TORONTO, ON, January 26, 2011 – Gowest Amalgamated Resources Ltd. (“Gowest” or the “Company”) (TSX Venture: GWA, OTCBB: GWSAF) is pleased to announce that its 2011 winter drilling program is underway at the Frankfield gold project in Timmins, Ontario
18,000 metres of drilling is planned for the winter program and will include;
Shallow drilling to infill the deposit down to approximately 300m. The purpose of which is to upgrade inferred ounces to a measured and indicated Additional drilling will be planned and budgeted for after spring break-up and will infill down to a depth of 500m.
Medium depth drilling (approx. 400-600m) to fill in missing areas drilled as part of the 2010 drilling program which will be the subject of an updated 43-101 resource (expected in Q1).
Deep drilling down to a depth of more than 1000m to define areas for resource expansion and to explore an apparent easterly plunge to the deposit which has demonstrated multiple parallel gold bearing structures at a depth of
Drilling the high priority southern magnetic gold target, where a shallow drill will explore this alteration zone roughly 1km from the Frankfield East
The company continues to work on an updated resource expected in Q1 which will be the subject of a preliminary economic assessment (scoping study) in Q2.
In addition, Gowest is pleased to announce that it has filed its audited Financial Statements and Management Discussion & Analysis for the year ended October 31, 2010.
About Gowest
Gowest is a Canadian gold exploration and development company focused on the delineation and development of its 100% owned Frankfield East gold deposit. Gowest is exploring additional gold targets on the Frankfield land package and continuing to evaluate acquisition targets in the vicinity of the Frankfield project area, part of the prolific Timmins, Ontario gold camp.
For further information please contact; Greg Romain
President & CEO Tel: (416) 363-1210
Email: [email protected] Or
Rory Quinn Investor Relations
Toll Free: (877) 363-1218
Tel: (416) 363-1210 ext. 208
Forward-looking statements
This news release contains certain “forward looking statements”. Such forward-looking statements involve risks and uncertainties. The results or events depicted in these forward-looking statements may differ materially from actual results or events. 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.
