--  The Texmont target is the first of 3 new gold exploration areas
    identified as high priorities for the discovery of additional gold
    resources on the Frankfield property.  
    
--  Importantly, the mineralisation identified at this new location appears
    to exhibit the same characteristics as is seen at the Frankfield East
    gold deposit. Hole GW10-73 was targeted to intersect a specific region
    on the west of the Frankfield Project area which showed favourable
    potential for gold hosting based on the company's newly developed
    geological model. The model combines data from high resolution 3D
    magnetic inversion studies and sampling for soil gas hydrocarbon
    analysis to identify geological environments similar to that present at
    the Frankfield East gold deposit where the host rock has been altered by
    metallic-bearing hydrothermal fluids. 
    
--  Gowest will continue to follow up on the Textmont gold target in order
    to better understand the size and orientation of the newly identified
    structure. The significant gold intersection seen in hole 73 and the
    highly anomalous intersections in holes 74, 75 and 77 validate the
    geological model developed for exploration work on the Frankfield
    property and indicates that the potential for the discovery of new gold
    zones on the property is excellent. 
    
--  As part of Phase 2, the Company will also continue its ongoing drill
    program aimed at further understanding and expanding the envelope of
    mineralization at the Frankfield East gold deposit. A second drill rig
    will remain dedicated to the Frankfield East deposit full time. Recent
    drilling has confirmed the continuity of mineralization to at least 700m
    along strike and 700m vertical depth (deposit remains open), more than
    doubling the size of the original mineralized envelope. The drilling
    completed as part of the Phase 1 program has allowed the company to
    demonstrate a mineral potential at Frankfield East in excess of 1
    million ounces (4.5-5.5 million tonnes @ 6.5-7.0 g/t Au)(ii) (see press
    release dated August 4th, 2010) 
    
--  The budget for Phase 2 drilling is approximately $2.25 million of which
    approximately $700,000 is to be spent on the new gold exploration
    targets. The entire program is fully funded. 
    

Table 1. Drilling Results for the Phase 2 Gold Target Exploration Program   
----------------------------------------------------------------------------
                                                 Grade (g/t                 
Hole No.       Depth (m)        Interval (m)          gold)            Notes
----------------------------------------------------------------------------
GW10-73        49.3-63.0                13.7            4.1      (main zone)
including      52.0-57.0                   5            8.1                 
including      52.0-56.0                   4            9.5                 
----------------------------------------------------------------------------
GW10-74     Minor sulphide content, less than 1 g/t gold (no main alteration
                                                                       zone)
----------------------------------------------------------------------------
GW10-75      102.9-103.3                 0.4            1.3                 
             123.5-125.0                 1.5            1.3                 
                        ----------------------------------------------------
             154.6-161.2  Minor sulphide content, less than 1 g/t gold (main
                                                                       zone)
----------------------------------------------------------------------------
GW10-77      313.4-314.0                 0.6            4.1      (main zone)
----------------------------------------------------------------------------
m - metre, g/t gold - grams per tonne contained gold                        
Note: - 1. Intervals shown are core lengths (true width of mineralization   
will be slightly reduced).                                                  
2. Holes GW10-76 and GW10-78 are still in progress on the Frankfield East   
deposit. Holes drilled were not in numeric order due to logistics and       
planning.

Total shares outstanding: 81.9 million                                     
Fully Diluted: 115.3 million                                               
52-Week Trading Range: $0.40 - $0.11                                       
Recent Price: $0.27