Guyana Goldfields Receives Environmental Permit Approval for the Aurora Gold Project

TORONTO, September 28, 2010 - Guyana Goldfields Inc. (TSX: GUY) ("Guyana" or the Company")
is pleased to announce that the Environmental Permit for the development of
the 100% owned Aurora Gold Project was received today. The Environmental
Permit (Authorization) is approved in light of the Guyanese Environmental
Protection Agency ("EPA") completing its review of the Revised Environmental
and Social Impact Assessment ("ESIA") which adequately addresses the EPA's,
Environmental Assessment Board's ("EAB"), Guyana Geology and Mines
Commissions' ("GGMC") and other sectors agencies' comments. The Revised ESIA,
submitted in May 2010, was prepared to international standards by
Environmental Resource Management ("ERM") of Washington, D.C. in conjunction
with Ground Structures Engineering Consultants ("GSEC") of Georgetown,
Guyana.

The Environmental Permit is an essential requirement for the
approval of the final Mining License expected later this year from the
Guyanese Government. Another key component of the Mining License is a Mineral
Agreement (also known as a Stability or Fiscal Agreement). Discussions on a
Mineral Agreement between Guyana Goldfields and the Guyanese Government are
well-advanced.

Mr. Patrick Sheridan Jr., Founder and CEO of Guyana Goldfields
states, "The Environmental Permit is the culmination of many years of work by
Guyana Goldfields and the EPA, EAB and GGMC and is a crucial cornerstone in
processing the Company's Mining License Application. Management is working
with the Government of Guyana to complete the final stages of this process."

About Guyana Goldfields Inc.

Guyana Goldfields Inc. is a Canadian based mineral exploration
company primarily focused on the exploration and development of gold deposits
in Guyana, South America where the Company has operated since 1996. The
Company is currently undertaking technical studies to advance and develop the
Aurora Gold Project in Guyana, which is targeted to begin production in the
second half of 2012.

The Aranka Properties, currently in advanced staged
exploration, are drilling highly prospective targets in an ongoing program
and recently discovered a new gold zone. As at the date hereof, the Company
has approximately USD$63 million in cash and short-term bank guaranteed
investment certificates and no debt and 77,309,503 shares issued and
outstanding.

Forward Looking Statements - Certain information set forth in
this news release may contain forward-looking statements that involve
substantial known and unknown risks and uncertainties. These forward-looking
statements are subject to numerous risks and uncertainties, certain of which
are beyond the control of Guyana, including, but not limited to the impact of
general economic conditions, industry conditions, volatility of commodity
prices, risks associated with the uncertainty of resource and reserve
estimates, currency fluctuations, dependence upon regulatory approvals, the
availability of future financing and exploration risk. Readers are cautioned
that the assumptions used in the preparation of such information, although
considered reasonable at the time of preparation, may prove to be imprecise
and, as such, undue reliance should not be placed on forward-looking
statements.

    For further information:

    Guyana Goldfields Inc.,
    Claude Lemasson,
    President & COO, Director
    Jacqueline Wagenaar,
    Director of Investor Relations,
    Tel: +1(416)628-5936 Ext. 2295,
    Fax: +1(416)628-5935,
    E-mail: jwagenaar@guygold.com,
    Website: www.guygold.com

For further information: Guyana Goldfields Inc., Claude Lemasson, President & COO, Director, Jacqueline Wagenaar, Director of Investor Relations, Tel: +1(416)628-5936 Ext. 2295, Fax: +1(416)628-5935, E-mail: jwagenaar at guygold.com