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 (TSX-V: GYG), 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.
SOURCE Guyana Frontier Mining Corp.