FOR FURTHER INFORMATION PLEASE CONTACT:
Patrick Sheridan Jr.
President & CEO
(416) 865-1232
guygold@tcn.net
www.guygold.com
or
Robert Cudney
Vice President
(416) 865-9237
or
Mark Appleby
Investor Relations
(416) 360-5533 or 1-800-360-4289
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: GUYANA GOLDFIELDS INC
CANADIAN DEALING NETWORK SYMBOL: GGFI
JANUARY 8, 1999
Guyana Goldfields Inc. - Diamond Drill Hole Results
TORONTO, ONTARIO--
DIAMOND DRILL HOLE RESULTS - HOLE MS-31 INTERSECTS, FROM SURFACE,
197 FEET OF .11 OZ/TON AU (60.18M OF 3.77G/TONNE AU).
Peters Property Drilling Result (100 percent interest)
The Company reports that hole MS-31, the second hole in the now
completed four hole phase III drill programme, has returned the
following assay results:
/T/
Hole No Dip/ Total intersection meters oz/ g/
Azimuth Depth(ft) (ft) ton tonne
------- ------- --------- ------------- ------ --- -----
MS-31 -40 435 197 60.2 .11 3.77
degrees/ (0-197) (0-60.2)
145
degrees
/T/
This hole was collared 180 feet (55m) Northeast of hole MS-30 (52
feet of .2 oz/ton Au) and is the most north easterly hole drilled
to date. The entire mineralized section, which begins at surface,
lies within heavily ozidized saprolitic material.
Hole MS-32 was drilled underneath hole MS-31 at a dip of -55O, the
hole returned the following values;
/T/
Hole No Dip/ Total intersection meters oz/ g/
Azimuth Depth(ft) (ft) ton tonne
------- ------- --------- ------------- ------ --- -----
MS-32 -55 430 175 53.2 .04 1.29
degrees/ (0-175) (0-53.2)
145
degrees
/T/
This section also lies within at surface oxidized material.
Hole MS-33 was drilled from the same location as MS-31 and MS-32
but with an azimuth of 100O (a 45O rotation of the drilling
direction to the east). Caving problems forced the hole to be
abandoned at a depth of 97 feet, however the last sixteen feet of
core averaged .07 oz/ton Au (2.29 g/tonne).
/T/
Hole No Dip/ Total intersection meters oz/ g/
Azimuth Depth(ft) (ft) ton tonne
------- ------- --------- ------------- ------ --- -----
MS-33 -50 97 16 4.9 .07 2.29
degrees/ (81-97) (24.7-29.6)
100
degrees
/T/
A drill hole location map is available from the Company. Assay
results are fire assays from Loring Laboratories (Guyana) Ltd., a
Canadian owned and managed facility. A follow up eight hole
(3,000 foot) drill programme will commence in late January, 1999.
Guyana Goldfields Inc. controls a 100 percent interest in 135 sq.
miles of mineral concessions in Guyana, South America. The
Company's properties include and encompass Guyana's largest two
past-producing gold mines, the Peters and Aurora Mines. The
greenstone belts of the Guiana Shield have shown a high-propensity
to host world class multimillion ounce gold deposits.
Guyana Goldfields Inc. has 7.8 million shares issued (8.6 million
fully diluted) and trades on the Canadian Dealing Network under
the symbol GGFI.
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