Guyana Goldfields Inc. Continues to Strengthen Management and Hires New President And Chief Executive Officer

TORONTO, June 3, 2013 /CNW/ - Guyana Goldfields Inc. ("GGI" or "the Company") (TSX: GUY) is pleased to announce that the Board of Directors have appointed Mr. Scott Caldwell as the new President and Chief Executive Officer ("CEO") of the Company, effective immediately. Former CEO, Patrick Sheridan Jr, will become Executive Chairman of the Board of Directors.

Executive Chairman, Patrick Sheridan, states, "Having Scott as President and CEO of the Company completes another step in our plan towards developing the Aurora Gold Project. His operations background will ensure proper execution of the day to day demands and I have absolutely every confidence he will excel as he takes the reins to help steer the company to its next level of success."

Mr. Caldwell has been a Director of GGI since June 2012 and will be relocating to the head office in Toronto for the President & CEO role. He is a mining engineer with more than 30 years of experience building and operating gold and base metal mines worldwide, including USA, Canada, Russia, Zimbabwe, Chile, and Indonesia. He was until recently the President, CEO and Director of Allied Nevada Gold Corp. ("Allied Nevada") for over six years. While under Mr. Caldwell's tenure, the company grew from a handful of employees in 2006 to approximately 600 employees in 2013. Allied Nevada's Hycroft gold mine was re-commissioned and achieved commercial production in 2009.

Prior to 2006, Mr. Caldwell worked in various capacities at Kinross Gold Corporation ("Kinross"), including Executive Vice President & COO and Director from 2002 - 2006. During this time he was directly responsible for activities associated with the operation and development of various open pit and underground mines located throughout the world.

Prior to joining Kinross, Mr. Caldwell served as the Vice President of Operations for Echo Bay Mines where he was responsible for the operation and development of mines in Canada and the United States. Mr. Caldwell also spent a number of years working in Indonesia for PT Freeport Indonesia Company where he was a key member of the development and operating team for the Grasberg Mine, DOZ Mine and GBT Mine.

Mr. Scott Caldwell states, "I am very excited to be joining the GGI management team and continuing to advance the development of the world class Aurora Gold Project.  I am confident that upon completion of commissioning the mine in 2015, we will have one of the world's lowest cost and efficient mines in operation."

Mr. Caldwell sits on the Board of Directors of Atacama Pacific Gold Corporation. He holds a Bachelor of Science (Mining) degree in Engineering from the University of Arizona.

About Guyana Goldfields Inc.:

Guyana Goldfields Inc. is a Canadian based company, focused on the exploration and development of gold deposits in Guyana, South America where the Company has operated since 1996. The Company is focused on bringing the Aurora Gold Project into production with infrastructure development currently underway. Active exploration continues at Aurora and at the Company's Aranka Group of Properties with the intention of further expanding these resources. Greenfields exploration by our experienced team of geologists is ongoing in the broader Aranka group of properties. As at the date hereof, the Company has approximately C$122 million in cash and cash equivalent and no debt; there are approximately 126,125,149 shares issued and outstanding.

Forwarding-Looking Information

This news release contains "forward-looking information". 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.

SOURCE: Guyana Goldfields Inc.