Gowest Gold Ltd.
TSX VENTURE : GWA

Gowest Gold Ltd.

October 27, 2011 07:30 ET

Gowest Gold Annouces Agreement With Mattagami First Nation and Matachewan First Nation

TORONTO, ONTARIO--(Marketwire - Oct. 27, 2011) - Gowest Gold Ltd. ("Gowest" or the "Company") (TSX VENTURE:GWA) is pleased to announce that the Company has entered into an Exploration Agreement (EA) with the Mattagami First Nation and the Matachewan First Nation in order to promote a cooperative ongoing discussion between the parties with regards to the company's North Timmins Gold Project.

The EA establishes the framework for these discussions by setting out provisions, which include business, employment and training opportunities activities for members of the two First Nations to participate in the exploration around the project. In addition, Mattagami First Nation, Matachewan First Nation and Gowest have agreed to negotiate an Impact Benefits Agreement should the project proceed as currently planned.

Greg Romain, President & CEO of Gowest Gold, stated: "We are very pleased with the signing of this agreement as it is a further demonstration of the positive working relationship established with both Mattagami First Nation and Matachewan First Nation, two key stakeholders in our North Timmins Gold Project. We look forward to working with them over the years to come as we move the Frankfield East deposit from exploration through to production."

Jason Batise, Economic Development & Technical Services Advisor of Wabun Tribal Council, commented; "On behalf of the Matachewan and Mattagami First Nations it is my pleasure to announce an exciting partnership between the communities and Gowest Gold. The recently signed Exploration Agreement between the parties shows both a respect by this mining interest with regard to First Nations traditional territory and the community understanding as to the needs of the Company to develop its property. We look forward to assisting in the success of the Frankfield property."

About Gowest

Gowest is a Canadian gold exploration and development company focused on the delineation and development of its 100% owned Frankfield East gold deposit, as well as on the exploration of additional gold targets on North Timmins Gold Project area, part of the prolific Timmins, Ontario gold camp. The Frankfield East deposit has been estimated to contain 348,000 ounces of gold in the Indicated category (1,621,000 tonnes at a grade of 6.68 g/t Au) plus 838,900 ounces of gold in the Inferred category (4,342,000 tonnes at a grade of 6.01 g/t Au. The Company also continues to evaluate acquisition targets in the vicinity of the North Timmins Gold Project area.

Forward-looking statements

This news release contains certain "forward looking statements". Such forward-looking statements involve risks and uncertainties. The results or events depicted in these forward-looking statements may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

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

  • Gowest Gold Ltd.
    Greg Romain
    President & CEO
    (416) 363-1210

    Gowest Gold Ltd.
    Greg Taylor
    Investor Relations
    905 337-7673 / Mob: 416 605-5120
    gregt@gowestogld.com