TORONTO, ONTARIO – (Marketwire – June 16, 2016): Gowest Gold Ltd. (“Gowest” or the “Company”) (TSX-VENTURE: GWA) is pleased to provide an update on the Company’s development plans for its 100% owned Bradshaw Gold Deposit (”Bradshaw”), part of its North Timmins Gold Project (“NTGP”).
The Company:
has received all of the permits required to begin Advanced Exploration (“AE”) work at Bradshaw;
is advancing discussions to secure all required contracts and funding to allow for the mining and processing of the AE bulk sample; and,
is progressing on detailed engineering work in advance of the start of the AE bulk sample collection.
Gowest’s President and CEO, Greg Romain, said, “After a lengthy and thorough review, we have received the critical permits that will enable us to take the next major step towards the development of the next new gold mine in the Timmins Gold Camp. Our strategy is to optimize project efficiencies, accelerate timelines and lower both up-front and overall project costs. The Bradshaw, which forms part of the Company’s large land package and includes numerous additional mineralized targets, is a high-grade gold deposit with significant potential for growth along strike and at depth.”
Permits
The Ontario Ministry of the Environment and Climate Change (“MOECC”) has completed its Environmental Assessment of Gowest’s AE program and issued the final permit required for the Company’s AE work that includes the removal of a bulk sample. Permit approvals have also been received from the Ontario Ministry of Northern Development and Mines (“MNDM”) and the Ontario Ministry of Natural Resources (“MNR”).
Technical Work
The Company’s detailed engineering work is ongoing in advance of the site preparation, ramp construction and underground development work required to extract the bulk sample. This includes optimizing the methods and route to most efficiently mine the bulk sample.
Funding
The Company has ongoing positive discussions with lending groups to fund the removal and processing of the bulk sample from selected portions of the underground deposit. The Company is also in discussions with contractors to participate in the development of the mine, reducing start-up cash requirements by deferring a significant portion of mining costs until revenues are available from the sale of gold produced from the bulk sample.
Qualified Person
The scientific and technical disclosure in this press release has been prepared and approved by Mr. Kevin Montgomery, P.Geo., Gowest’s Manager of Exploration and a Qualified Person under National Instrument 43-101.
About Gowest
Gowest is a Canadian gold exploration and development company focused on the delineation and development of its 100% owned Bradshaw Gold Deposit (Bradshaw), on the Frankfield Property, part of the Corporation’s North Timmins Gold Project (NTGP). Gowest is exploring additional gold targets on its +100-square-kilometre NTGP land package and continues to evaluate the area, which is part of the prolific Timmins, Ontario gold camp. Currently, Bradshaw contains a National Instrument 43-101 Indicated Resource estimated at 2.1 million tonnes (“t”) grading 6.19 g/t Au containing 422 thousand oz Au and an Inferred Resource of 3.6 million t grading 6.47 g/t Au containing 755 thousand oz Au. Further, based on the Pre-Feasibility Study produced by Stantec Mining and announced on June 9, 2015, Bradshaw contains Probable Mineral Reserves, using a 3 g/t Au cut-off and utilizing a gold price of US$1,200 / oz, totalling 1.8 million t grading 4.82 g/t Au for 277 thousand oz Au.
Forward-Looking Statements
This news release may contain certain “forward looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
For further information please contact:
Greg Romain Greg Taylor
President & CEO Investor Relations
Tel: (416) 363-1210 Tel: 416 605-5120
Email: [email protected] Email: [email protected]
