Gowest Amalgamated Resources Ltd.

Gowest Amalgamated Resources Ltd.

November 08, 2006 16:30 ET

Gowest Acquiring Molybdenum Property Near Wawa, Ontario

TORONTO, ONTARIO--(CCNMatthews - Nov. 8, 2006) - Gowest (TSX VENTURE:GWA) is pleased to announce signing of a Letter of Intent for the acquisition of the molybdenite occurrence at Molybdenite Lake west of Wawa, Ontario. Based on previous work and observation, which reveals the nature of the occurrence, coupled with the much enhanced price for the metal, detailed exploration of the area is justified.

Mineralization is widespread over an area of greater than one square kilometre on the shore and islands of Molybdenite Lake. The more concentrated mineralization is exposed within an area of 100 by 300 metres, adjacent to the southeast arm of the Lake and is associated with quartz veins, stringers and stockworks within granite gneiss.

In 1940 Superior Molybdenum Company extracted a selected bulk sample of 98 tons from trenches on the main showing. Assays conducted by the Mines branch in Ottawa yielded an average grade of 0.5% molybdenum. Subsequently, Algoma Central and Inco during the period 1963 to 1965, jointly conducted surface work and drilled five holes totalling 458 metres. Presumably, because of sub economic assay results the property has remained dormant since.

A cursory look at the structural geology of the granitic terrane hosting the metallic mineralization indicates that an area of intersection of two or more fault systems in and about Molybdenite Lake probably accounts for the deposition of the molybdenite mineralization of the area. The more attractive structural conditions for metal deposition lie below the water of the Lake. There are no records of previous subsurface work below the Lake. Therefore, it would be the intention of Gowest to search for geophysical targets within the confines of the Lake and adjacent area that may assist the layout of an exploration drill program remote from previous testing. Gowest shall be seeking financing to pay for the exploration program. Details will be provided in a separate announcement.

Molybdenum is a valuable metal, currently worth about $27 per pound that has a special use for increasing the hardness and strength of steel. As a lubricant it is superior to graphite; special cutting tools and wiring in electric furnaces are a few other uses for the metal.

The writer is the qualified person responsible for the verification of the information and data used in this release and is satisfied that the announcement meets the appropriate standard.

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

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