1. Investor Presentation
January 2014

2. Forward Looking Statement
This presentation of Guyana Goldfields Inc. (the "Company") contains statements that constitute "forward‐looking statements." Such forward‐looking statements
involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or developments in our industry, to
differ materially from the anticipated results, performance or achievements expressed or implied by such forward‐looking statements. Forward looking statements are
statements that are not historical facts and are generally, but not always, identified by the words "expects," "aims," "plans," "anticipates," "believes," "intends,"
"estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Information inferred from
the interpretation of drilling results and information concerning mineral resource and mineral reserve estimates may also be deemed to be forward looking statements,
as such information constitutes a prediction of what might be found to be present when and if a project is actually developed. Forward‐looking statements this
document includes are statements regarding: the Company's expectations regarding drilling and exploration activities on properties in which the Company has an
interest; and the Company's statements regarding estimates of reserves and resources on properties in which the Company has an interest. There can be no assurance
that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are
cautioned not to place undue reliance on these forward‐looking statements that speak only as of their respective dates. Important factors that could cause actual
results to differ materially from the Company's expectations include among others, risks related to fluctuations in mineral prices; uncertainties related to raising
sufficient financing to fund planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other
factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; uncertainties involved in the
estimation of resources and reserves; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating
costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery
rates may not be achieved; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost
overrun or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from the Company's operations; risks associated
with title to mineral properties; and other risks and uncertainties discussed appear elsewhere in the Company's documents filed from time to time with the Toronto
Stock Exchange and Canadian securities regulators. These statements are based on a number of assumptions, including assumptions regarding general market
conditions, the availability of financing for proposed transactions and programs on reasonable terms, and the ability of outside service providers to deliver services in a
satisfactory and timely manner. Forward‐looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the
statements are made. Except as expressly required by applicable securities laws, the Corporation undertakes no obligation to update these forward‐looking statements
in the event that management's beliefs, estimates or opinions, or other factors, should change.
This presentation uses the terms "Inferred Resource", "Indicated Resource", “Measured Resource” and "Mineral Resource". The Company advises readers that
although these terms are recognized and required by Canadian securities regulations (under National Instrument 43‐101 "Standards of Disclosure for Mineral
Projects"), the US Securities and Exchange Commission does not recognize these terms. Readers are cautioned not to assume that any part or all of the mineral
deposits in these categories will ever be converted into reserves. In addition, "Inferred Resources" have a great amount of uncertainty as to their existence, and
economic and legal feasibility. It cannot be assumed that any part of an Indicated or Inferred Mineral Resource will ever be upgraded to a higher category. Under
Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre‐feasibility studies, or economic studies except for a Preliminary
Assessment as defined and permitted under National Instrument 43‐101. Readers are cautioned not to assume that part or all of an Inferred Resource exists, or is
economically or legally mineable. The Mineral Resources stated in this presentation are not Mineral Reserves and, in the absence of a current feasibility study, do not
demonstrate economic viability. The determination of Mineral Reserves can be affected by various factors including environmental, permitting, legal, title, taxation,
socio‐political, and marketing issues.
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2

3. Corporate Snapshot
Symbol:
TSX: GUY
19.7%
Van Eck
13.4M
10.6%
Franklin Resources (Templeton)
11.6M
9.9%
IFC (World Bank Group)
6.9M
5.5%
6.5M
5.2%
4.2M
3.3%
3.0M
2.4%
2.9M
2.3%
Sprott Asset Mgmt
2.3M
1.8%
Fidelity Emerging Markets Fund
52 week: Hi/Lo
24.9M
Fidelity Investments
Fully-diluted shares
The Baupost Group
AMG Analysen
Warrants
%
Jennison
Options
Shares
Patrick Sheridan Jr. (Founder)
Basic Shares Issued
Top 10 Shareholders
2.1M
1.7%
126,143,899
9,631,250
0
135,775,149
C$4.40 / C$1.17
Market Cap (at C$ 1.86)
C$237 million
Cash Position (Oct 31, 2013)
C$109 million
Debt
TSX : GUY
$0
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3

4. Executive Summary

Life of mine production of 3.3Moz at average cash costs of $527/oz (royalty included), in lower
quartile range

After‐tax NPV of $735M and IRR of 31% at $1,300/oz gold and 5% DR

Payback of just over 4 years at $1,300/oz gold

New management team focused on advancing Aurora Project to production
Staged Approach
Minimizes Capital

