"There are several reasons that we are extremely pleased to have John's input and support as we accelerate our plans to go into production at our North Timmins Gold Project, not the least of which is his expertise in all aspects of designing, engineering, constructing and operating an autoclave, along with a wide variety of other gold processing systems and equipment," said Gowest CEO, Greg Romain. "Although he will not be directly joining our management group, his extensive, hands-on planning and operational experience will be greatly appreciated by the very strong Board and Technical Management team that we already have in place."
The Company has granted Mr. Frostiak options to purchase up to 200,000 common shares of the Company at an exercise price of $0.12 per share, expiring on January 11, 2018.
Frankfield East Gold Resource
Gowest recently provided and updated resource estimate for Frankfield East, 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). 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 new 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.
Technical information related to Gowest's Frankfield East mineral resource estimate contained in this press release has been reviewed and approved by Neil N. Gow, P. Geo., an independent Qualified Person as defined by NI 43-101, with the ability and authority to verify the authenticity and validity of this data. Mr. Kevin Montgomery, P. Geo., Manager of Exploration for Gowest, a Qualified Person under NI 43-101, has prepared or supervised the scientific or technical information for the property and verified the data disclosed in this press release.
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. 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.
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 or Mobile: 416 605-5120
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