VANCOUVER, May 25, 2012 /PRNewswire/ - Guyana Frontier Mining Corp. ("Guyana Frontier") is pleased to announce that Mulgravian Ventures Corporation ("Mulgravian"), a non-arm's length private B.C. company, has exercised common share purchase warrants to acquire 500,000 common shares of Guyana Frontier at a price of $1.20 per share (the "Warrants"), for gross proceeds to Guyana Frontier of $600,000. The Warrants were issued as part of the $600,000 non-brokered private placement previously announced in Guyana Frontier news releases dated April 28, 2009 and May 3, 2011.
The exercise of the Warrants is one of the option exercise requirements, which includes incurred exploration expenditures of US$5.0 Million over a period of 4 years, in respect of Mulgravian's option to acquire a 51% joint venture interest in Guyana Frontier's Guiana Shield Resources Inc. property package.
About Guyana Frontier
Guyana Frontier is a public mineral exploration company listed on the TSX Venture Exchange (TSX-V: GYG), and is focused on the exploration, discovery and development of precious metals deposits located within Guyana, South America. Guyana Frontier began acquiring interests in Guyanese exploration properties in 2007, and now holds various rights to obtain working interests in approximately 342,000 acres (138,400 hectares) of prospective lands. Guyana Frontier's goal is to develop a significant gold resource at the Marudi Mountain Gold Project, and to explore its other Guyanese projects using funding from exploration partners.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains forward-looking statements that are based on Guyana Frontier's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Guyana Frontier disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE Guyana Frontier Mining Corp.