Initial open pit mining at 5,000 tpd mill, with underground development and mill expansion to
10,000 tpd funded by operating cash flows.
Simple Mine Plan

Infrastructure build is already in progress
Open Pit

Compact design and low strip ratio
Simple
Metallurgy

Free milling gold ore with excellent gold recovery of +94%

Examining contract mining for open pit, third party ownership and operation of power plant and fuel
supply, and potentially deferring underground expansion

Aurora is fully licensed and permitted

Extensive additional mineralization at depth beyond current mine plan and potential expansion of
open pits

Large exploration land package
Robust Economics
Experienced Management
Team
Mining &
Metallurgy
Opportunities
Mining Friendly Jurisdiction
Growth Potential
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4

5. Mine Plan
Financials @ 5% Discount Rate
Gold Price Base Case ($/oz)
Mine Life
Initial Production Start Date
Average Mill Throughput (tpd)
Mine Depth (metres)
Strip Ratio (waste:ore)
Average Gold Grade (g/t)
Gold Recovery (%)
Total Gold Production (Moz)
Avg Operating Cash Cost w/Royalty LOM ($/oz)
Jan 2013
43‐101 Feasibility Study
$2.42
4.7:1
$13.68
$19.28
$13.78
$3.83
Operating Costs
Open Pit cost per tonne
Open Pit strip ratio (waste : ore)
Mining cost per tonne to the mill
Underground cost per tonne
Processing cost per tonne
G&A cost per tonne
TSX : GUY
Jan 2013
43‐101 Feasibility Study
1,300
17 yrs
Q1 2015
5,000/10,000
1,037 (970mbsl)
4.7:1
2.74
97(sap) 94.4(fresh)
3.29
527
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5

6. Capital Costs
Capital Expenditures
(Millions of US$)
January 11, 2013
Updated Feasibility Study:
Capital Required up to
Commercial Production
Process Plant Engineering & Procurement
$65
Process Plant Construction
60
Integration Management
0
Lump Sum Fixed Price sub‐ total
$125
Plant Infrastructure Buildings
3
Plant Earthworks and Roads
4
Mine Infrastructure Buildings
3
Tailings Dam
7
Water Dams and Dykes
3
Site Services Water & Power
5
Logistics
7
GSJV – sub‐total
$157
Owner’s Cost Infrastructure
18
Owner’s Costs ‐ Operational Readiness
0
16
Owner’s Costs – Other
Owner’s G&A
14
Total Capital
$205
Less Spent to Date (Jan 11/13 to Oct 31/13)
Remaining Capital Costs to Commercial Production
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Changes to
Revised Capital Costs to
Capital
Commercial Production
Costs
(6)
8
10
$12
(1)
2
(2)
(1)
1
4
1
$16
2
9
9
8
$44
59
68
10
$137
2
6
1
6
4
9
8
$173
20
9
25
22
$249
($11)
$238
6

7. Robust Economics
Financials @ 5% Discount Rate
Units
$850/oz
gold price¹
$1,000/oz
gold price¹
$1,150/oz
gold price¹
$1,300/oz
gold price¹²
Average Operating Cash Cost (LOM)
$/oz
423
423
423
423
Average Operating Cash Cost w/Royalty (LOM)
$/oz
465
473
527
527
Pre‐Tax NPV
$M
236
533
759
1,046
After‐Tax NPV
$M
162
374
533
735
After‐Tax IRR
%
12
20
25
31
Payback (After‐Tax)
Years
6.8
5.6
5.0
4.4
2015 EBITDA (1st year of partial production)
US$M
18
26
32
39
2016 EBITDA (1st year of full production)
US$M
60
80
95
115
2021 EBITDA (Peak year)
US$M
145
192
227
272
Cumulative Cash Flow³
US$M
506
975
1,330
1,784
1. Royalty rate of 5% at a price of gold of US$1,000 per ounce or less, royalty rate of 8% at a price of gold above US$1,000 per ounce
2. Base Case
3. Cumulative cash flow defined as revenue less operating costs less capital expenditures.
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8. Sensitivity Analysis
After‐Tax NPV ($M)
Sensitivity
Analysis
Base
Case
‐20%
‐10%
100%
+10%
+20%
+30%
+40%
Gold Price
735
384
560
735
910
1,085
1,260
1,435
Opex
735
857
796
735
674
614
553
492
Capex
735
831
783
735
689
640
593
545
After‐Tax IRR (%)
Sensitivity
Analysis
Base
Case
‐20%
‐10%
100%
+10%
+20%
+30%
+40%
Gold Price
31
21
26
31%
35
39
43
47
Opex
31
34
32
31%
29
28
26
24
Capex
31
39
35
31%
28
25
22
20
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9. Mining Friendly Jurisdiction & Government
 Aurora is fully licensed and permitted
 Guyana is the only English speaking country in South America
 British common law and secure tenure - part of the Commonwealth
 Democratically elected government under parliamentary system
 Long history of significant gold production:
 Gold was the largest export of the country in 2013 with 458,000 oz
 Mining License Received and Mineral Agreement Signed (Nov.18/11):
 Royalty:
 5%: Gold price $1,000/oz or less
 8%: Gold price $1,000/oz +
 Corporate income tax:
 30% with no withholding tax on interest payments
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9

