TORONTO, ON, April 15, 2013 – Gowest Gold Ltd. (“Gowest” or the “Company”) (TSX Venture: GWA) (OTCBB: GASAF) reports that it has issued the fourth and final tranche of 12,500 of the Company’s Common Shares each to the Mattagami First Nation and the Matachewan First Nation according to the terms of the 2011 Exploration Agreement (EA) (see Gowest released dated October 27, 2011,) bringing the total to 50,000 shares issued to each First Nation. The shares were given in part as a goodwill gesture aimed at promoting a cooperative ongoing discussion between the parties with regards to the Company’s North Timmins Gold Project.
The EA established the framework for these discussions by setting out provisions, which include business, employment and training opportunities activities for members of the two First Nations to participate in the exploration around the project. In addition, Mattagami First Nation, Matachewan First Nation and Gowest have agreed to negotiate an Impact Benefits Agreement should the project proceed as currently planned.
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, part of the Company’s North Timmins Gold Project (NTGP.) Gowest is exploring additional gold targets on the 90-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 Frankfield East 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 Company’s recent Preliminary Economic Assessment, the current estimate is based on a 3.0 g/t Au cut-off and a conservative 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 Canadian Securities Administration National Instrument 43-101 (“NI 43-101”) requirements and CIM Standards on Mineral Resources and Reserves.
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]
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.
