Aug 28 2015
Gowest Gold Ltd. ("Gowest" or the "Company") is pleased to announce that it has completed its previously-announced transaction with Crown Mining Corp., pursuant to which Gowest has acquired a 100% interest in four patented claims totalling 64 hectares located in Whitney Township near Timmins, Ontario (see Gowest announcement dated July 22, 2015).
The claims 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 ounces of gold per ton for 4.2 million tons, and was notable in that production of 1.7 million ounces of gold came from an area enclosed within under 65 hectares. The claims to be acquired are contiguous with five patented claims (80 hectares) already owned by Gowest in Whitney Township.
With this closing, Gowest's total land holdings in the Timmins Gold camp now total 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.
As consideration for the claims, Gowest paid $25,000 in cash and issued 1,000,000 common shares of Gowest.
TRANSITION METALS OPTION AND JOINT-VENTURE AGREEMENT EXTENDED
Gowest is also pleased to report that it has successfully completed a one-year extension of its Option and Joint Venture Agreement with Transition Metals Corp. ("TMC") to earn an initial 60% interest and up to a 75% interest in approximately 3,400 hectares (34 square kilometres) in the Porcupine mining district (the "Pipestone Property"). The agreement, pursuant to which Gowest can earn its interest in the Pipestone Property, was originally entered into on April 25, 2011 (see Gowest announcements dated February 4, 2014 and April 26, 2011). This extension was granted in exchange for the issuance to TMC of 500,000 common shares of Gowest.
Source: http://www.gowestgold.com/