10. Logistics & Infrastructure
Road
Access to
Aurora
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10

11. Staged Approach Minimizes Capital
Capital Expenditures (US$M)
Total Capital
Initial Capital
(2013 – 2014)
$ 249
Capital required up to
Commercial Production
Capex to Commercial Production
Funded from Cash Flow
$ 238
Corporate G&A, Debt Fees and
Exploration to Commercial Production
$ 356
$ (11)
Total Capital Required
$ 153
$ 249
Less: Spent to date (01/11/13 – 10/31/13)
Expansion Capital Sustaining Capital
(2015 – 2017)
(2018 – 2031)
$ 28
$ 266
Cash on Hand (As of Oct 31, 2013)
$(109)
Debt Funding (Completed by Q2 2014)
$(165)
Additional Debt Funding
$ (25)
Cash Reserve to be maintained
$ 33
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11

12. Staged Approach
Average of 231kozs/yr
400
Contained Gold
Underground
Peak at 350koz
Open Pit
350
Saprolite
Production Ounces (000)
300
Stockpile Reclaim (Sap & Fresh)
250
Evaluation of including known resources outside
current mine plan to offset excess milling capacity
200
150
100
50
0
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Production Year
2025
2026
2027
2028
2029
2030
2031
3.3 Moz Total Gold Recovered with Average Annual Gold Production (LOM) of 194 Kozs
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13. Opportunities
Examining opportunities for capital expenditure reductions such as:
 Contract mining for the open pit
 Third party ownership and operation of the power generation plant and fuel supply
facilities
 Extending open pit production and delaying the commissioning of the underground
in the initial years of the mine life in order to take advantage of the high grade
open pit and defer the expansion capital required for the underground. This would
provide additional cash flow for funding the underground expansion.
 Further updates will be provided as conclusions are reached.
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14. Growth Potential – Resource Upside
Aleck Hill
Walcott Hill
Mad Kiss
Rory’s Knoll
 Room to grow outside current mine plan:
 Below Satellite pits (Aleck Hill, Mad Kiss and
Walcott Hill):
 Indicated: 570,000 oz Au at 3.93 g/t
 Inferred: 290,000 oz Au at 4.11 g/t
Portal
 Below ‐970m at Rory’s Knoll:
 Indicated: 1,120,000 oz Au at 3.87 g/t
 Inferred: 1,280,000 oz Au at 4.25 g/t
Decline
860,000 oz in Indicated & Inferred Categories
Current Mine Plan Depth of ‐970m
Resources Found Outside
Current Mine Plan
TSX : GUY
 Excess mill and equipment capacity later in the mine
life (year 2024 and beyond) allows for throughput
flexibility
2.4M oz in
Indicated &
Inferred
Categories
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14

15. Proven Underground Mining Method
Open Benching and SLR Mines
• Finsch Mine, South Africa
• Koffiefontein, South Africa
• Ekati Mine, NWT
• Diavik Mine, NWT
Diavik Diamond Mine, NW Territories
SLC Mines
• Stobie Mine, Ontario
• Granduc Mine, B.C.
• Craigmont Mine, B.C.
• Ekati Mine, NWT
•
•
•
•
•
•
•
•
Kiruna Mine, Finland
Ridgeway Mine, Australia
Telfer Mine, Australia
Perseverance Mine, Australia
Big Bell Mine, Australia
Harmony Mine, Australia
Mt Lyall, Australia
Numerous mines in China
and Russia
Finsch Mine, South Africa
Ekati Diamond Mine, NW Territories
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15

