Guyana Goldfields Inc.
TSX : GUY

Guyana Goldfields Inc.

October 10, 2007 11:49 ET

Guyana Releases Initial Resource Estimate 1.97 Million Ounces Indicated and 2.68 Million Ounces Inferred

TORONTO, ONTARIO--(Marketwire - Oct. 10, 2007) - Guyana Goldfields Inc. (TSX:GUY) is pleased to announce results of it's initial NI 43-101compliant Resource Estimate for three of eight mineralized zones currently being explored in the Golden Square Mile area of its Aurora project. The Aurora Project located on the Cuyuni River, Guyana South America is 100% owned by the Company.

Sufficient drilling from surface to approximately -405m vertical distance has been completed at Rory's Knoll and Aleck Hill to classify these portions as an indicated resource. This indicated resource is amenable to open pit mining practices with high recovery ratios (approximately 92%) as reported earlier by the Company's press release dated February 23, 2006.

The tables below summarize the estimate for Aleck Hill, Rory's Knoll and East Walcott zones using cut-off grades of 1.0 g/t Au and 0.5 g/t Au respectively.



--------------------------------------------------------------
Indicated Inferred
--------------------------------------------------------------
Contained Contained
Tonnes Ounces Tonnes Ounces
Grade (millions) (million) Grade (millions) (million)
--------------------------------------------------------------
Rory's Knoll 3.35 19.77 1.26 3.46 20.24 2.25
--------------------------------------------------------------
East Walcott 3.77 1.45 0.18
--------------------------------------------------------------
Aleck Hill 3.55 5.27 0.6 2.07 1.6 0.11
--------------------------------------------------------------
Total 1.86 2.54
--------------------------------------------------------------

At a 1 g/t Au cut off the Total Indicated Resource is 1.86 Million Ounces
and the Total Inferred Resource is 2.54 Million Ounces for a total of 4.40
Million Ounces.

--------------------------------------------------------------
Indicated Inferred
--------------------------------------------------------------
Contained Contained
Tonnes Ounces Tonnes Ounces
Grade (millions) (million) Grade (millions) (million)
--------------------------------------------------------------
Rory's Knoll 2.84 14.53 1.33 2.92 25.35 2.38
--------------------------------------------------------------
East Walcott 3.11 5.74 0.18
--------------------------------------------------------------
Aleck Hill 2.90 6.86 0.64 1.68 2.26 0.12
--------------------------------------------------------------
Total 1.97 2.68
--------------------------------------------------------------


At a 0.50 g/t Au cut off the Total Indicated Resource is 1.97 Million Ounces
and the Total Inferred Resource is 2.68 Million Ounces for a total of 4.65
Million Ounces.

1. Mineral resources for the Aleck Hill, Rory's Knoll and East Walcott zones of the Aurora Gold Deposit have been prepared and categorised for reporting purposes by Mr. D. K. Mukhopadhyay, MAusIMM, Senior Mineral Resource Geologist of Micon International Co Limited, under the overall direction of Mr. B. Terrence Hennessey, P.Geo, Vice President of Micon International Limited. The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council December 11, 2005. Mr. Mukhopadhyay is acting as the Qualified Person for this disclosure as defined in the NI 43-101.

2. Aurora mineral resources are defined primarily by diamond core drilling. Drilling was conducted on a grid of 100 m x 100 m, 50 m x 50 m or 25 m x 25 m.

3. The gold price used for calculating the cut-off grade was US$ 525/ ounce.

4. Mineralisation was defined using a cut-off grade of 0.4 g/t and reported at a cut-off of 1.0 g/t Au.

5. Drill core samples were assayed for Au. Drill samples are generally 1.5 m in length. All samples have been regularised to 2 m composites.

6. Block grades were interpolated using ordinary kriging for Rory's Knoll, East Walcott and most of Aleck Hill utilising variogram parameters developed for each area. Inverse distance to the power of 3 was used for those parts of Aleck Hill where mineralisation has been defined based on few intersections.

7. The bulk density of the mineralisation was based on actual data collected during exploration. A bulk density factor of 2.46 tonnes / m3 was applied to the Aleck Hill, 2.51 tonnes / m3 for Rory's Knoll and 2.52 tonnes/ m3 for East Walcott Area.

8. Indicated mineral resources were defined as those portions of the deposit defined mostly with a drill spacing of 25m x 25m and those areas where there is 50 m X 50 m drill spacing and a high level of confidence on the geological continuity of mineralisation.

9. Inferred mineral resources were defined as those portions of the deposit for which grade is interpolated utilising wider drill spacing or fewer intersections but with a higher level of confidence on the geological continuity of the mineralisation.

10. The data cut off date for resource estimation at Rory's Knoll and East Walcott Hill was July 31, 2007. The data cut-off for Aleck Hill was August 14, 2007.

11. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. It is uncertain if further exploration will result in upgrading of inferred mineral resources to the indicated or measured category.

Mr. Patrick Sheridan, CEO of Guyana Goldfields Inc. noted that this estimate is based only on drill results of three zones that are still currently undergoing more exploration work. He said, "There are more mineralized zones within and outside the confines of the Golden Square mile of the Aurora project that await follow up work and most probably will add more value to this current resource number."

There are currently five diamond drill rigs operating in the project.

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) $27 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

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

Contact Information