Guyana Goldfields Produces 160,500 Ounces of Gold in 2017; Generating US$200M in Revenue and Completing the Year with Record Low Costs

Guyana Goldfields (TSX: GUY) (the “Company”) reports its 2017 full year and fourth quarter operational and financial results. A conference call will be held today at 10:00 am ET to discuss 2017 full year and fourth quarter results. The Company previously released its preliminary fourth quarter 2017 operational results on January 9, 2018. All amounts are expressed in U.S. dollars unless otherwise stated.

Scott Caldwell, President & CEO stated:

“Guyana Goldfields closed out 2017 on an operational high note, achieving record gold production along with record low operating cost metrics. Looking ahead for 2018, we are looking forward to maintaining this momentum as we deliver on the optimized life of mine plan which envisages 200,000 ounces of gold produced for 2018 and providing consistent production growth thereafter.

The Phase 1 mill expansion is expected to be completed on-time and on-budget by the end of March and we expect the Phase 2 mill expansion, which would increase hard rock throughput capacity to 7,500 tonnes per day, to be completed by the end of this year. In addition, we look forward to initiating the development of the underground in the fourth quarter of this year in our effort to accelerate selective mining of higher grade stopes starting in 2019.”

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