16. Site Plan
Open pit mining begins at ~5,000 tpd
in Rory’s Knoll and is completed in
two years.
Rory’s Knoll underground follows at
~5,000 tpd while the satellite pits are
mined concurrently also at ~5,000
tpd.
Once satellite pits are exhausted,
Rory’s Knoll underground continues
for an additional 8 years.
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16

17. Construction Progress ‐ Camp
Unloading of 600‐
person camp and
transported along
the access road to
Aurora
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18. Accelerated Timeline to Production
Activity
Q1
2014
Q2
Q3
Q4
2015
2016
2017
2018
2019
Debt Financing
Enabling Infrastructure (Camp, Wharf,
Road, Quarry, Communications)
Bulk Earthworks (Tailings & River Dyke)
Plant Construction
Open Pit Mine Construction
Open Pit Production
Underground Development
Underground Production
Exploration
News flow for first half of 2014:
 Securing Debt Financing –by Q2 2014
 Updates on construction progress – Ongoing
 Material exploration results ‐ Ongoing
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18

19. Key Risks and Mitigations
Key Risks
Mitigations
Logistics

Access road is year‐round and operational
Rainfall



2.5m of annual rain fall
Site is designed around water management
If heavy rainfall, temporary break for no more than a few hours
Country Risk




All permits received
Mining friendly jurisdiction and government
Stable republic within the British Commonwealth with an elected Head of State
Independent since 1966



Pit is 225m away from the river
Levee designed towards a 10,000 year flood event
Detailed hydrogeological and geotechnical studies performed and show minimal surface
subsidence



Fully engineered Feasibility Study with latest cost estimates
Rory’s Knoll sub‐vertical type ore body suitable for SLR, a top‐down method
Much lower operating cost –no backfill required
Underground Labour Availability



Lack of U/G mining experience in Guyana
Comprehensive training effort planned in pre‐production years
Feasibility Study incorporates heavy reliance on expatriate technical staff, supervision and
underground operators
Financing


On track to complete debt financing by Q2 2014
Commercial and other high yield debt available as last resort
Cuyuni River / Hydrology
Underground Costs Too Low
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19

20. Summary
Management
Focused on advancing project to production
Region
Guiana Shield – known gold region
Country (government and community)
Pro‐mining, excellent relations
Sustainability
International standards with IFC
Aurora Gold Project
 Robust Economics
After tax NPV $735M, IRR of 31%, 4.4 yr payback
 Open Pit & Underground Mining
Staged approach minimizing capital
 Resource and Grade
6.5M oz M&I and 1.82M oz Inferred @ +3g/t Au
 Key Infrastructure
Fully functional road access in place
 Permitting
Fully licensed and permitted
 Development
Already progressing
 Growth Potential
Extensive mineralization beyond current plan
Exploration Upside
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Large exploration land package
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20

21. Appendix

22. Simple Mine Plan
Open pit mining begins at
~5,000 tpd in Rory’s Knoll
Aleck Hill
and is completed in two
North
years.
[2018‐2022]
Rory’s Knoll underground
follows at ~5,000 tpd
while the satellite pits are
mined concurrently also
at ~5,000 tpd.
Walcott Hill
[2023]
[O/P: 2015‐2017]
[U/G: 2018‐2031]
Aleck Hill
[2018‐2023]
Once satellite pits are
exhausted, Rory’s Knoll
underground continues
for an additional 8 years.
TSX : GUY
Rory’s
Knoll
Mad Kiss
[2018‐2023]
Measured
Indicated
Inferred
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22

23. Simple Metallurgy
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23

24. Effective Water Management – River Levee
2 river levees, 1.5 km length in total
Designed up to 60 metres wide and 9 metres high
Dike is engineered to 10,000 year flood event
River is 225 metres away from the pit
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24

25. Mineral Reserves & Resources
Gold Price $1,300/oz
Proven Reserves
O/P Saprolite
O/P Fresh
Total Proven
Probable Reserves
O/P Saprolite
O/P Fresh
U/G
Total Probable
Total P & P Reserves¹
Quantity (Mt)
Grade (g/t)
Contained Gold
(Moz)
0.168
2.207
2.375
2.64
3.07
3.04
0.014
0.218
0.232
4.955
6.343
25.851
37.219
39.524
1.70
3.03
2.84
2.72
2.74
0.270
0.618
2.357
3.245
3.477
32.77
30.06
2.62
3.91
2.76
3.78
62.83
3.24
6.54
5.12
11.81
1.54
4.12
0.25
1.56
16.93
3.34
1.82
Measured & Indicated Resources
O/P
U/G
Total M&I Resources
Inferred Resource
O/P
U/G
Total Inferred Resource
¹ Mineral reserves included in mineral resources.
Underground in-situ cut-off grade of 1.2 g/t for Rory's Knoll. Open pit fresh ore in-situ cut-off grade of 0.5 g/t for all deposits. Open pit
saprolite ore in-situ cut-off of 0.3 g/t for all deposits.
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25

