Guyana Goldfields Inc. (TSX: GUY) (the "Company") reports its 2017 second quarter operational and financial results. All amounts are expressed in U.S. dollars unless otherwise stated. A conference call will be held tomorrow at 10:00 am ET to discuss the results (details below).

Q2 2017 Operational Results

Gold production of 29,700 ounces based on mill throughput of 515,600 tonnes at an average head grade of 2.06 grams per tonne gold (g/t Au) and average recoveries of 86.5%.
Operating cash costs¹ for the quarter of $757 per ounce and All In Sustaining Costs ("AISC")¹ of $1,144 per ounce.
The Company maintains its 2017 production guidance and expects to come in at the lower end of the guidance range of 160,000 - 180,000 ounces of gold.
The Company's balance sheet remains strong with its cash balance of $65..4 million versus a debt balance of $68.8 million. The fair market value of the Company's investment in SolGold plc at quarter end was $52.2 million.
The Company continues to have an excellent health, safety and environmental track record with over 3,500,000 employee hours worked without a lost time incident.

[1]This is a non-IFRS measure. Refer to Non-IFRS Performance Measures section in the June 30, 2017 MD&A.

Scott Caldwell, President & CEO stated, "The Company experienced a weaker quarter with respect to both production and cost performance. This was primarily attributable to lower than expected grades from stockpiled ore being fed to the mill and a higher strip ratio in the quarter. The Company does not expect these issues to recur in the second half of the year with mill feed ore being sourced predominantly from the higher grade tonalite at Rory's Knoll while the strip ratio is expected to decline significantly in both the third and fourth quarters based on mine sequencing.Looking forward, the Company's 2017 production guidance remains unchanged and July's preliminary cost and operating performance is trending favourably on all metrics and we anticipate a strong third quarter and finish to the year."

Preliminary Q3 Results

For the month of July 2017, operational and cost performance trended favourably, as expected.
Gold production from July mining operations totalled approximately 12,100 ounces. Mine and mill performance was above budgeted levels with the mill having processed an average of 6,032 tonnes per day ("tpd") of ore at an average head grade of 2.21 g/t Au with gold recoveries averaging 89.5%.
Cost efficiency was further achieved at the beginning of the third quarter as the Company commissioned two new drill rigs resulting in only minor reliance on the use of more expensive rental drills. In addition, bulk emulsion explosives were being used for all blasting activities post quarter end after a delay in the delivery of the explosives from the manufacturer resulted in a shift back to more expensive packaged explosives in the second quarter.

For the full version of the press release, please click here.

Conference Call Details

Participants may join the call by dialing North America toll free 1-888-231-8191 or 647-427-7450 for calls outside Canada and the U.S., and entering the participant passcode 47293228.

A live and archived webcast of the conference call will also be available at www.guygold.com for 90 days under the Investors and Events & Presentations section or by clicking here.

A recorded playback of the second quarter 2017 results call will be available until August 8, 2017 by dialing: 1-855-859-2056 or 416-849-0833 and entering the call back passcode 47293228.

Please don't hesitate to contact me if you have any questions!

Best Regards,

Jacqueline Wagenaar

Vice President, Investor Relations & Corporate Communications

Guyana Goldfields Inc.| 1608-141 Adelaide St. West,
Toronto, Ontario, Canada M5H 3L5

D: 416-628-5936 Ext.5295 | E: jwagenaar@guygold.com

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	ISIN : CA4035301080

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Guyana Goldfields est une société d’exploration minière d'or basée au Canada.

Guyana Goldfields détient divers projets d'exploration au Canada et en Guyana.

Son principal projet en développement est AURORA en Guyana et ses principaux projets en exploration sont LANGIS, KUGLUKTUK (FORMERLY COPPERMINE), ABITIBI BELT et COPPERMINE RIVER (CORONATION GULF) au Canada et PETER'S MINE, AREMU, ARANKA, POMEROON HEAD / FISH CREEK, OKO et SULPHUR ROSE en Guyana.

Guyana Goldfields est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 87,3 millions (66,4 millions US$, 56,1 millions €).

La valeur de son action a atteint son plus haut niveau récent le 18 mars 2011 à 9,99 , et son plus bas niveau récent le 20 mars 2020 à 0,25 .

Guyana Goldfields possède 47 442 200 actions en circulation.

Légende
	Production
	Mine développement
	Découverte
	Exploration
	Ancien producteur
Sur Google Earth, cliquez sur les pictogrammes, pour voir les informations du projet, accéder à sa page, ou à la page de la compagnie.

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Reports Second Quarter 2017 Results and Maintains Production Guidance

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