TORONTO, ONTARIO--(Marketwired - July 22, 2015) - Gowest Gold Ltd. ("Gowest" or the "Company") (TSX VENTURE:GWA) is pleased to announce that it has entered into an agreement with Crown Mining Corp., pursuant to which Gowest will acquire a 100% interest in four patented claims totalling 64 hectares located in Whitney Township near Timmins, Ontario.
The claims to be acquired by Gowest adjoin the north and northwest boundary of the Hallnor property and lie approximately one kilometre northwest of the Hallnor Gold Mine. The Hallnor Gold Mine was among the richest in the Timmins camp, with grading of 0.41 oz per ton for 4.2 million tons, and was notable in that production of 1.7 million ounces came from an area enclosed within four claims (64 hectares). The claims to be acquired are contiguous with five patented claims (80 hectares) already owned by Gowest in Whitney Township.
To view the Gowest Whitney Property map, please visit the following link: http://media3.marketwire.com/docs/GowestWhitneyPropertyMapJuly2015.jpg.
Once the acquisition is completed, Gowest's total land holding in the Timmins Gold camp will be approximately 11,000 hectares (110 square kilometers). Timmins is the most prolific gold camp in Canada, having produced more than 70 million ounces of gold or just under half of all of the gold ever mined in this country.
Greg Romain, Gowest Gold President, said, "While our interest in Whitney has been driven by the geological and geophysical evidence the Company has collected over the years, its proximity to the Hallnor Mine and Temex's, Lake Shore Gold's and Goldcorp's properties, just made it that much more attractive to us." He added, "Our main focus is on developing our Bradshaw Gold Deposit; however, we believe Whitney could well turn out to hold at least as much potential."
As consideration for the claims, Gowest will pay $25,000 in cash and issue 1,000,000 common shares of Gowest. Completion of the proposed acquisition is subject to the approval of the TSX Venture Exchange and the satisfaction or waiver of certain other standard closing conditions.
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 for 422 thousand oz Au and an Inferred Resource of 3.6 million t grading 6.47 g/t Au for 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.
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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