TORONTO, ONTARIO – (Marketwire – February 3, 2016): Gowest Gold Ltd. (“Gowest” or the “Company”) (TSX-VENTURE: GWA) is pleased to provide an update on its development plans for the Company’s North Timmins Gold Project (“NTGP”), including plans to build the next new gold mine in the Timmins gold camp on the Frankfield Property at the Bradshaw Gold Deposit (“Bradshaw”).
Advanced Exploration (“AE”) permitting process is in the final stages of review, but has been delayed by Ontario government processing
Revised target to commence site preparation work and mine development at Bradshaw: Q3 2016 and AE bulk sample collection to begin latter part of Q4 2016
Previous Bradshaw area drill results proximal but not included in the resource estimation, due to insufficient drilling, provide opportunity with further drilling to expand resources – drilling plans are being prepared
Ongoing technical review indicates excellent potential to expand the global NTGP gold resource beyond Bradshaw deposit area
Planning new geophysical surveys followed up by drill programs at Sheridan and Roussain gold zones
Gowest’s President and CEO, Greg Romain, said, “While we have accomplished a great deal in 2015, both on the technical side and in financing, it remains clear that the current uncertainty in equity and commodity markets has forced us to delay near term development of the Bradshaw gold mine. However, in addition to Bradshaw, we have a very large asset in the NTGP and we believe it is possible to expand the current project resource. Importantly, we also have a strong partner in Fortune Future that has independently come to the same conclusion. Working with them, as well as examining a number of other financing alternatives, we look forward to making 2016 a year of significant progress for all of our shareholders. We will continue to provide the market with updates as developments occur.”
2015 ACCOMPLISHMENTS
Completed a robust pre-feasibility study on the Bradshaw Deposit (SEDAR July 2015)
Filed a closure plan for advanced exploration on the Bradshaw with Ministry of Northern Development & Mines (Q3 2015)
Submitted all permit applications for advanced exploration (Q3 2015)
Purchased the 1.5% royalty held by SPG Royalty on the Frankfield Property (includes Bradshaw Deposit) (SEDAR December 2015)
Acquired patented contiguous claim block to our Whitney Claims (SEDAR August 2015)
Raised a total of $3.92 million (Exercise of Warrants SEDAR October 2015; and, Private Placement SEDAR December 2015)
Upgraded and expanded haul road to access planned Bradshaw portal (Q4 2015)
2016 OBJECTIVES:
Secure all necessary permits from the Ontario government to begin AE (H1 2016)
Secure all required contracts and funding to allow for the mining and processing of the Bradshaw AE bulk sample (Q3 2016)
Complete the necessary exploration work to satisfy the option/joint venture agreement with Transition Metals (April 2016)
Complete strategic exploration plans to increase the resource at Bradshaw, to develop new resources at Sheridan, Roussain and Dowe zones at NTGP and investigate the Whitney Property
Investigate strategic opportunities outside NTGP
The Company will be attending the PDAC from March 6-9 at the Toronto Convention Centre. Please come by our booth #2824 located in the Investor Exchange to learn more about the project and meet the team.
Qualified Person: The scientific and technical disclosure in this press release has been has been prepared and approved by Mr. Kevin Montgomery, P.Geo., Gowest’s Manager of Exploration and a Qualified Person und
TORONTO, ONTARIO – (Marketwire – August 26, 2015) – Gowest Gold Ltd. (the “Corporation” or “Gowest”) (TSX-V:GWA) announced today that it will be initiating a program (the “Program”) designed to encourage the early exercise of up to 50,000,000 of its outstanding unlisted warrants issued between June 23, 2014 and September 30, 2014 (the “Warrants”). Under their original terms, the Warrants are exercisable acquire one common share of the Corporation at a price of $0.11 for a period of 24 months from date of issuance.
As an inducement to encourage the early exercise the Warrants, the Corporation will be reducing the exercise price of the Warrants from $0.11 to $0.06 for a limited time period (the “Early Exercise Period”), which will commence at 9:00 a.m. (Toronto time) on Friday, August 28, 2015 and expire at 5:00 p.m. (Toronto time) on Tuesday, October 27, 2015.
If all outstanding Warrants are exercised during the Early Exercise Period, the Corporation will receive aggregate gross proceeds of $3,000,000. To the extent that holders of the Warrants take advantage of the opportunity to exercise their Warrants pursuant to the Program, this will strengthen Gowest’s current cash position and provide the Corporation with additional working capital to accelerate the development of its Bradshaw Gold Deposit.
Holders of Warrants who elect to participate in the Program will be required to deliver the following to the Corporation prior to the expiry of the Early Exercise Period: (i) a duly completed and executed Exercise Form, in the form which accompanies the certificate representing the Warrants; (ii) the original certificate representing the Warrants being exercised; and (iii) the aggregate exercise price payable to the Corporation by way of certified cheque, money order, bank draft or wire transfer in lawful money of Canada.
Following the expiry of the Early Exercise Period, the exercise price of the Warrants will revert to $0.11 and the Warrants will remain outstanding and continue to be exercisable for common shares of the Corporation on their original terms. There can be no assurance that some or all of the Warrants will be exercised pursuant to the Program.
The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.
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.
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 compliant 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 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 Corporation 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 Corporation disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
For further information please contact:
Greg Romain Greg Taylor
President & CEO Investor Relations
Tel: (416) 363-1210 Tel: 905 337-7673 / Mob: 416 605-5120
Email: [email protected] Email: [email protected]
