Guyana Goldfields Inc.: Aurora Drilling Update

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From the Wires

Guyana Goldfields Inc.: Aurora Drilling Update

By: Marketwire .

Oct. 2, 2006 05:55 PM

TORONTO, ONTARIO -- (MARKET WIRE) -- 10/02/06 -- Guyana Goldfields (TSX: GUY) reports drilling results from the Company's Aurora Project, Guyana. Results from twenty-nine diamond drill holes from four areas of the property are reported herein and a further eighteen holes are currently being assayed. Drilling continues with five drills currently active, two of which are drilling deep targets on The Rory's Knoll Zone.

Alex Hill Area

The Company has received results from thirteen holes drilled in this area. Drilling continues to expand both near surface mineralization as well as deeper primary zones. Excellent grades were intersected in saprolite hole SPD-31A which returned 25.08 g/t Au over 10.5 meters. Deeper, primary gold intersections, include hole AHD-20 which returned 10.29 g/AU over 20 meters.


------------------------------------------------------------------------
         Location                    Mineralized Core Length (m)  Grade
         --------                    -----------------------------------
Hole #  North   East Azimuth    Dip    From      To   Length     g/t Au
------------------------------------------------------------------------
AHD-20   9975   9629      90    -65     213     215     2.00       3.36
------------------------------------------------------------------------
                                        228     231     3.00      15.33
------------------------------------------------------------------------
                                        255     259     4.00       3.84
------------------------------------------------------------------------
                                        313     333    20.00      10.29
------------------------------------------------------------------------
                                                 7.92 (cut to 25 g/t Au)
------------------------------------------------------------------------
                         including      322     331     9.00      21.47
------------------------------------------------------------------------
                                                 16.20 (cut to 25g/t Au)
------------------------------------------------------------------------
AHD-21  10025   9749      90    -65       0       9     9.00       1.15
------------------------------------------------------------------------
                                       79.5    83.5     4.00       1.41
------------------------------------------------------------------------
                                         97     100     3.00       2.29
------------------------------------------------------------------------
                                        137     140     3.00       9.11
------------------------------------------------------------------------
                                        189     194     5.00       4.15
------------------------------------------------------------------------
                                        201   202.5     1.50       2.01
------------------------------------------------------------------------
AHD-22  10200   9697      90    -60       6      12     6.00       2.11
------------------------------------------------------------------------
                                       62.5    79.5    17.00       2.82
------------------------------------------------------------------------
                         including       71      74     3.00       9.40
------------------------------------------------------------------------
                                        238   244.5     6.50       5.92
------------------------------------------------------------------------
AHD-23  10200   9580      90    -60     195     210    15.00       2.39
------------------------------------------------------------------------
                                        228     230     2.00       1.75
------------------------------------------------------------------------
AHD-24   9950   9594      90    -65      40    41.5     1.50       3.11
------------------------------------------------------------------------
                                        130     137     7.00       1.89
------------------------------------------------------------------------
AHD-25A  9924   9716      90    -65      37    38.5     1.50       1.39
------------------------------------------------------------------------
                                       50.5      52     1.50       1.71
------------------------------------------------------------------------
                                      101.5     103     1.50       1.09
------------------------------------------------------------------------
                                      136.2   136.6     0.40       1.69
------------------------------------------------------------------------
                                     166.45     175     8.55       2.79
------------------------------------------------------------------------
AHD-26   9876   9679      90    -65   68.45      69     0.55      11.56
------------------------------------------------------------------------
                                        180     191    11.00       4.63
------------------------------------------------------------------------
                                                 4.48 (cut to 25 g/t Au)
------------------------------------------------------------------------
                                      218.6   219.2     0.60       4.74
------------------------------------------------------------------------
AHD-27  9825    9650      90    -60    19.6      22     2.40       1.50
------------------------------------------------------------------------
                                         32   37.05     5.05       5.81
------------------------------------------------------------------------
                                        175     177     2.00      15.50
------------------------------------------------------------------------
                                      218.5     222     3.50       6.21
------------------------------------------------------------------------
AHD-28   9700   9617      90    -60     207     209     2.00       1.77
------------------------------------------------------------------------
SPD-29A  9923   9780      90    -45       0       3     3.00       3.04
------------------------------------------------------------------------
                                         45   54.15     9.15       4.46
------------------------------------------------------------------------
                                      57.15      60     2.85       8.70
------------------------------------------------------------------------
SPD-30   9925   9779      90    -60       0       4     4.00       1.20
------------------------------------------------------------------------
                                       20.5    26.5     6.00       1.23
------------------------------------------------------------------------
                                         55    65.5    10.50       4.50
------------------------------------------------------------------------
SPD-31A  9873   9781      90    -50      24    34.5    10.50      25.08
------------------------------------------------------------------------
                                        20.69 (cut to 25 g/t Au)
------------------------------------------------------------------------
                                       55.5    58.5     3.00       5.34
------------------------------------------------------------------------
                                       70.5      72     1.50       1.56
------------------------------------------------------------------------
SPD-32   9875   9780      90    -65      34    41.5     7.50       0.73
------------------------------------------------------------------------
                                         61    65.7     4.70       2.12
------------------------------------------------------------------------

East Walcott Hill

A total of six holes from this area adjacent to the Rory's Knoll Zone are reported herein. Holes EWD-12 and EWD-14 intercepted multiple zones of gold mineralization over core lengths of 35 to 50 meters with a best intercept of 5.60 g/t Au over 50.45 metres. Initial projections of the East Walcott Zone indicate that it will intercept the Rory's Knoll Zone footwall at depth.


