TORONTO, ON, December 1, 2010 – Gowest Amalgamated Resources Ltd. (“Gowest” or the “Company”) (TSX Venture: GWA, OTCBB: GWSAF) is pleased to announce that it has completed its previously announced acquisition of a 100% interest in the Dowe property in Tully Township adjacent to the Company’s 100% owned Frankfield Gold Project. Details regarding the acquisition are available in a press release dated July 14, 2010. (Figure 1 shows the Dowe Property in red)
In 1997, a diamond drill program was successful in locating a significant new gold bearing zone on the Dowe property. The concentration of gold is associated with silica and pyrite alteration and shearing. Three drill holes intersected 1.4 – 2.5 grams per tonne Au, across significant mineralized widths of 4-7 metres. The work was done by Atherton Geological Services and reported on in February 1998. Gowest plans an exploration program to confirm and extend the gold mineralization.
Figure 1. Acquired Dowe Property block in Red
Gowest now owns 25 square kilometres contiguous to the Frankfield East Gold Deposit (2.4 million tonnes @ 6.5 grams per tonne, 510,000 ounce NI 43-101 gold resource, report Feb 28, 2006). Through 2010 drilling, Gowest has more than doubled the size of this mineralized envelope at Frankfield East, allowing the company to demonstrate a mineral potential in excess of 1 million ounces (4.5-5.5 million tonnes @ 6.5-7.0 g/t Au)** (See press release dated August 4th, 2010).
Gowest looks forward to announcing an updated NI 43-101 gold resource on the Frankfield East Gold Deposit in Q1 2011.
**Areas estimated for resource expansion potential are assumed to be similar in grades and widths to the 43-101 compliant resource for the Frankfield East deposit. Tonnages of potentially mineralized material have been calculated based on these grades/widths and the extents of the mineralized envelope as defined by the recent drill holes reported. All quantities and grades of this material are conceptual in nature and it is uncertain if further exploration will result in the targets eventually being delineated as a mineral resource.
Qualified Person
This press release has been reviewed by Mr. Darren Koningen, P. Eng., Gowest’s Vice President of Technical Services. Mr. Koningen is 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 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.
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