Gowest Amalgamated Resources Ltd.

Gowest Amalgamated Resources Ltd.

March 02, 2009 13:28 ET

Gowest Confirms Additional Gold Mineralization at Frankfield Deposit

Positive Drill Results Confirm Extensions to Known Mineralization

TORONTO, ONTARIO--(Marketwire - March 2, 2009) - Gowest Amalgamated Resources Ltd. ("Gowest" or the "Company") (TSX VENTURE:GWA) is pleased to provide interim results of the recently completed drill program at its Frankfield Deposit in Timmins, Ontario. Six holes were drilled to test in greater detail the east sector of the deposit over a length of 125 metres (Section 1725E to 1850E) at a depth of between 120 and 180 metres. Previous drilling intersected the zones of the deposit at 50 metre (m) centres for a length of 400 metres. The latest holes, at 25 m centres, provide greater detail of the easternmost sector of the mineralized zones. The complete assay results are provided in the table below.

The intersection in hole 08-39 is notable not only because of the good grade but because of its location. On Section 1850E, it is the most easterly intersection in the Main mineralized zone, an extension of an additional 25 m. In hole 08-40 the Breccia Zone intersection of 12.33g/t over 4.5m is notable for the good width and grade, not previously encountered in this area. Similarly, the Main Zone intersection in hole 08-43 is especially robust. Having reviewed the numbers for tonnage and grade in this sector of the Frankfield deposit, it appears that the calculated tonnage should not change significantly but the average grade may be higher.

True width of the mineralized zones are approximately 80 % of the intervals noted below.

Ronald J. Bradshaw (P.Eng.), the qualified person under NI 43-101 has prepared this technical summary.

Hole No. Depth (m) Interval (m) Grade (g/t) Zone
08-39 219.6-221.0 1.4 19.76 Main
08-40 82.6-84.1 1.5 4.92 Breccia
169.6-174.1 4.5 12.33 Breccia
182.6-187.3 4.7 0.68 Main
08-41 118.4-121.0 2.6 2.75 Breccia
158.1-161.6 3.5 1.0 Main
08-42 201.4-205.6 4.2 1.55 Breccia
08-43 128.5-131.5 3.0 1.12 Breccia
198.1-206.8 8.65 7.65 Main
08-44 160.5-161.6 1.15 4.39 Main
m - metre, g/t - grams per tonne gold
Note: Assays were completed at Swastika Laboratories (2008) Ltd in
Swastika, Ontario.

Greg Romain, President, said, "We are very pleased with these latest results because they continue to extend the known resource area for the Frankfield project. The latest results confirm our belief that the Frankfield Deposit is open along strike and depth".

The Frankfield deposit is located in Tully Township, north of Timmins, Ontario. It is accessible by highway 655 and an all-weather gravel road, a distance of approximately 42 km from Timmins. Previous exploration has identified a 43-101 compliant resource containing approximately 2.7 million tonnes at an average grade of 6 g/t (containing 500,000 ounces of gold). This includes several shoots of higher grade mineralization containing approximately 954,000 tonnes at an average grade of 8.5 g/t (containing 265,000 ounces of gold). Work completed to date indicates that the deposit remains open both along strike and at depth.

Gowest is currently in the process of completing the acquisition of a 50% undivided interest in the Frankfield gold project and certain additional exploration properties located adjacent to the Frankfield gold project (being comprised of 22 claims (880acres)) from New Texmont Explorations Ltd. ("New Texmont"). Following the completion of the acquisition, Gowest will hold a 100% interest in the Frankfield gold project. The transaction received shareholder approval on February 23, 2009 and previously received conditional approval from the TSX Venture Exchange. Gowest and New Texmont are working to close the transaction as soon as possible. Closing is subject to the satisfaction of certain closing conditions typical for a transaction of this nature and the final approval of the TSX Venture Exchange.

Gowest is presently updating its exploration plans for 2009 with the intention being to expand the Frankfield gold resource and evaluate the potential of their new land area.

Gowest is a Canadian exploration company focused on advancing its quality gold
projects in Northern Ontario and Quebec.

The technical information contained in this press release has been reviewed and approved by Ronald J. Bradshaw, (P.Eng.), a qualified person under NI 43-101. Mr Bradshaw is a director of Gowest.


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