Guyana Frontier Mining Corp. announces that it has entered into an agreement (the Agreement) pursuant to which it has agreed to transfer the rights to certain Guyanese mineral exploration properties (the Exploration Properties), including properties (the GMV Properties) currently under option to GMV Minerals Inc. (GMV), to Guyana Au Corp Inc. (Guyana Au), a private Guyanese corporation, and has assigned Guyana Au its rights and obligations pursuant to the option agreement with GMV (the GMV Option Agreement) originally announced in the Company's news release dated April 9, 2010.
Under the terms of the Agreement, Guyana Frontier will retain 10% of future cash payments and share issuances due from GMV under the terms of the GMV Option Agreement. Guyana Au will assume responsibility for the administration of the Exploration Properties, including the GMV Properties, and has indemnified Guyana Frontier with respect to any liabilities in connection therewith. Guyana Frontier is not aware of any potential liabilities connected to the Exploration Properties, or the GMV Properties.
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) 533-9288 .
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.