The Gold Report

Guyana Goldfields Inc. TICKER: GUY:TSX Visit Company Website 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. Its Aurora Gold Project is a 100%-owned flagship asset with a Measured and Indicated resource of 5.71 Moz. Au (47,040 Mt. at a grade of 3.83 g/t). Production is targeted to begin in Q313. Guyana Goldfields has also made a gold discovery at Sulphur Rose at its nearby Aranka properties, currently in advanced-staged exploration ~35 km. away from Aurora. It contains an initial inferred resource of 460,400 oz.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Daniel Earle, TD Newcrest (1/30/12) "Guyana Goldfields Inc. is reasonably well positioned to meet expectations and its valuation has become more attractive relative to peers. . .following the company's presentation last week at the TD Securities' Mining Conference (which provided us with more comfort on the company's timelines and guidance) and given a more buoyant market for gold equities, we are adjusting our project model and equity issuance price assumptions. . .with these changes, our net asset value 5% increases to $11.66/share (from $10.48). . .we are upgrading our recommendation to Speculative Buy."

Morning Coffee (1/25/12) "Guyana Goldfields Inc. provided details on its 2012 exploration program for the Aurora and Aranka projects. . .exploration has identified a new target known as Sand Creek, located approximately 4km northwest and along strike of the company's flagship Aurora gold project. . .continued reconnaissance and mapping work around the Aranka concessions has identified several zones of anomalous gold mineralization within a 5km radius of the company's Sulphur Rose deposit. Initial soil samples have returned grades up to 25 g/t Au and drilling on this target will commence by the end of January."

Brad Humphrey, Raymond James (1/12/12) "Guyana Goldfields Inc. provided an update on its Aurora gold project feasibility study, which included a delay in the release of the study until end of February. . .we continue to recommend investors buy shares of Guyana Goldfields; we believe investors can win either as the company continues to derisk its Aurora project or if it is acquired—we believe Guyana's size, exploration potential, large and prospective land package and mining-friendly jurisdiction make it an attractive strategic takeover target. We are maintaining our Outperform rating."

Dan Rollins, UBS Securities (1/12/12) "Guyana Goldfields Inc. has provided some of the key design parameters expected to be contained within its [February] feasibility study. Key parameters include a mill with a designed daily capacity of 8 Kmt, start-up of underground operations in 2019, and initial mine life of 22 years. . .we value the company on a price/net-asset-value basis, assuming a flat gold price as well as a target multiple of 0.8x. Given the implied 35% return, we rate Guyana Buy."

Morning Coffee (12/16/11) "Guyana Goldfields Inc. released the results of its updated mineral resource estimate for the Sulphur Rose property. . . reporting total ounces at Sulphur Rose increased by 23%, growing from 460,400–566,830 oz. . .the company's Aurora property still remains the key project for Guyana Goldfields, with a full feasibility report due in January 2012."

• Corporate Fact Sheet (9/5/11)
• Corporate Presentation (10/5/11)
• MET test results from Sulphur Rose (1/13/11)

(10/14/11) GUY on BNN

(3/3/11) Interview with President and COO Claude Lemasson

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