Guyana Goldfields Inc. announced the results of an updated Mineral Resources and Mineral Reserves estimate (the "R&R Update") and an updated life of mine plan (the "LOM Plan") on its 100% owned Aurora Gold Mine (the "Mine") located in Guyana, South America. Estimated total gold contained in Proven and Probable Mineral Reserves of 2.24 million ounces ("Moz") and estimated total gold contained in Measured and Indicated Mineral Resources (inclusive of Mineral Reserves) of 3.82 Moz, representing a 2% reduction in contained gold in year-over-year total Mineral Reserves. Mineral Reserves were estimated using a gold price of $1,200/oz, and Mineral Resources using a gold price of $1,500/oz, consistent with the prior year's gold price assumptions. LOM Plan estimates of recovered gold production total 2.07 Moz at an average estimated head grade of 2.7 grams per tonne (g/t Au) over a 14-year mine life and includes a transition of the Mine from open pit to underground operations by mid-2021. Gold production is estimated to average approximately 170,000 ounces per year for the first five full calendar years (2022-2026) of underground operation at average mine-site all-in sustaining costs ("AISC") of $970/oz. If implementation of the LOM Plan were commenced immediately, the estimated net present value ("NPV") of $405 million after-tax (@ 5% discount rate and based on $1,450/oz Au) for the mine and the estimated internal rate of return ("IRR") of approximately 64% would create substantial value for the Company. Under the LOM Plan, the maximum depth of the pit would be reduced by 65 metres and the majority of the ore that was previously contemplated to be mined from the Rory's Knoll open pit would be recovered from underground operations. This approach to the orebody is now considered more practical than continued deepening of the pit due to extensive pit stripping requirements and timing issues related to continuous ore release, among other factors. The proposed LOM Plan sequencing of continued open pit mining, transitioning to underground operations in 2021, is considered to be the overall optimal means of accessing the Rory's Knoll deposit both near surface and at depth, although requiring more short-term capital expenditure than other alternative approaches to the orebody (i.e., deeper pit options). Initial capital expenditures of $141 million (inclusive of 20% contingency) to develop the underground in 2020 and 2021 are proposed to be partially funded by cashflows from the operations. The Company continues to explore financing and strategic alternatives to support the execution of the LOM Plan and is in discussions with various financing parties. The peak funding requirement is expected to be approximately $100 million, inclusive of the amounts required for additional waste stripping for the open pit and for underground development. This update represents the result of a comprehensive mine, production and cost savings plan review announced by the Company on October 30, 2019 (the "LOM Review") and assisted by Roscoe Postle Associates Inc. ("RPA") as independent technical consultant. It supersedes the Mineral Resource and Mineral Reserve estimates as of December 31, 2018 and life of mine plan (the "2019 Plan") disclosed by the Company on March 26, 2019, as well as a further optimized version of the 2019 Plan prepared by management and disclosed by the Company on April 30, 2019. The effective date of the updated Mineral Resource and Mineral Reserve estimates set out herein is December 31, 2019. For purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101"), the qualified persons responsible for the preparation of the R&R Update and LOM Plan are professionals of RPA.