Guyana Goldfields Inc.
TSX : GUY

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

Aranka Gold Inc.

April 30, 2007 16:00 ET

Guyana Goldfields and Aranka Gold Announce the Exercise of Back-In Agreement Rights

TORONTO, ONTARIO--(CCNMatthews - April 30, 2007) - Guyana Goldfields (Guyana Goldfields) (TSX:GUY) and Aranka Gold Inc. (Aranka) (TSX VENTURE:ARK) are pleased to announce the exercise by Guyana Goldfields of the previously announced back-in agreement executed and delivered in 2005. As announced on October 20, 2005 the terms of the back-in agreement entitle Guyana Goldfields to acquire a 50% interest in all exploration areas held by Aranka by paying 125% of total expenditures on the properties, which is approximately CDN$1,900,000. The exercise of the back-in right is subject to receipt of requisite regulatory approvals, including without limitations the approval of the TSX Venture Exchange.

Going forward the companies will split total expenditures on a 50/50 basis. Guyana Goldfields will assist Aranka by providing valuable logistical and technical support which has been developed by ten years of ongoing exploration in the country of Guyana.

The properties that are the subject matter of the exercise of the back in right are known as the Arangoy target area, the Raskassa target area, the Wynamu/Kalaloo target area, the Imotai target area, the Minabaru target area, the Maple Creek/New Workings target area and the Aranka (Red Hill) target area. The southern boundary of the Aranka district is located approximately eighteen miles ENE of the current base camp of Guyana Goldfields' Aurora Project. The geology of the Aranka district appears to be similar to that of the Aurora district. Aerial reconnaissance as well as historical reports indicate that the area hosts several significant areas of historical gold workings, the oldest of which date back to the original Pigeon Island gold rush of 1912 in which up to 5000 men were working in the southern part of the field. Gold mineralization appears to be closely related to the margins and main body of a granitic intrusive and into metamorphosed acid and basic volcanic rocks. Aranka and Guyana plan an aggressive exploration program for the Aranka District targets.

John Patrick Sheridan is the President and Chief Executive Officer of Aranka and controls directly or indirectly approximately 24% of the issued and outstanding shares of Aranka. John Patrick Sheridan is the President and Chief Executive Officer of Guyana. An independent committee of the board of directors of Guyana comprised of individuals who are at arm's length to John Patrick Sheridan, Aranka and the board of directors of Aranka, was formed to evaluate the exercise of the back-in right and to recommend to the board of directors of Guyana whether to exercise such right. After a full consideration of the advantages and disadvantages of the exercise of such right, the independent committee unanimously recommended to the board that the back-in right be exercised.

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.

Guyana holds advanced exploration projects in various stages of development and has been operating in Guyana continuously since 1996. Guyana currently has approximately (CDN) $30 million in cash and no debt.

Additional Information

Information is available on Guyana's website at www.guygold.com and on www.sedar.com and by contacting:



Suite 301-141 Adelaide St. West
Toronto, ON, Canada
M5H 3L5
Attention: John Patrick Sheridan President & C.E.O.


About Aranka Gold Inc.:

Aranka is a junior exploration company focusing on early stage gold exploration in the Guiana Shield.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Guyana Goldfields Inc.
    John Patrick Sheridan
    President and Chief Executive Officer
    (416) 628-5936
    (416) 628-5935 (FAX)
    Email: psheridan@guygold.com
    or
    Aranka Gold Inc.
    John Patrick Sheridan
    President and Chief Executive Officer
    (416) 628-5936
    (416) 628-5935 (FAX)
    Email: psheridan@arankagold.com