------------------------------
286 292 6.00 0.84
---------------------------------------------------------------------------
AHD-48 9400 9700 90 -60 203.75 206.95 3.20 1.22
--------------------------------------
257 257.8 0.80 14.90
---------------------------------------------------------------------------
AHD-49 9950 9550 87 -65 175 179 4.00 1.13
--------------------------------------
207.8 212 4.20 1.95
--------------------------------------
363.5 365 1.50 1.07
--------------------------------------
417 421 4.00 8.68
---------------------------------------------------------------------------
(i) Distances are down hole depths and are not absolute vertical distances
from surface nor do they represent true width intersections


Walcott Hill

Walcott Hill lies in between the Rory's Knoll and Aleck Hill areas, and was the subject of underground exploration in the 1940's. Several shallow tunnels in the area have been channel sampled by the Company and have returned encouraging values such as 7.81 g/t Au over 8 metres and 2.76 g/t over 35 metres (see 43-101 report by Cargill Consulting filed on Sedar on March 29, 2006). To date, the Company has drilled a total of thirteen holes in this area, of which, the final two are reported hereunder. Hole WHD-13 was designed to follow up on WHD-7 (5.29 g/t over 5.1metres) and returned 5.28 g/t over 9.5 metres. This hole confirms the results of previous very shallow drilling and sampling as the intersection in hold WHD-13 is approximately 70 metres from surface.



Location / Orientation Drill Intercept (meters)
Hole # --------------------------------------------------------------------
Grade
North East Azimuth Dip From To Width (g/t Au)
---------------------------------------------------------------------------
WHD-13 10116 10274 90 -48 13.4 19.5 6.10 0.69
--------------------------------------
65.5 68.5 3.00 2.27
--------------------------------------
112.5 122 9.50 5.28
---------------------------------------------------------------------------
(i) Distances are down hole depths and are not absolute vertical distances
from surface nor do they represent true width intersections


Ongoing Exploration

The Company is focused on defining additional gold mineralization in the following areas: North Aleck Hill, Walcott Hill, the Mad Kiss zone and West Mad Kiss. All of these area's have returned significant diamond drill intersections in the past and will likely contribute to an eventual "global" resource figure for the Golden Mile.

Areas outside the Golden Mile in which future drilling and geophysics is planned include the Swamp Vein and Powis Hill areas. In addition, initial reconnaissance on the western margin of the Aurora batholith has led to the discovery of several historical workings. A 0.75 metre outcrop of quartz in one of these areas returned 2.87 and 1.06 g/t Au. This month a twenty man team will commence a systematic auger sampling of the area designed to define additional areas for diamond drilling.

Aranka Exploration Update

The Aranka project is a 50/50 joint venture currently being explored by the Company and Aranka Gold Inc. (TSX VENTURE:ARK) The area is approximately 275,000 acres and has been subject to significant mining by locals over the past eight decades. The Companies currently have approximately seventy men committed to the project of which fifty are exploring the southern part of the concessions and twenty the eastern part.

In the southern areas approximately 180 kilometres of lines have been cut and approximately 3,500 auger samples have been taken. In addition two areas have been so far drill tested with incoming initial assay results showing significant gold values. In the Arangoy area, 9.2 meters grading 1.23 g/t Au and in Red Hill 53.1 metres grading 0.67 g/t Au were intersected. These intercepts are showing that the areas are indeed mineralized. Ground exploration is on going and to date the assays for 3,500 auger samples are awaited for further examination of the target areas.

On the Eastern side of the concessions, stream sediment sampling, auger sampling and sampling of historic workings is ongoing. Drill target selection for the large area will be evaluated once all data is available to the Companies.

Mr. Patrick Sheridan, CEO of the Companies noted "The further expansion of the many gold zones at Aurora is highly encouraging. Additional work both inside the Golden Mile as well as on a regional basis will likely add to the existing gold resources at this emerging district. With strong balance sheets, excellent technical talent and close to 180 men committed to the area, 2008 will likely bring more success to stakeholders of the Companies."

About Guyana Goldfields

The Aurora exploration and drilling program is being carried out under the direction of Mr. Augusto Flores IV, a qualified person within the meaning of National Instrument 43-101. Mr. Flores has reviewed the exploration results contained in this news release. Core is split, with half sent to laboratories for fire assaying. The Company is currently utilizing the services of two independent laboratories, one of which is Loring Laboratories, a Canadian owned and operated facility, as well as the laboratory of a major Canadian mining company. The Company maintains an archive of half core samples and a photographic record of all cores for future reference. Sample blanks, duplicates and recognized standards were inserted into the sample stream at regular intervals.

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) $26 million in cash and no debt.

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 at:



Suite 301-141 Adelaide St. West
Toronto, ON, Canada
M5H 3L5

Phone: 416-628-5936
Fax: 416-628-5935
E-mail: psheridan@guygold.com

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.

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