26. The Region
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26

27. Geology
Geological Description
 Rory's Knoll mineralization: disseminated pyrite and gold mineralization associated with intense silica-
fuchsite-sericite-carbonate alteration in tonalite intrusive probably emplaced at the hinge of the folded volcanic
rock and metasediments.
 Mad Kiss mineralization: disseminated pyrite and gold mineralization associated with intense silica-fuchsite-
sericite-carbonate alteration in a quartz feldspar porphyry dyke.
 Aleck Hill mineralization: mesothermal gold veins hosted in the shear zones of metavolcanic and
metasedimentary rocks; occurs in a zone of pyrite-rich quartz-carbonate veins in volcanic rocks that are
enclosed in an alteration envelope which reportedly includes silica-sericite and calcite cement filling fractures.
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27

28. Experienced Management Team
Management

Patrick Sheridan Jr.
Founder and Executive
Chairman
Management
BACKGROUND

Over 20 years of experience in the mining industry
Has actively explored in Guyana since 1996 and is the
founder of Guyana Goldfields and lead the discovery
of the Aurora and Sulphur Rose deposits
Paul J. Murphy
Executive VP, Finance &
CFO
Dan Noone
VP, Exploration

Scott A. Caldwell
President & CEO


Peter Lello Galassi
(“Lello”)
COO


TSX : GUY
Mining engineer with 30+ years experience building
and operating gold and base metal mines worldwide
Former President, CEO and Director of Allied Nevada
Gold Corp. from 2006 ‐ 2013
15+ years of international project development and 20
years as a senior officer in the United States Air Force.
Formerly Senior Project Manager for Rio Tinto Iron
Ore Simandou Project in Guinea, West Africa.
He is based in Guyana and is responsible for daily
operations at the Aurora Gold Project.
Violet Smith
Country Manager
Alexander Po
Exploration Manager
Jacqueline Wagenaar
VP, IR & Corp. Comm
www.guygold.com
BACKGROUND

Over 40 years of financial experience and former
Head of PricewaterhouseCoopers LLP Western’s
World Mining Practice

Over 20 years of experience of international
mineral exploration and development
Former VP of Peru for Aquiline Resources


Over 20 years of experience in operations
management and has been involved with Guyana
Goldfields since its inception

Mining engineer and exploration geologist with
strong management experience with projects in a
numbers of different countries

Significant experience with investor relations
programs for several Canadian mining companies
with international assets
28

29. Scientific, Technical and Securities Information
Scientific and Technical Information
The qualified person for the mineral resource and reserve estimates and other scientific and technical information herein are as follows: Glen
Cole, P.Geo. Jarek Jakubek, C.Eng., John Lambert, P.Geo., D Erik Spiller, MMSA and Richard Tocher, P.E, (the “QPs”) who are independent of the
Company and have approved the contents of this presentation. The qualified person for the other scientific and technical information in this
presentation, is Daniel Noone, BApSci (Geo), MBA, and has approved the contents of this presentation.
Technical and scientific information contained herein, including the mineral resource and reserve estimates relating to the Aurora Gold Project
is derived from the “Updated Feasibility Study, Aurora Gold Project, Guyana, South America” dated January 29, 2013 (the “Technical Report”).
We have filed the Technical Report under our profile at www.sedar.com. For details of the data verification procedures employed by the QPs
and the key assumptions, parameters and methods used to estimate the mineral resource and mineral reserve estimates, please see the
Technical Report. For information about known legal, political, environmental, or other risks that could materially affect the potential
development of the mineral resources or mineral reserves, please see the Technical Report.
Securities Laws
This presentation does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would
be prohibited. This presentation is not an offer to sell, or a solicitation of an offer to purchase, any securities in the United States. The securities
referred to in this presentation will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States
except pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933 and applicable state securities laws.
The information contained in this presentation does not and is not intended to constitute a "valuation," "formal valuation," "appraisal," "prior
valuation," or a "report, statement or opinion of an expert" for purposes of any securities legislation in Canada or otherwise.
Currency
Unless otherwise indicated, all dollar values herein are in United States dollars.
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29