VANCOUVER, Dec. 31, 2012 /PRNewswire/ – Guyana Frontier Mining Corp. (“Guyana
Frontier”, TSXV: GYG) announces that its proposed acquisition of the
Falcao Gold Project (the “Acquisition”) from a subsidiary of Horizonte
Minerals Plc. (“Horizonte”, AIM and TSX: HZM), originally announced in
Guyana Frontier’s news release dated November 6, 2012, has been
terminated.

Under the terms of the acquisition agreement (the “Acquisition
Agreement”) between Guyana Frontier and Horizonte’s subsidiary, it was
a condition precedent to the completion of the Acquisition that Guyana
Frontier’s shareholders approve a share consolidation on a ratio of
between one for two and one for ten, with the final ratio of the share
consolidation to be agreed upon by Guyana Frontier and Horizonte’s
subsidiary (the “Share Consolidation Approval Requirement”). At the
annual and special meeting of Guyana Frontier’s shareholders held on
December 21, 2012, Guyana Frontier’s management sought shareholder
approval of a resolution in accordance with the Share Consolidation
Approval Requirement, approving a share consolidation on a range of
between one for two and one for ten, with the final ratio of the share
consolidation to be determined by Guyana Frontier’s board of directors.
The foregoing resolution did not receive the required special majority
approval, and Guyana Frontier’s shareholders instead approved a share
consolidation on a ratio of one for four, which did not fulfill the
Share Consolidation Approval Requirement. On December 28, 2012,
Horizonte provided notice to Guyana Frontier that it was terminating
the Acquisition on the basis that Guyana Frontier would be unable to
meet the Share Consolidation Approval Requirement prior to the outside
closing date for the Acquisition under the terms of the Acquisition
Agreement.

About Guyana Frontier

Guyana Frontier is a TSXV-listed public mineral exploration company
focused on the exploration, discovery and development of precious
metals deposits in Guyana, South America. Guyana Frontier began
acquiring interests in Guyanese exploration properties in 2007, and now
holds rights to obtain working interests in approximately 209,824 acres
(84,915 hectares) of prospective lands in Guyana.

Guyana Frontier’s primary goal is to develop a significant gold resource
at the Marudi Mountain Gold Project located in southern Guyana, and to
explore its other projects in Guyana with joint venture 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.

SOURCE Guyana Frontier Mining Corp.