Guyana Frontier Reports Assignment of Guyanese Properties
VANCOUVER, Oct. 21, 2011 /PRNewswire/ - Guyana Frontier Mining Corp. ('Guyana Frontier', or the 'Company') announces that it has entered into an agreement (the 'Agreement') pursuant to which it has agreed to transfer the rights to certain Guyanese mineral exploration properties (the 'Exploration Properties'), including properties (the 'GMV Properties') currently under option to GMV Minerals Inc. ('GMV'), to Guyana Au Corp Inc. ('Guyana Au'), a private Guyanese corporation, and has assigned Guyana Au its rights and obligations pursuant to the option agreement with GMV (the 'GMV Option Agreement') originally announced in the Company's news release dated April 9, 2010.
Under the terms of the Agreement, Guyana Frontier will retain 10% of future cash payments and share issuances due from GMV under the terms of the GMV Option Agreement. Guyana Au will assume responsibility for the administration of the Exploration Properties, including the GMV Properties, and has indemnified Guyana Frontier with respect to any liabilities in connection therewith. Guyana Frontier is not aware of any potential liabilities connected to the Exploration Properties, or the GMV Properties.
About Guyana Frontier
Guyana Frontier is a public mineral exploration company listed on the TSX Venture Exchange
, and is focused on the exploration, discovery and development of precious metals deposits located within Guyana, South America. Guyana Frontier began acquiring interests in Guyanese exploration properties in 2007, and now holds various rights to obtain working interests in approximately 342,000 acres (138,400 hectares) of prospective lands. Guyana Frontier's main exploration asset is the Marudi Mountain Gold Project, which was the subject of extensive historical exploration, but has not been the focus of a diamond drilling program since 2004. Guyana Frontier's goal is to develop a significant gold resource at the Marudi Mountain Gold Project, and to explore its other Guyanese projects using funding from exploration partners.Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as 'plan', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate', 'suggest', 'indicate' and other similar words or statements that certain events or conditions 'may' or 'will' occur, and include, without limitation, statements regarding the Company's plans with respect to the exploration and development of its projects. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Guyana Frontier Mining Corp.
CONTACT: about Guyana Frontier, please contact Warren Stanyer, President
and
Chief Executive Officer at (604) 533-9288.
