TORONTO, ONTARIO – (Marketwire – October 16, 2014) – Gowest Gold Ltd. (the “Corporation” or “Gowest”) (TSX-V:GWA) is pleased to announce that it has engaged Stantec Consulting Ltd. (“Stantec”) out of their North Bay offices to conduct a Pre-Feasibility Study and complete a National Instrument 43-101-compliant report for the development of the Corporation’s Bradshaw Gold Project near Timmins, Ontario. Plans are currently in place whereby the mined material would be shipped off-site for third-party processing (see Gowest release dated July 8, 2014.) The report is expected to be completed in Q1 of CY 2015.
Stantec is an internationally recognized engineering firm that has been responsible for significant infrastructure projects around the world. They are a world leader in underground mine design and related infrastructure requirements. Their teams have worked in over 30 countries over the past 20 years on some of the most technologically advanced and challenging mines in the world, including mines such as PT Freeport Indonesia’s Grasburg Block Cave, one of the largest such mines ever to be constructed. Closer to home, they provided the detailed engineering, conceptual scoping, Pre-feasibility and Feasibility studies of the underground infrastructure for the Glencore’s Nickel Rim South Project in Sudbury, Ontario. Stantec’s proven expertise working on numerous projects of varying scope and costs enables them to bring in-house specialists with the knowledge and capability to provide the “best-in-business” results to all critical areas of their project deliverables.
At the same time, Stantec has proven its commitment to operating in a manner that is sensitive to the environment and the needs of the local communities affected by their work.
Technical Advisor, Mine Development
Gowest has also added Veikko Koskela, a mining engineer with more than 33 years of mining experience, as Technical Advisor, Mine Development to its technical team. Veikko has been involved in the design and construction of numerous projects around the world. Most recently he was Technical Manager, Consulting Engineer in Jeddah, Saudi Arabia, where he oversaw the international surface construction and mining teams building Al Masane Cu-Zn Project. He was also responsible for the resource and reserve estimates and implementation of mechanised underground mine development and production utilizing contract miners.
Veikko’s primary responsibilities with Gowest will be to work as part of the Corporation’s technical team as Gowest advances the Bradshaw Gold Project through the design, engineering and construction phases leading up to production.
“We are very pleased to have Stantec , one of the world’s most experienced engineering groups, supporting our team as we move forward in our goal to design, build and operate the Bradshaw Gold Project. We expect Bradshaw will be the next new gold mine in the Timmins Camp” said Greg Romain, Chief Executive Officer of Gowest. “We are also pleased to welcome Veikko as a key advisor and leader helping to ensure the mine is designed and built as efficiently as possible.”
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 109-square-kilometre NTGP land package and continues to evaluate the area, which is part of the prolific Timmins, Ontario gold camp. The latest updated resource estimate for Bradshaw included approximately 945,600 ounces of gold (“Au”) in the Indicated category (6.0 million tonnes at a grade of 4.9 grams per tonne [“g/t”] Au) and 536,800 ounces of gold in the Inferred category (3.7 million tonnes at a grade of 4.2 g/t Au). As was used in the Corporation’s Preliminary Economic Assessment, the current estimate is based on a 3.0 g/t Au cut-off and a gold price of US$1,200/oz. This resource estimate has been completed by Neil N. Gow, P. Geo., an independent Qualified Person, and reported in accordance with the requirement of National Instrument 43-101 – Standards of Disclosure for Mineral Projects and CIM Standards on Mineral Resources and Reserves.
Forward-looking statements
This news release contains certain “forward looking statements” including with respect to the use by the Corporation of the proceeds of the Offering and the development of the Bradshaw Deposit. Such forward-looking statements involve risks and uncertainties. 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. Such factors include, among others: the reliance of the Corporation on a limited number of properties (and, in particular, the Corporation’s Bradshaw Deposit); the inherent speculative nature and hazards associated with exploration, development and production activities; assumptions regarding the need for further financing and related to the cost, timing or available of such financing; the hazards and risks normally encountered in mineral exploration and development and limitations of insurance coverage; uncertainties related to the Corporation’s resource estimates, which are based on detailed estimates and assumptions; risks that the Corporation’s title to its material mineral properties could be challenged; the assumption of the Corporation that it will be able to obtain permits and other authorizations it requires on a timely basis; uncertainties related to actual capital costs, sustaining capital costs, engineering and construction schedules, operating costs and expenditures, production schedules and economic returns; risks associated with the Corporation being subject to environmental laws and government regulation; and the lack of mineral production or earnings history of the Corporation. 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]
