ATW Gold Corp.
TSX VENTURE : ATW

ATW Gold Corp.

November 23, 2010 10:00 ET

ATW Executes Farm-In Option Agreement on Mt. Phillips Gold Prospect, Gascoyne Region, Western Australia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2010) - ATW Gold Corp. (TSX VENTURE:ATW) ("ATW" or "the Company") is pleased to announce that its subsidiary, ATW Gold Corp Australia Pty Ltd. ("ATW Australia") has entered into a Farm-In Option Agreement ("the Agreement") with Eric John Kempton ("Kempton"), whereby ATW Australia can earn up to 100% interest in the Mt. Phillips Gold Prospect (the "Property" or "the Mt. Phillips Prospect") located in the Gascoyne region, Western Australia.

The Mt. Phillips Prospect at Bassit Bore is located in the Gascoyne region some 850km northeast of Perth, 500km north of ATW's Gullewa Gold Project and 10km south of ATW's Cobra Project. The Property area of 300 hectares is covered by a single Exploration license E09/1676 and lies within Gascoyne Resources Limited's Bassit Bore Gold project.

The Mt. Phillips Prospect immediately abuts Gascoyne Resources' license E09/1088 where a 15km east west gold copper geochemistry anomaly trends onto the Property. Gascoyne Resources have recently announced rock chip results from a quartz vein system from license E09/1751. Results returned values of up to 7.8g/t gold over a 350m strike length that trends northwest onto the Mt. Phillips Prospect.

Sampling by ATW along this trend has confirmed its prospectivity where two rock chips returned significant results. Two rock samples were taken. One sample returned 36.97g/t gold and 2.54% copper and the other sample returned 31.65g/t gold and 0.1% copper.

The Property lies over sheared granite that contains multiple quartz veins up to two metres in width. Initial sampling indicates that the veins contain gold and +/- copper minerals malachite and chalcocite. The major shear zone trends 330 degrees.

Terms for the Farm-In Option Agreement, dated November 9, 2010 (the "Commencement Date" are as follows:

1.) ATW Australia must expend AUD$400,000 on the Property over a two year period to earn up to a 100% interest in the Property; and

2.) ATW Australia must make the following cash payments to Kempton:

(i) a payment of AUD$25,000 on the Commencement Date;
(ii) a payment of AUD$25,000 3 months from the Commencement Date; and
(iii) a payment of AUD$70,000 on or before 12 months after the Commencement Date; and
(iv) a further AUD$100,000 on or before 24 months after the Commencement Date; and

3.) A 5% NSR royalty will be payable to Kempton on any metal produced from the Property.

A finder's fee (the "Finder's Fee") will be paid with connection to the Agreement.

Brent Butler, Chief Executive Officer and President, commented: "Samples from the Mt. Phillips Prospect exhibit very high gold values across an exposed shear zone. ATW plans to complete field mapping and stream sediment sampling of the entire property to develop drill targets for 2011. This Property, along with the recently announced Cobra Property, gives ATW a very strong foothold in the Gascoyne region."

Brent Butler, President and CEO of ATW Gold Corp. is the qualified person under National Instrument 43-101 and has reviewed the contents of this news release.

The Agreement and the Finder's Fee are subject to acceptance by the TSX Venture Exchange.

ATW Gold Corp.

Brent Butler, President & CEO

This news release may contain forward–looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information