Guyana Appointees Elected to Coronation Board of Directors

Thu Mar 6, 2008 12:51pm EST

* Reuters is not responsible for the content in this press release.

 Guyana Goldfields Inc. (TSX: GUY) ("Guyana") announced today that, at a
Special Meeting of the Shareholders of Coronation Minerals Inc. (TSX
VENTURE: CMV) ("Coronation"), the current Board of Directors of
Coronation was replaced by directors nominated by Guyana. The Special
Meeting was called and held pursuant to a Requisition delivered by Guyana
in December of 2007. At the meeting, Messrs. J. Patrick Sheridan,
Alexander Po, Alan L.H. Ferry and Daniel J. Noone were elected to the
Board of Directors of Coronation. Immediately following the Shareholders'
meeting, the Board of Directors appointed Mr. J. Patrick Sheridan as
interim President and Chief Executive Officer of Coronation. Edward J.
Badida has agreed to remain as Chief Financial Officer. Mr. Sheridan
stated: "We are gratified by the support that the shareholders of
Coronation have shown in us and look forward to fully developing its
potential. We will be communicating with shareholders further over the
next few weeks as our plan for rejuvenating Coronation is implemented."

    About Guyana Goldfields Inc.

    Guyana Goldfields Inc. is a Canadian-based exploration company primarily
focused on the exploration and development of gold deposits in the Guiana
Shield of South America. The Guiana Shield is in the northern part of the
Amazon Craton and covers part of Guyana, Venezuela, Suriname, French
Guyana and northern Brazil.

    The Company holds advanced exploration projects in various stages of
development and has been operating in Guyana continuously since 1996. The
Company currently has approximately $20 million in cash and no debt.

Guyana Goldfields Inc.
Patrick Sheridan Jr.
President and Chief Executive Officer
(416) 628-5936
(416) 628-5935 (FAX)

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