------------------------------------------------------------------------
         Location                    Mineralized Core Length (m)  Grade
         --------                    -----------------------------------
Hole #  North   East Azimuth    Dip    From      To   Length     g/t Au
------------------------------------------------------------------------
EWD-9   10143  10681     270    -65   289.5     297     7.50       2.16
------------------------------------------------------------------------
EWD-10  10143  10680     270    -45        no significant results
------------------------------------------------------------------------
EWD-11  10143  10729     270    -45    27.5      32     4.50       1.02
------------------------------------------------------------------------
                                        171     175     4.00       3.14
------------------------------------------------------------------------
                                        272     274     2.00       1.59
------------------------------------------------------------------------
EWD-12  10100  10708     270    -70    33.5   47.85    14.35       1.98
------------------------------------------------------------------------
                                        207  241.95    34.95       4.76
------------------------------------------------------------------------
                         including      211     216     5.00      10.25
------------------------------------------------------------------------
                                        236     241     5.00       9.96

------------------------------------------------------------------------
                                     286.55     337    50.45       5.60
------------------------------------------------------------------------
                                           5.46 (cut to 25 g/t Au)
------------------------------------------------------------------------
                         including      300     314    14.00      10.23
------------------------------------------------------------------------
                                           9.29 (cut to 25 g/t Au)
------------------------------------------------------------------------
                                     373.3   374.87     1.57       1.43
------------------------------------------------------------------------
                                       392      395     3.00       1.86
------------------------------------------------------------------------
EWD-13  10142  10670       0    -90  631.5      633     1.50       1.45
------------------------------------------------------------------------
EWD-14  10121  10675       0    -90    204    253.9    49.90       2.79
------------------------------------------------------------------------
                         including     204    208.5     4.50      13.78
------------------------------------------------------------------------
                                       306    344.5    38.50       4.47
------------------------------------------------------------------------
                         including   310.5    322.5    12.00       7.99
------------------------------------------------------------------------

Marupa

Results from three holes in from this area are reported herein. Only relatively short intersections of gold mineralization were encountered.


------------------------------------------------------------------------
         Location                    Mineralized Core Length (m)  Grade
         --------                    -----------------------------------
Hole #  North   East Azimuth    Dip    From      To   Length     g/t Au
------------------------------------------------------------------------
MRD-11  12588  13584      45    -55        No Significant Results
------------------------------------------------------------------------
MRD-12  12811  13631      45    -60    49.5    50.5     1.00      47.30
------------------------------------------------------------------------
                                                25.00 (cut to 25 g/t Au)
------------------------------------------------------------------------
MRD-13  12853  13621      45    -50   41.17      46     4.83       3.85
------------------------------------------------------------------------

West Mad Kiss

This area of historical workings sits between The Walcott Zones and Aleck Hill. The Company has received assays for six of seventeen holes completed in the area and initial drilling suggests the area is widely auriferous. Initial drilling suggests that the host lithology, which has close affinities to the Rory's Knoll type mineralization, is widely auriferous.


------------------------------------------------------------------------
         Location                    Mineralized Core Length (m)  Grade
         --------                    -----------------------------------
Hole #  North   East Azimuth    Dip    From      To   Length     g/t Au
------------------------------------------------------------------------
WMKD-1  10282  10175     220    -50        no significant results
------------------------------------------------------------------------
WMKD-2  10372  10079     215    -50      18      20     2.00       1.03
------------------------------------------------------------------------
                                         40    41.5     1.50       1.10
------------------------------------------------------------------------
WMKD-3  10204  10199     215    -50   109.6     121    11.40       1.05
------------------------------------------------------------------------
WMKD-3A 10205  10199     215    -75      24      27     3.00       1.60
------------------------------------------------------------------------
                                        120     127     7.00       0.69
------------------------------------------------------------------------
                                        159     180    21.00       0.73
------------------------------------------------------------------------
WMKD-4  10177  10240     215    -50       0       6     6.00       0.93
------------------------------------------------------------------------
                                         47      54     7.00       1.06
------------------------------------------------------------------------
                                       68.5      80    11.50       1.72
------------------------------------------------------------------------
WMKD-5  10304  10129     215    -50      31    32.5     1.50       1.82
------------------------------------------------------------------------
                                        108     111     3.00       1.15
------------------------------------------------------------------------
WMKD-6  10187  10250     215    -75       0      10    10.00       1.68
------------------------------------------------------------------------
                                         25      27     2.00       1.31
------------------------------------------------------------------------

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 $25 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 3L5

Phone: (416) 628-5936
Fax: (416) 628-5935
Email: psheridan@guygold.com
Attention: Patrick Sheridan Jr. President & C.E.O.

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

Contacts:
Guyana Goldfields Inc.
Patrick Sheridan Jr.
President & C.E.O.
(416) 628-5936
(416) 628-5935 (FAX)
Email: psheridan@guygold.com
Website: www.guygold.com

Published Oct. 2, 2006
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