Jul 23 2015
Gowest Gold Ltd. ("Gowest" or the "Company") 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.
Source: http://www.gowestgold.com/