Gowest Gold:

  • has received all of the permits required to begin Advanced Exploration (“AE”) work at Bradshaw;
  • is advancing discussions to secure all required contracts and funding to allow for the mining and processing of the AE bulk sample; and,
  • is progressing on detailed engineering work in advance of the start of the AE bulk sample collection.

Gowest’s President and CEO, Greg Romain, said, “After a lengthy and thorough review, we have received the critical permits that will enable us to take the next major step towards the development of the next new gold mine in the Timmins Gold Camp. Our strategy is to optimize project efficiencies, accelerate timelines and lower both up-front and overall project costs. The Bradshaw, which forms part of the Company’s large land package and includes numerous additional mineralized targets, is a high-grade gold deposit with significant potential for growth along strike and at depth.”

Permits

The Ontario Ministry of the Environment and Climate Change (“MOECC”) has completed its Environmental Assessment of Gowest’s AE program and issued the final permit required for the Company’s AE work that includes the removal of a bulk sample. Permit approvals have also been received from the Ontario Ministry of Northern Development and Mines (“MNDM”) and the Ontario Ministry of Natural Resources (“MNR”).

Technical Work

The Company’s detailed engineering work is ongoing in advance of the site preparation, ramp construction and underground development work required to extract the bulk sample. This includes optimizing the methods and route to most efficiently mine the bulk sample.

Funding

The Company has ongoing positive discussions with lending groups to fund the removal and processing of the bulk sample from selected portions of the underground deposit. The Company is also in discussions with contractors to participate in the development of the mine, reducing start-up cash requirements by deferring a significant portion of mining costs until revenues are available from the sale of gold produced from the bulk sample

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