TORONTO, ONTARIO – (Marketwire – July 19, 2012) – Gowest Gold Ltd. (“Gowest” or the “Company”) (TSX VENTURE: GWA)(OTCBB: GWSAF) is pleased to provide an update on current activities at the North Timmins Gold Project (“NTGP”), including the development of the Frankfield East deposit:
- Gowest recently added to its land position in the NTGP land package, which now encompasses over 90 square kilometres along the Pipestone Fault (see news release of June 19, 2012.)
- The Company is currently updating the mineral resource and initiating mine development studies at its wholly-owned Frankfield East deposit. The results of the updated studies are expected to be announced starting in the fall and the initial mine development plans are expected late in the year. (See “Planned Timeline” below.) This data will be included in an updated Preliminary Economic Assessment (“PEA”) (see news release of November 14, 2011,) planned for Q1 2013.
- The Company recently completed a full-scale ore sorting optimization test in Germany using a one-ton bulk sample taken from the Frankfield East deposit. Preliminary studies demonstrated the amenability of the Frankfield East mineralization to separation using conventional ore sorting equipment. The potential of adding an ore sorting stage early in the process offers the potential to reject more than 50% of the waste rock from the crushed material extracted from the mine, increasing the overall gold content of the mined rock from approximately 6 g/t to the 12-15 g/t range, with only a minor impact on the ounces of contained gold produced. The sorted samples from this latest test are at SGS Lakefield for assay and test work and a final report is expected in the fall. The Company also plans to include these results in the PEA update noted above.
- The Company is continuing a site location review in preparation for an environmental baseline review as part of the permitting process for the construction of an ore processing facility related to the Frankfield East deposit.
- The Company is reviewing the results from recent drilling on the Pipestone Main property as well as examining a number of newly identified faults, including the North Pipestone Break structure, another prospective area recently defined by the Company’s ongoing exploration program (see news release of June 19, 2012.)
- The Company continues to review potential opportunities that would be accretive in the advancement of NTGP, including the Frankfield East Deposit.
- Gowest continues to update its website (gowestgold.com) and communications strategies. For example, the Company is planning to initiate a “Q&A” exchange, which will include a discussion of Gowest’s activities particularly related to the development of the Frankfield East deposit.
Greg Romain, President and CEO of Gowest, said, “We are very pleased with the numerous technical and strategic advances we are making at the North Timmins Gold Project, where we are planning to build the next new gold mine in the Timmins area in about three years. We are confident that we have an excellent deposit with a great deal of additional upside, as well as the core team and commitment that will bring this mine to profitable fruition.”
Planned Timeline
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 continuing to evaluate area, which is part of the prolific Timmins, Ontario gold camp.
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.
