TORONTO, ONTARIO--(Marketwired - Sept. 16, 2015) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Gowest Gold Ltd. (the "Corporation" or "Gowest") (TSX VENTURE:GWA) announced today that, to date, an aggregate of 43,750,000 common share purchase warrants of the Corporation (the "Warrants") have been exercised for aggregate gross proceeds to the Corporation of $2,625,000. 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. These funds will be used to advance the development of the Bradshaw Gold Deposit and for general and administrative expenses.
Greg Romain, President & CEO of Gowest, said, "We are extremely pleased to have the continued support of our major shareholder, Fortune Future Holdings Ltd., as well as many of our other investors. These funds will allow us to continue to advance site development at Bradshaw while we continue discussions 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.