TORONTO, ONTARIO--(Marketwired - July 29, 2013) - Gowest Gold Ltd. ("Gowest" or the "Company") (News - Market indicators)(OTCBB:GWSAF) is pleased to announce the renaming of three key areas on its North Timmins Gold Project in honour of three men who have made significant contributions to the Company.
Bradshaw Gold Deposit
The Frankfield East Gold deposit (see map: http://media3.marketwire.com/docs/Location-Map-with-Details-August-2013.jpg) was renamed the "Bradshaw Gold Deposit" ("Bradshaw") after Ronald J. Bradshaw who, as founder of Gowest (formerly Gowest Amalgamated Resources Ltd.), was instrumental in the discovery of this now-advanced gold asset. Since its discovery, this deposit has grown to contain NI 43-101 compliant resources, including 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) (see Gowest news release dated January 7, 2013). Bradshaw is Gowest's cornerstone project and the Company is planning to bring it into production late in 2015. The deposit remains open laterally along its current strike length of 1.3 kilometres (km) as well as at depth.
Roussain Gold Zone
Gowest's Tully North Gold Zone, located approximately two km. northeast of Bradshaw, was renamed the "Roussain Gold Zone" after Randal J. Roussain. Randal was instrumental in negotiating Gowest's acquisition agreement of this claim package with Goldcorp in 2011, and assisted in hole location for the successful exploration drill campaign completed this past winter. The Company's Project Coordinator for Exploration, Randal died suddenly in Meaford, Ontario on July 1st at the age of 66. (See Gowest announcement July 5, 2013.)
Sheridan Gold Zone
The Texmont Gold Zone, located just west of Bradshaw, was renamed the "Sheridan Gold Zone" after the initial discovery of the zone in the late 1980's by New Texmont, a company owned by long-time prospector and Gowest investor, J. Patrick Sheridan.
Gowest's President and CEO, Greg Romain, said, "We are extremely pleased to be able to acknowledge these three men who have each made significant contributions to our growth and development in ways that strengthen Gowest's asset value and provide exceptional near and long term upside for all of our stakeholders."
About Gowest
Gowest is a Canadian gold exploration and development company focused on the delineation and development of its 100% owned Bradshaw Gold Deposit (formerly Frankfield East), part of the Company's North Timmins Gold Project (NTGP.) Gowest is exploring additional gold targets on the 107-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 the Bradshaw Gold Deposit 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.
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.
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