Guyana Frontier Mining Corp. 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 175,000 common shares of Guyana Frontier at a price of $1.20 per share (the Warrants), for gross proceeds to Guyana Frontier of $210,000. The Warrants were issued as part of the $210,000 non-brokered private placement previously announced in Guyana Frontier news release dated January 8, 2010 and November 23, 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 Five Star Project.
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.
For further information about Guyana Frontier, please contact Warren Stanyer, President and Chief Executive Officer at (604) 558-0077.