TORONTO, ONTARIO – (September 24, 2015) – Gowest Gold Ltd. (the “Corporation” or “Gowest”) (TSX-V:GWA) announced today that, to date, an aggregate of 44,712,500 common share purchase warrants of the Corporation (the “Warrants”) have been exercised for aggregate gross proceeds to the Corporation of $2,682,750. These Warrants were exercised as part of the Corporation’s previously announced (see Gowest press release dated August 25, 2015) program (the “Program”) designed to encourage the early exercise of up to 50,000,000 of its outstanding common share purchase warrants issued between June 23, 2014 and September 30, 2014. The Corporation expects additional warrants to be exercised.
The funds raised from the Program will be used to advance the development of the Bradshaw Gold Deposit and for general and administrative expenses.
Pre-feasibility Study Refiled
As a result of a review by staff of the Ontario Securities Commission, Gowest also reports that the previously filed technical report entitled “Bradshaw Gold Deposit – NI 43-101 Technical Report and Prefeasibility Study” (“the Report”) (see Gowest news release dated July 15, 2015), has been refiled on SEDAR. The Report, originally dated July 15, 2015, was amended on September 15, 2015 to comply with the independence requirements of NI 43-101 and to limit the volume of appendices. The mineral resource and mineral reserve estimates remain unchanged, as do the financial results of the prefeasibility study.
Greg Romain, President & CEO of Gowest, said, “Regarding the Report, it should be noted that we have added two independent qualified persons or QP’s and removed a volume of the appendices. None of the results, conclusions or other information have been changed in what remains a very positive review of an initial portion of the Bradshaw Gold Deposit.”
Mr. Romain added, “We are also very pleased with the continued support we have seen from our shareholders, who have provided us with the funds we need to continue to press forward with our plans to advance site development at Bradshaw while our discussions are ongoing with interested parties for the funding of the advanced exploration program, the first step towards production.”
Qualified Persons
The information contained in this news release pertaining to the Project has been reviewed and approved by Mr. Kevin Montgomery, PGeo.
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 +100-square-kilometre NTGP land package and continues to evaluate the area, which is part of the prolific Timmins, Ontario gold camp. Currently, Bradshaw contains a National Instrument 43-101 compliant Indicated Resource estimated at 2.1 million tonnes (“t”) grading 6.19 g/t Au containing 422 thousand oz Au and an Inferred Resource of 3.6 million t grading 6.47 g/t Au containing 755 thousand oz Au. Further, based on the Pre-Feasibility Study produced by Stantec Mining and announced on June 9, 2015, Bradshaw contains Mineral Reserves, using a 3 g/t Au cut-off and utilizing a gold price of US$1,200 / oz, totalling 1.8 million t grading 4.82 g/t Au for 277 thousand oz Au.
The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.
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.
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]
