Gowest
Amalgamated Resources Ltd. ("Gowest" or
the "Company") (TSX VENTURE:GWA - News; OTCBB:GWSAF - News) is pleased to announce the
closing of its previously announced brokered private placement (the
"offering") through Salman Partners Inc.
("Salman"). Salman
placed a total of 9,379,837 "flow-through" common shares for gross
proceeds of $2,579,455 (which included the full exercise of the
over-allotment option granted to Salman). Salman received a cash commission of 7% of the gross proceeds
raised.
The
gross proceeds of the offering will be used by Gowest
to fund exploration and development work on the company's Frankfield
Gold project which is located in the prolific Timmins Gold camp in Ontario,
Canada.
After
more than doubling the size of the mineralized envelope at the company's
flagship Frankfield East gold deposit in 2010 to
775m along strike and 830m at depth, the company is focused on confirming and
extending this gold mineralization through the mobilization of additional
drill rigs early in 2011 to aggressively infill the existing mineralized
envelope and to expand the envelope further, particularly at depth.
The
company plans to release an updated 43-101 resource on the Frankfield East gold deposit in Q1, 2011 followed by a
preliminary economic assessment (scoping study) thereafter.
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.
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.
Contact:
Greg Romain
Gowest Amalgamated Resources Ltd.
President & CEO
(416) 363-1210
info@gowestgold.com
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