TORONTO, March 5, 2013 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) (the "Company", "Guyana Goldfields"or "GGI") announces the resignation of Mr. Marcel. F. DeGuire as President & Chief Operating Officer ("COO") of the Company effective July 15, 2013.

Mr. DeGuire is resigning for personal reasons and remains available to assist the Company in advancing the development of the Project. Mr. DeGuire states, "I continue to support the Company and the development of the Aurora Gold Project and wish GGI success in all its growth moving forward. I have no doubt that Aurora will be a highly profitable operation in addition to showing excellent expansion potential beyond the current mine plan."

Moving forward, the Company will immediately begin a search for a new President & COO to be based at the corporate head office in Toronto.

The Company's Aurora Gold Project timeline remains unaffected and continues to advance on track, including the delivery of the Bankable Feasibility Study. The Company has carried out direct discussions with potential consultants and contractors for EPCM or EPC contracts.

The on and off-site early works construction activities also remain on schedule on such items as road works, camp construction, Buckhall port development, etc.. Detailed engineering for early works including tailings dam and other critical path earthworks will be awarded imminently. We continue to have discussions with project lenders for the remaining capital requirement of the Project.

About Guyana Goldfields Inc.:

Guyana Goldfields Inc. is a Canadian based company, focused on the exploration and development of gold deposits in Guyana, South America where the Company has operated since 1996. The Company is focused on bringing the Aurora Gold Project into production with infrastructure development currently underway. Active exploration continues at Aurora and at the Company's Aranka Group of Properties with the intention of further expanding these resources. Greenfields exploration by our experienced team of geologists is also ongoing in the broader Aranka group of properties. As at the date hereof, the Company has approximately C$122 million in cash and cash equivalent and no debt; there are approximately 124,491,814 shares issued and outstanding.

Forwarding-Looking Information
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the estimation of mineral resources. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved.

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of GGI to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the final findings set forth in the "NI 43-101 Technical Report, Updated Feasibility Study - Aurora Gold Project" dated January 29, 2013, general business, economic, competitive, political and social uncertainties; the actual results of exploration activities; the receipt of applicable regulatory approvals; changes in project parameters as plans continue to be refined; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in GGI's annual information form. Although GGI has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and GGI disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

SOURCE: Guyana Goldfields Inc.