Kincora Copper

Guyana Goldfields Inc. announces that Scott Caldwell is stepping down as President and CEO; Allen Palmiere Appointed Interim CEO

TORONTO, July 30, 2019 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) (the "Company") announces that, effective at the close of business on July 31, 2019, Scott Caldwell will step down as the Company's President and Chief Executive Officer and as a director of the Company. Mr. Caldwell joined the Company as a director in 2012 and has been President and CEO since 2013. Mr. Caldwell was instrumental in building the Company's Aurora mine on time and on budget.

"I want to thank the entire Guyana Goldfields' team and the Board of Directors for their support as we developed the Aurora Gold Mine over the last few years.  I look forward to supporting the company as a shareholder and remain confident in the long term future of the Aurora mine," stated Scott Caldwell.

Allen Palmiere will assume leadership of the Company as Interim Chief Executive Officer, effective at the close of business on July 31, 2019. Mr. Palmiere brings over 35 years of operational and financial experience in the mining industry as well as extensive experience in senior executive and leadership roles.  Of particular importance is Allen's experience with mine production activities, having formerly held the position of Chief Executive Officer and Chairman of the Board of Directors of HudBay Minerals Inc.

"Allen Palmiere is an experienced and strong leader, who will lead the Company while the independent committee completes its search for a permanent CEO," stated René Marion, Non-Executive Chair of the Board of Directors.  "Our focus remains on optimizing the mine plan for the Aurora Gold Mine, maximizing operational efficiencies, and continuing with the permitting and development of the underground mine at Aurora."

"The Company has faced some challenges over the last year, and I am confident that the future will demonstrate the value of this asset and it is my pleasure to help in some small way until we complete our search for a permanent CEO," stated Allen Palmiere, Independent Director. 

About Guyana Goldfields Inc.:
Guyana Goldfields Inc. is a Canadian based mid-tier gold producer primarily focused on the exploration, development and operation of gold deposits in Guyana, South America.

Forwarding-Looking Information
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to underground exploration decline timeline, possible conversion of mineral resources to mineral reserves, and test mining.  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.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the receipt of applicable regulatory approvals, general business, economic, competitive, political and social uncertainties; the actual results of exploration activities; changes in project parameters as plans continue to be refined; accidents, labour disputes and other risks of the mining industry; political instability; as well as those factors discussed in the section entitled "Risk Factors" in the Company's annual information form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.


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