Mr. Scott Caldwell reports

GUYANA GOLDFIELDS INC. POURS FIRST GOLD AT ITS AURORA GOLD MINE

Guyana Goldfields Inc. has achieved first gold production on time and on budget at its Aurora gold mine in Guyana, South America.

First gold production was attained through the gravity and saprolite production circuits, which allowed for earlier gold production (precommercial production) through the processing plant. Initial start-up gold was captured by processing the lowest-grade ore available, and Guyana Goldfields is now progressing toward full saprolite circuit operation and will gradually feed the mill with higher-grade material. The commissioning and start-up of the hard-rock crushing circuit are projected to be completed later in the third calendar quarter of 2015.

The company expects to produce between 30,000 ounces to 50,000 ounces of gold in 2015, depending on how quickly full ramp-up is achieved, and approximately 120,000 ounces to 140,000 ounces of gold in 2016. Guyana Goldfields expects to issue an updated National Instrument 43-101 technical report feasibility study in the first quarter of 2016 for the project, which will reflect an extended open-pit mining scenario while deferring the underground production until later in the mine life, as well as current operating cost parameters and an updated ore reserve metal price.

Guyana Goldfields is sufficiently financed to complete construction of the Aurora gold mine. As of June 30, 2015, the company had approximately $20-million (U.S.) of capital expenditures remaining to complete the Aurora gold mine. The company is managing its overall development budget to not exceed $277-million (U.S.), which includes the initial development costs of $249-million (U.S.) for the project and $28-million (U.S.) in financing costs, preoperating costs and working capital investment. The project remains to be tracking on budget with an untouched $52-million (U.S.) overrun facility available, if needed. Guyana Goldfields expects to report its interim consolidated financial statement results of the company for the second quarter ended June 30, 2015, on or around Thursday, Aug. 13, 2015.

Scott A. Caldwell, president and chief executive officer, commented: "Our first gold pour is an extraordinary achievement in GGI's transition from an exploration and development company to a high-grade, low-cost gold producer. We would like to celebrate this significant accomplishment for all that have contributed from the project's inception and thank our shareholders and stakeholders in supporting the development of the project, including our board of directors, management team, employees and contractors, as well as the lenders for the debt financing syndicate, comprised of International Finance Corp., Export Development Canada, ING Capital LLC, Caterpillar Financial Services Corp. and the Bank of Nova Scotia. In addition, we wish to thank the government of Guyana and local communities for their continued support through the development of the project. The focus at the site now is to increase gold production to our target level of 50,000 ounces during the balance of this year."

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