VANCOUVER, May 25, 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 500,000 common
shares of Guyana Frontier at a price of $1.20 per share (the "Warrants"), for gross
proceeds to Guyana Frontier of $600,000. The Warrants were issued as part of the
$600,000 non-brokered private
placement previously announced in Guyana Frontier news releases dated
April 28, 2009 and May 3, 2011.
The exercise of the Warrants is one of the
option exercise requirements, which includes incurred exploration
expenditures of US$5.0 Million over a
period of 4 years, in respect of Mulgravian's option to acquire a
51% joint venture interest in Guyana Frontier's Guiana Shield Resources Inc.
property package.
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 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.