Guyana Goldfields Inc.
TSX : GUY

Guyana Goldfields Inc.

May 31, 2005 08:01 ET

Guyana Goldfields Inc.: High Grade Gold Intersected at Aurora

TORONTO, ONTARIO--(CCNMatthews - May 31, 2005) - Guyana Goldfields Inc. (TSX:GUY) is pleased to report additional encouraging results from the Aurora Property, Guyana, South America. The Company holds a 100% interest in the 164,000 acre property.

Rory's Knoll

Drilling at the Rory's Knoll area continues to expand the mineralized zone, as well as provide additional evidence of an increasing grade at depth. Hole RKD-34 returned 11.53 g/t Au. over a core length of 105.7 metres (uncut). Included within this section is a very high grade section of 68.1 g/t Au. over 15.7 metres. Visible gold was observed within this mineralized zone. When values in excess of 25 g/t Au. are cut to 25 g/t Au. the mineralized section averages 3.1 g/t Au. over 105.7 metres. Drilling in this area will continue when a larger rig arrives on the property, which is expected to be operational within 5 weeks.

Aleck Hill

Eight hundred metres west of the Rory's Knoll area, in an area of significant historical gold workings, drilling has delineated significant near surface gold mineralization. Four holes (SPD-1 to SPD-4) have previously been released from this area (Press release January 26, 2005). Highlights of current drilling results include hole SPD-15 which returned 42 metres of 4.96 g/t Au., hole SPD-5 which returned 11.9 g/t Au. over 26.5 metres and hole SPD-9 which assayed 9.48 g/t Au. over 50 metres. Complete results are tabulated hereunder.



Hole Location Dip Total Length Grade
North East Depth (g/t Au.)
(deg.) (m.) (m.) Cut Uncut
SPD-5 10055 9820 -45 55 7.5 1.83 1.83
26.5 4.89 11.94
(1)SPD-6 10055 9818 -65 40 10.5 2.05 2.05
1 1.03 1.03
(1)SPD-7 10055 9818 -45 44 10 2.40 2.40
SPD-8 10000 9800 -45 72 9 2.21 2.21
30.5 5.23 5.23
1 6.33 6.33
SPD-9 10000 9800 -65 67 3 1.50 1.50
50 6.87 9.48
SPD-10 9950 9785 -45 79.5 4.5 1.11 1.11
13.5 1.40 1.40
SPD-11 9950 9785 -60 85 4.5 5.77 5.77
12 3.43 3.43
SPD-12 9900 9780 -45 45 1.5 1.10 1.10
6 8.98 9.95
13.5 7.32 8.79
SPD-13 9900 9780 -60 62.5 4.5 1.18 1.18
4.5 10.52 11.50
4.5 3.19 3.19
3 2.17 2.17
SPD-14 9850 9775 -45 71.5 1.5 1.03 1.03
1.5 2.00 2.00
1.5 1.17 1.17
SPD-15 9850 9775 -60 82 1.5 1.73 1.73
42 4.35 4.96
SPD-16 9800 9750 -45 84 18 1.86 1.86
SPD-17 9800 9750 -60 85 1.5 2.33 2.33
(1) hole abandoned prior to reaching targeted depth
Note: All holes drilled at an azimuth of 56 degrees


Drilling continues on the property with two rigs currently operating. In addition, auger drilling of prospective areas outlined by stream sediment sampling and geophysics has delineated at least six anomalous areas requiring additional work.

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) $11 million in cash and no debt.

Additional Information

Information is available on the Company's website at http://www.guygold.com and on http://www.sedar.com, and through the Company's offices by contacting:

The TSX has not reviewed and 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