Guyana Goldfields Inc. Announces Appointment of René Marion as Non-Executive Chairman

• Patrick Sheridan Jr. terminated as Executive Chairman, and will remain member of the Board.

TORONTO, July 30, 2018 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) (the "Company") announces that the board of directors of the Company (the "Board") has appointed independent director, René Marion, as the non-executive Chairman of the Board. Patrick Sheridan Jr. has been terminated by the Board in his capacity as Executive Chairman, effective immediately. Mr. Sheridan will continue to be a member of the Board.

"The Company has substantially evolved since its founding into a sophisticated mid-tier producer that requires an effective management structure. The Company intends to realign its dual reporting structure and streamline communication with a single reporting structure to CEO, Scott A. Caldwell. The Company also intends to prioritize its effort to maximize production from the Aurora Gold Mine, focus on near mine exploration opportunities until mining operations are optimized," stated Mr. Marion.

Mr. Marion has over 30 years of diversified management and senior technical experience with resource industry expertise in operations, mineral exploration, and mine development, along with a successful history of corporate development. Mr. Marion currently serves on the board of Superior Gold Inc. and was most recently Director and Chairman of Richmont Mines Inc. Mr. Marion has been a director of the Company since 2013.

About Guyana Goldfields Inc.

Guyana Goldfields Inc. is a Canadian based mid-tier gold producer primarily focused on the exploration, development and operation of gold deposits in Guyana, South America.

Forwarding-Looking Information

This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the estimation of mineral resources. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the receipt of applicable regulatory approvals, the timing of the advance of the funds pursuant to the project loan facility to fund the development and construction of the Aurora Gold Project (the "Facility"), fulfilling all conditions precedent to the advance of funds pursuant to the Facility, general business, economic, competitive, political and social uncertainties; the actual results of exploration activities; changes in project parameters as plans continue to be refined; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in GGI's annual information form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

SOURCE Guyana Goldfields Inc.