Guyana Goldfields Inc. Announces Signing of Underwriting Agreement and Pricing of Offering

	    /NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/

	    TORONTO, Jan. 14 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) ("Guyana" or
the "Company"), a gold exploration and development company, is pleased to
announce that it has entered into an underwriting agreement with a syndicate
of underwriters to complete its previously announced offering of 10 million
common shares at a price of Cdn$6.95 per share (the "Offering Price") to raise
aggregate gross proceeds of Cdn$69,500,000 (the "Offering"). The Company has
also granted the underwriters an option to purchase up to 1.5 million
additional common shares at the Offering Price within 30 days following
closing to cover over-allotments, if any, and for market stabilization
purposes. A short form preliminary prospectus has been filed in connection
with the Offering with the securities regulators in all the Provinces of
Canada (except Quebec), as previously announced by the Company, and the
Company expects to file the final short form prospectus in respect of the
Offering on or about January 19, 2010, and to close the Offering on or about
January 25, 2010.
	    Mr. Sheridan, CEO, stated that "We are pleased that the U.S. and Canadian
investment community has enthusiastically supported our efforts to develop a
major new gold mine at Aurora. We welcome a significant number of new, major
institutional investors that recognize the value of our properties and have
funded the Company through feasibility and towards the early stages of mine
development".
	    Dahlman Rose & Company, LLC and Scotia Capital Inc. are acting as co-lead
underwriters and book-running managers for the Offering along with a syndicate
of co-managers including BMO Nesbitt Burns Inc., Cormark Securities Inc., TD
Securities Inc., Thomas Weisel Partners Canada Inc., and Paradigm Capital Inc.
	    The Offering remains subject to the approval of the Toronto Stock
Exchange and applicable regulatory approvals, as well as the satisfaction
and/or waiver of certain conditions set forth in the underwriting agreement.
For further details of the Offering, please refer to the press release of the
Company dated as of January 11, 2010 available at www.guygold.com, and on
SEDAR at www.sedar.com.
	    This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States, nor shall
there be any sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities described herein have
not been, and will not be, registered under the United States Securities Act
of 1933, as amended (the "1933 Act"), or any state securities laws and may not
be offered or sold in the United States absent registration or an applicable
exemption from the registration requirements of the 1933 Act and applicable
state securities laws.

	    Forward Looking Statements - Certain information set forth in this news
release may contain forward-looking statements that involve substantial known
and unknown risks and uncertainties. These forward-looking statements are
subject to numerous risks and uncertainties, certain of which are beyond the
control of Guyana, including, but not limited to the impact of general
economic conditions, industry conditions, volatility of commodity prices,
risks associated with the uncertainty of resource and reserve estimates,
currency fluctuations, dependence upon regulatory approvals, the availability
of future financing and exploration risk. Readers are cautioned that the
assumptions used in the preparation of such information, although considered
reasonable at the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on forward-looking statements.

             For further information: Guyana Goldfields Inc., Jacqueline Wagenaar,
Director of Investor Relations, Tel: (416) 628-5936 Ext.2295, Fax: (416)
628-5935, E-mail: [email protected], Website: www.guygold.com

http://cnxmarketlink.com/en/releases/archive/January2010/14/c8891.html