Guyana Goldfields Inc.

Guyana Goldfields Inc.

March 14, 2005 08:00 ET

Guyana Goldfields Inc.: Aurora Property Diamond Drilling Results-149.1 m at 2.83 g/t Au


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GUYANA GOLDFIELDS INC.

TSX SYMBOL: GUY

MARCH 14, 2005 - 08:00 ET

Guyana Goldfields Inc.: Aurora Property Diamond
Drilling Results-149.1 m at 2.83 g/t Au

TORONTO, ONTARIO--(CCNMatthews - March 14, 2005) - Guyana Goldfields
Inc. (TSX:GUY) announces additional exploration results from the
Company's Aurora Mine Property, Guyana, South America. The Company holds
a 100% interest in the 164,000 acre property. The Aurora Property
includes the largest historical gold mine in Guyana which was in
operation from 1940 to 1949. During this period, between 72,000 to
122,000 ozs. Au were mined, primarily from the Aleck Hill area. To date,
eight mineralized areas have been established at Aurora, all of which
lie within a 1.6 X 1.6 km. area in the northern part of the Property.

Drilling Results

Drilling continues at the Aurora property. The Company is currently
drilling at the Rory's Knoll area.

Rory's Knoll

The Rory's Knoll area is the most easterly gold zone discovered to date
at Aurora and lies approximately 1.6km east of the historical high grade
operations at Aleck Hill. The Company has previously reported 20 diamond
drill holes from this area, significant results are tabulated hereunder.



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Mineralized
Location Core Length (Metres) Grade
------------- ---------------------------
Hole # North East Dip Azimuth From To Length g/t Au
---------------------------------------------------------------------
RKD-1 9930 10810 -45 58 0 46.5 46.5 5.82
---------------------------------------------------------------------
RKD-2 9930 10810 -60 58 0 93 93 1.99
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RKD-3 9930 10810 -45 58 0 74 74 4.06
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RKD-4 9924 10822 -45 238 0 55.9 55.9 2.46
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RKD-5 9924 10822 -65 238 0 72 72 2.77
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RKD-6 10010 10794 -45 238 5 148 143 0.90
Including 5 38 33 2.64
Including 5 94 89 1.31
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RKD-7 10010 10794 -60 238 0 205.5 205.5 1.26
Including 0 50.0 50.0 2.56
---------------------------------------------------------------------
RKD-8 10010 10843 -60 238 0 171 171 2.87
---------------------------------------------------------------------
RKD-9 10010 10893 -45 238 35.2 246.5 211.3 2.49
---------------------------------------------------------------------
RKD-10 10003 10993 -45 238 44.0 328.0 284.0 1.53
---------------------------------------------------------------------
Including 183.0 294.0 111.0 3.32
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RKD-11 10110 10844 -45 238 108.0 227.0 119.0 1.34
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RKD-12 10100 10926 -45 238 67.85 76.0 8.15 4.61
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153.78 196.0 42.22 0.97
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259.0 300.0 41.0 1.34
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RKD-14 9924 10927 -45 238 106.5 177.0 70.5 2.18
---------------------------------------------------------------------
RKD-17 10002 11102 -45 238 276.0 398.0 122.0 2.86
---------------------------------------------------------------------
RKD-19 10205 11031 -45 238 125 129.5 4.5 5.68
---------------------------------------------------------------------

To date in 2005 the Company has completed an additional five holes at
Rory's Knoll.

---------------------------------------------------------------------
Mineralized
Location Core Length (Metres) Grade
------------- ---------------------------
Hole # North East Dip Azimuth From To Length g/t Au
---------------------------------------------------------------------
RKD- 22 10008 10657 -55 118 0 18 18.0 0.826
---------------------------------------------------------------------
47.75 48.48 0.73 5.50
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59.15 59.60 0.45 5.93
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82 86 4 2.20
---------------------------------------------------------------------
135 284.1 149.1 2.83
---------------------------------------------------------------------
Including 135 149 14 5.37
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Including 171 284.1 113.14 3.03
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RKD-23 10055 10911 -60 238 51 53 2 2.67
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81 83 2 3.44
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123 125 2 2.20
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135 137 2 2.43
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143 145 2 2.23
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180 284 104 1.21
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Including 180 245 65 1.59
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Including 274 284 10 2.009
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RKD-24 10059 11013 -60 238 140 144.3 4.3 8.08
---------------------------------------------------------------------
160 172 12 2.39
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199 205.3 6.3 4.03
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228 232 4 1.165
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285 414 129 2.62
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RKD-25 9993 10863 -90 0 50 60 10 3.07
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104 168 64 2.47
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170 172.2 2.2 1.43
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180 186 6.0 1.65
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Holes RKD-21 and RKD-25 were terminated prior to reaching their targeted
drill depth of 500 and 575m respectively. These holes flattened from
their original dip of 65 and 90 degrees respectively and were terminated
at 346m (RKD-21) and 203m (RKD-25). Both holes were drilled to explore
for mineralization vertically below hole RKD-17(122m @ 2.86 g/t Au).

Holes RKD 23 and 24 successfully tested continuity of mineralization at
depth following an interpreted 70 degrees rake to the northwest. These
two holes open up this part of Rory's knoll mineralized zone for
immediate step-out drilling which may lead to the suspected linkage with
the East Walcott zone to make one big deposit.

Ongoing Exploration Work

The Company currently has two drills working on the property. In
addition, a major stream sediment and soil sampling program is underway.
This program is being guided by the results of an airborne geophysical
survey completed in late 2004 as well as by historical regional stream
sediment surveys and the location of historical gold workings.
Interpretation of the geophysical data suggests that the Rory's Knoll
discovery forms part of a much larger regional structure with an
indicated strike length of several kilometers. Where this structure is
intersected by north-south faults, there is an increased probability of
significant gold mineralization.

About Guyana Goldfields

The Aurora exploration and drilling program is being carried out under
the direction of Mr. Rory Calhoun, a qualified person within the meaning
of National Instrument 43-101. Mr. Calhoun has reviewed the exploration
results contained in this news release. Core is split, with half sent to
Loring Laboratories in Georgetown, Guyana for preparation and analysis
using fire assay. Loring Laboratories is a Canadian owned and operated
laboratory. 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) $12.0 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:
347 Bay Street, Suite 301
Toronto, ON
M5H 2R7
Phone: 416-628-5936
Fax: 416-628-5935
E-mail: psheridan@guygold.com
Attention: Patrick Sheridan Jr. President & C.E.O.


-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Guyana Goldfields Inc.
    Patrick Sheridan Jr.
    President & C.E.O.
    (416) 628-5936
    (416) 628-5935 (FAX)
    psheridan@guygold.com
    The TSX has not reviewed and does not accept responsibility for the
    adequacy or accuracy of this release.