Guyana Goldfields Inc.
TSX : GUY

Guyana Goldfields Inc.

October 03, 2005 12:52 ET

Guyana Goldfields Inc. Acquires Common Shares And Warrants Of Coronation Minerals Inc.

TORONTO, ONTARIO--(CCNMatthews - Oct. 3, 2005) - Guyana Goldfields Inc. ("Guyana") (TSX:GUY) announces that it has acquired ownership of 1,840,000 common shares and 1,840,000 share purchase warrants (the "Warrants") of Coronation Minerals Inc. ("Coronation"), each such Warrant entitles the holder thereof to acquire one additional common share of Coronation at a price of $0.35 per share. In the event the Warrants are fully exercised, these holding represent approximately 7.59% of the issued and outstanding common shares of Coronation calculated on a partially diluted basis assuming exercise of the Warrants only. As a result of this purchase, Guyana holds, as at September 26, 2005, an aggregate of 8,617,000 common shares and 1,840,000 Warrants of Coronation representing approximately 21.56% of the issued and outstanding common shares of Coronation calculated on a partially diluted basis assuming exercise of the Warrants only.

These transactions were made for investment purposes and Guyana could increase or decrease its investments in Coronation depending on market conditions or any other relevant factor.

Additional Information

Additional information regarding Guyana is available on Guyana's website at www.guygold.com and on www.sedar.com.

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

Contact Information

  • Guyana Goldfields Inc.
    Patrick Sheridan
    President and Chief Executive Officer
    (416) 628-5936
    (416) 628-5935 (FAX)
    psheridan@guygold.com
    347 Bay Street, Suite 301 Toronto, ON M5H 2R1