Guyana Goldfields Inc. Announces Closing of $69,500,000 Offering

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

	    TORONTO, Jan. 25 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) ("Guyana" or
the "Company"), a gold exploration and development company, is pleased to
announce that it has closed its previously announced short form prospectus
offering pursuant to which the Company has issued 10 million common shares at
a price of $6.95 per share to raise aggregate gross proceeds of $69,500,000
(the "Offering"). Dahlman Rose & Company, LLC and Scotia Capital Inc. acted 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 net proceeds of the Offering will be used to further the previously
announced definitive feasibility study undertaken by AMEC, Canada, to continue
exploration of the Company's Aurora and Aranka properties in Guyana, South
America, and for general corporate purposes.
	    The Company has also granted to the underwriters an option to purchase up
to 1.5 million additional common shares within 30 days following closing to
cover over-allotments, if any, and for market stabilization purposes.
	    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/

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