VANCOUVER, Feb. 2, 2012 /PRNewswire/ - Guyana Frontier
Mining Corp. ("Guyana Frontier")
is pleased to announce that Mulgravian Ventures Corporation
("Mulgravian"), a non-arm's length private B.C. company, has
exercised common share purchase warrants to acquire 312,500 common
shares of Guyana Frontier at a price of $1.60 per share (the "Warrants"), for gross
proceeds to Guyana Frontier of $500,000. The Warrants were issued as part of the
$500,000 non-brokered private
placement previously announced in Guyana Frontier news releases dated
December 30, 2009 and April 6, 2010.
The exercise of the Warrants was also one of the
option exercise requirements in respect of Mulgravian's option to
acquire a 51% joint venture interest in Guyana Frontier's Sardine Hill property.
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 Guyana Frontier'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 . 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,
Guyana Frontier 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.