Guyana Goldfields Inc.
TSX : GUY

Guyana Goldfields Inc.

February 02, 2006 16:00 ET

Guyana Goldfields Intersects 102 Metres Grading 3.87 g/t Au

TORONTO, ONTARIO--(CCNMatthews - Feb. 2, 2006) - Guyana Goldfields (TSX:GUY) is pleased to announce additional positive drilling results from its 100% owned Aurora Property. These results demonstrate significant expansion of the Rory's Knoll mineralized structure as well as increased confidence in the interpretation of its geometry and grade continuity of the mineralized zone.

Hole RKD-40 was designed to test the southerly wall of the deposit at a vertical depth of approximately 700 metres below surface. Narrow zones of gold mineralization were intersected which indicate an interfingering assay wall and not abrupt structural limits.

Hole RKD-41 was targeted to explore continuity of the gold mineralization 100 meters below RKD-27 (134.8m @ 2.43 g/t Au) and 250 meters above hole RKD-37 (96m @ 2.00g/t Au including 52m @ 2.95 g/t Au). This hole returned 102 metres grading 3.87 g/t Au with its piercing point located nearly "right-on" along the plunge axis as defined by previous drilling.



---------------------------------------------------------------------
Mineralized
Location Intersection (m)
---------------- Grid ------------------ Grade
Hole # Northing Easting Azimuth Dip From To Width (g/t Au)
---------------------------------------------------------------------
RKD-40D 10056.00 11102.66 285 -70 459.6 461.7 2.1 7.61
--------------------------
686 689 3 2.43
---------------------------------------------------------------------
RKD-41 10100.05 11149.97 278 -64 624 726 102 3.87
--------------------------
3.79 (cut to 25 g/t Au)
--------------------------
including 661 679 18 8.78
--------------------------
8.68 (cut to 25 g/t Au)
--------------------------
701 720 19 7.29
--------------------------
6.95 (cut to 25 g/t Au)
---------------------------------------------------------------------


These results strongly confirm the steep northerly plunge of the Rory's Knoll structure and the continuity of its contained mineralized zone. The structure and mineralized zone remains open in this direction.

Assay results from an additional six holes in the Rory's Knoll area have also been received by the Company. These holes were designed to provide fill-in information as part of the delineation process on the upper part of the deposit.



---------------------------------------------------------------------
Mineralized
Location Intersection (m)
---------------- Grid ------------------ Grade
Hole # Northing Easting Azimuth Dip From To Width (g/t Au)
---------------------------------------------------------------------
RKD-42 9935.00 10830.96 250 -50 6 155.5 149.5 3.57
--------------------------
3.45 (cut to 25 g/t Au)
--------------------------
including 47 56.5 9.5 7.42
--------------------------
6.19 (cut to 25 g/t Au)
---------------------------------------------------------------------


---------------------------------------------------------------------
Mineralized
Location Intersection (m)
---------------- Grid ------------------ Grade
Hole # Northing Easting Azimuth Dip From To Width(g/t Au)
---------------------------------------------------------------------
RKD-42 9935.00 10830.96 250 -50 85 95.5 10.5 10.42
--------------------------
9.82 (cut to 25 g/t Au)
--------------------------
134 145 11 8.24
-------------------------------------------
RKD-43 9936.24 10875.31 250 -51 27 32 5 1.53
--------------------------
127 200 73 2.19
--------------------------
2.10 (cut to 25 g/t Au)
--------------------------
including 127 148 21 3.99
--------------------------
3.69 (cut to 25 g/t Au)
--------------------------
172 200 28 2.58
---------------------------------------------------------------------
RKD-44B 9936.19 10883.46 270 -62 6 13.5 7.5 1.17
--------------------------
148 271 123 2.29
--------------------------
including 196 205 9 4.91
--------------------------
260.5 271 10.5 7.05
---------------------------------------------------------------------
RKD-45 9998.98 10768.53 270 -50 12 29.35 17.35 1.73
--------------------------
39.5 77 37.5 3.78
--------------------------
3.21 (cut to 25 g/t Au)
--------------------------
112 132 20 3.64
--------------------------
3.59 (cut to 25 g/t Au)
--------------------------
148 150 2 8.85
--------------------------
RKD-46 9994.74 10808.21 270 -60 39 49.5 10.5 6.38
--------------------------
5.43 (cut to 25 g/t Au)
--------------------------
67.5 228 160.5 1.66
--------------------------
including 67.5 79.5 12 3.47
---------------------------------------------------------------------
RKD-47 9936.23 10894.27 270 -68 166 297.15 131.15 2.70
--------------------------
2.69 (cut to 25 g/t Au)
--------------------------
including 216 229 13 5.65
--------------------------
265 289 24 5.51
--------------------------
5.44 (cut to 25 g/t Au)
---------------------------------------------------------------------


Encouraging near surface exploratory drilling results have also been obtained from two of seven other zones in the Aurora "Golden Square Mile".

At Walcott Hill, 300 meters due west of Rory's Knoll, hole WHD-5 intersected 4.46g/t Au over 10 meters and hole WHD-7 intersected 5.1 metres grading 5.29g/t au.

At South Mad Kiss, 800 metres south west of the Knoll area, hole SMKD-1 returned, from surface, 25.5 metres at 1.66g/t Au and hole SMKD-8 intersected 7.5 meters grading 3.1g/t Au.

The Company continues to drill with three rigs currently operating at the Rory's Knoll area. In addition, a fourth rig will commence at the Company's newly discovered Marupa zone located 3.5km north of the "Golden Square Mile". The core of the Marupa zone is currently 1 square kilometre area as defined by significant geophysical and geochemical anomalies received to date. There is also significant potential for expansion of this target zone as additional geochemical results are received.

About Guyana Goldfields

The Aurora exploration and drilling program is being carried out under the direction of Mr. Augusto Flores IV, a qualified person within the meaning of National Instrument 43-101.

Mr. Flores 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) $6.8 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: 141 Adelaide Street West, Suite 301 Toronto, ON M5H 5L7

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 Jr.
    President & C.E.O.
    (416) 628-5936
    (416) 628-5935 (FAX)
    psheridan@guygold.com