TORONTO, ONTARIO -- (Marketwire) -- 03/01/13 -- Gowest Gold Ltd. ("Gowest" or the "Company") (TSX VENTURE: GWA)(OTCBB: GWSAF) announces that a total of 2,550,000 options to purchase common shares of the Company were granted on March 1, 2013 to directors, officers and consultants at an exercise price of $0.12 per share, expiring on March 1, 2018. The grant is subject is subject to regulatory approval.
Gowest also announces that it intends to issue, subject to TSX Venture Exchange approval, an aggregate of 125,000 common shares to non-management directors of the Corporation (31,250 common shares per director), at a deemed price of $0.08 per share, as partial payment of fees owed to such directors in respect of the quarter ended October 31, 2012. The aggregate deemed value of the common shares to be issued is $10,000. The shares are being issued in lieu of cash in order to conserve the cash resources of the Corporation.
Gowest is a Canadian gold exploration and development company focused on the delineation and development of its 100% owned Frankfield East gold deposit, part of the Company's North Timmins Gold Project (NTGP.) Gowest is exploring additional gold targets on the 90-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 Frankfield East 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.
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.
Gowest Gold Ltd.
President & CEO
Gowest Gold Ltd.
905 337-7673 / Mob: 416 605-5120
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