/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES
DESCRIBED HEREIN/
TORONTO, Jan. 23 /CNW/ - Guyana Goldfields Inc. ("Guyana") (TSX: GUY) and Aranka Gold Inc. ("Aranka") (TSX-V: ARK) are pleased to announce today that the acquisition of Aranka by Guyana by way of a plan of arrangement (the "Arrangement") under the Business Corporations Act (Ontario) has been approved by approximately 95% of the votes cast by Aranka's shareholders at the special meeting of Aranka's shareholders and by a majority of the minority shareholders. Subject to the satisfaction or waiver of all other conditions to closing, including the approval of the Ontario Superior Court of Justice (Commercial List), Guyana and Aranka expect the Arrangement to be effective on or about January 28, 2009.
Upon the Arrangement becoming effective, Aranka shareholders will receive common shares of Guyana and will hold approximately 13% of the outstanding shares of Guyana.
At Aranka's request, the Investment Industry Regulatory Organization of Canada halted trading in the common shares of Aranka prior to the opening of the market today and trading in the common shares will remain halted until the acquisition has been completed and the common shares are delisted from the TSX Venture Exchange, which is expected to occur on January 28, 2009.
About Guyana
Guyana is a Canadian based mineral 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 parts of Guyana, Venezuela, Suriname, French Guyana and northern Brazil. Guyana holds advanced exploration projects in various stages of development and has been operating in Guyana continuously since 1996. As at the date hereof, Guyana has approximately $13.8 million in cash and short-term bank guaranteed investment certificates and no debt.
About Aranka
Aranka is a junior exploration company focusing on early stage gold exploration in the Guiana Shield. The company also holds silver assets, including the former Langis Silver mine in the Cobalt Camp, Ontario, Canada. As at the date hereof, Aranka has approximately $5.6 million in cash and short-term bank guaranteed investment certificates and no debt.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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