Mr. Scott Caldwell reports

GUYANA GOLDFIELDS INC. PRODUCES 41,000 OZ AU IN Q3 2017 AND HAS RECORD MONTH OF SEPTEMBER PRODUCTION OF 18,900 OZ AU; FULL THIRD QUARTER RESULTS RELEASED OCTOBER 31, 2017

Gold production from mining operations totalled 41,000 ounces at Guyana Goldfields Inc.'s Aurora gold mine in Guyana, South America, for the third quarter ended Sept. 30, 2017. The company also achieved its record gold production month since the commencement of mining operations and poured 18,900 ounces in September. Gold production was as expected for the quarter according to the 2017 mine plan, and the company is on track to meet the lower end of its annual production guidance of 160,000 to 180,000 ounces of gold for the year.

In the third quarter ended Sept. 30, 2017, the mill processed an average of 6,170 tonnes per day of ore at an average head grade of 2.53 grams per tonne gold with gold recoveries averaging 90.3 per cent. Due to mine sequencing, gold grade and therefore gold production are expected to be the strongest in the fourth quarter as mining is focused on the hardrock diorite ore within Rory's Knoll open pit.

Scott A. Caldwell, president and chief executive officer, stated: "After a slow start to the quarter with the inability to strip loaded carbon, the elution circuit boiler was fully repaired ahead of schedule and below the estimated budget. Due to the quick repair work, the company was able to strip the excess carbon in inventory, and nearly all gold sales were realized within the third quarter for a strong finish. The mill head grade and recovery steadily increased during the quarter, and the grade in September increased to 2.87 g/t Au with recovery increasing to 91.3 per cent. Management expects head grade and recovery to continue to increase in the fourth quarter of 2017 and finish the year with its strongest quarter yet."

Commencement of Greenfields drilling program

Mobilization is complete to the Wynamu site located approximately 40 kilometres northeast of Aurora. Exploration has identified a series of auriferous zones over a wide area. A six-hole, 1,200-metre drill program commenced this week that will test the tenor and side of these anomalous areas. The area of immediate interest, ZOI 4, is characterized by trench WYT3, which returned six metres of 4.21 grams per tonne gold, as well as 58 metres grading 1.21 g/t Au.

Additionally, the company is currently mobilizing to its Iroma group of properties, approximately 18 kilometres northeast of Aurora. In this district, extensive soil sampling and very shallow drilling with a packsack drill have delineated two areas for immediate investigation. In both areas, gold mineralization is associated with north-northwest-trending shear zones trending for hundreds of metres. Interesting drilling intersections from very shallow packsack drilling include nine m of 2.28 g/t Au, 24 m at 0.67 g/t Au and 4.5 m at 3.51 g/t Au. Drilling is expected to commence in the next two weeks.

Third quarter financial and operational results

The company plans to release its third quarter 2017 operating and financial results before the market opens on Oct. 31, 2017. A conference call will also be held later that morning at 10 a.m. ET to discuss third quarter operating and financial results.

Participants may join the call by dialling North America toll-free 1-888-231-8191 or 647-427-7450 for calls outside Canada and the United States and entering the participant passcode 85867368.

A live and archived webcast of the conference call will also be available at the company's website for 90 days under the investors and events and presentations section.

A recorded playback of the third quarter 2017 results call will be available until Nov. 7, 2017, by dialling: 1-855-859-2056 or 416-849-0833 and entering the callback passcode 85867368.

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