Guyana Goldfields Inc. reported the key findings from its feasibility study entitled ‘AGM Inc. Aurora Gold Project- Updated Feasibility Study' dated January 18, 2016 and effective September 30, 2015 (the ‘FS') for the 100% owned Aurora Gold Mine (the ‘Project'). The FS was authored by Metal Mining Consultants with contributions from SRK Consulting Inc. and others. The updated FS reflects an extended open-pit/deferred underground mining scenario, as well as current cost parameters, and reserves based on a revised gold price of $1,000 per ounce. The mine plan produces 2,865,726 ounces of gold at an average life of mine (‘LOM') grade of 2.94 grams per tonne (‘g/t') gold over an initial 16 year mine life at an all-in sustaining cost (‘AISC') of $661 per ounce. Average annual gold production over the LOM is 188,000 ounces, and averages 200,000 ounces per year over the period from 2017 - 2028. Gold production peaks in year 2023 at 231,000 ounces. Gold production is staged with an initial open pit mill throughput rate of 5,000 tonnes per day (‘tpd') from the Rory's Knoll deposit expanding to 8,000 tpd in early 2017 with the inclusion of other open pit feeds from the Aleck Hill and Mad Kiss deposits. Underground mining at Rory's Knoll commences in year 2022 and lasts for nine years. All mining to date has been focused in the Rory's Knoll pit and will continue through the end of 2016. Gold production is staged with an initial open pit mill throughput rate of 5,000 tpd from the Rory's Knoll deposit expanding to 8,000 tpd in early 2017 with the inclusion of other open pit feeds from the Aleck Hill and Mad Kiss deposits. During the initial years when saprolite and fresh rock ore are combined, mill throughput rate ranges from 5,000 - 8,000 tpd. After eight years of operation, open pit mining will be completed. The capital cost for the mill expansion from 5,000 tpd to 8,000 tpd is approximately $5.6 million ("M") and is funded from free cash flow and is contingent upon economic conditions. Major components of the plant were built for a 10,000 tpd throughput rate allowing for lower expansion capital. Following a two year pre-production period, underground mining at Rory's Knoll commences in year 2022 as open pit mining operations are completed and sustains a mill throughput rate of 5,200 tpd for nine years. Pre-production and production mining will be completed by an underground contractor. Rory's Knoll underground will be mined utilizing the open benching and sublevel retreat mining methods via a decline access with truck haulage from a depth of -170 metres below sea level ("mbsl") down to -770 mbsl. The favorable orebody context and the results from a detailed coupled hydrogeological and geotechnical model support the open benching and sublevel retreat mining method approach. The study results show underground mining creates minimal surface subsidence and indicate water inflows are manageable. The underground mine plan, mining method, production rate, and cost estimates were validated by two independent Front End Engineering Development proposals completed in 2015. The company has updated its Mineral Reserves for its Aurora Gold Mine and utilized a gold price of $1,000 per ounce. The company produced 35,901 ounces of gold for the year ended December 31, 2015 and achieved commercial production January 1, 2016. Total proven and probable Mineral Reserves are 3,042,000 ounces, net of depletion. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. The cut-off grades are based on a gold price of $1,300 per ounce and metallurgical recoveries of 95% for saprolite and fresh material. Open pit resources are reported within conceptual optimized open pit shells, whereas underground resources are external to these. Open pit resources are reported at a cut-off grade of 0.30 g/t Au and 0.40 g/t Au for Saprolite and Fresh rock respectively, whereas underground resources are reported at a cut-off of 1.8 g/t Au. The updated Mineral Reserves documented above do not take into account material from the following underground Mineral Resources as defined in the 2012 Resource Estimate: 1.69 million ounces of gold @ 3.67g/t in the indicated category at Rory's Knoll. 1.22 million ounces of gold @ 4.27g/t in the inferred category at Rory's Knoll. 787,000 ounces of gold @ 3.90g/t in the indicated category in the satellite deposits. 341,000 ounces of gold @ 3.64g/t in the inferred category in the satellite deposits. The current Aurora process facility will treat 1.75 million tonnes of fresh ore per year. Management envisions expanding the plant in early 2017 to process up to 2.92 million tonnes of ore per year. The process plant is initially treating open pit saprolite and fresh ore from the Rory's Knoll zone. Gold recovery is by extraction in a carbon in leach ("CIL") circuit. Mined ore is crushed and ground prior to processing through CIL, carbon desorption, and electrowinning. Gold doré is produced on-site and stored in a secure vault prior to being air transported off-site. The resulting tailings are treated using an air/SO2 cyanide detoxification system prior to tailings disposal. Tailings are pumped into the tailings management area. At September 30, 2015, the company on a consolidated basis had unrestricted cash of approximately $18.5 million. In addition, the company has $27 million of restricted cash, of which, $23 million has been allocated towards funding the debt reserve and debt reclamation accounts by the end of 2016. The remaining $4 million will be returned to unrestricted cash.

The company provided production guidance for the year 2016. The company believes it will achieve its production guidance for 2016 of approximately 130,000 to 150,000 ounces of gold. Cash costs for 2016 are expected to be in the range of $487 to $537 per ounce of gold (assuming $1,000/oz gold price), or between $587 to $637 per ounce on an all-in sustaining cost basis.