SOURCE: Great West Gold, Inc.

May 31, 2005 14:19 ET

Great West Gold, Inc. Further Update on Filings

Company Confirms Its Intention to File Its Annual Report Form 10KSB and Quarterly Report Form 10QSB

NEW YORK, NY -- (MARKET WIRE) -- May 31, 2005 -- Great West Gold, Inc. (OTC BB: GWGO) confirms that it is late in the filing of its Annual Report Form 10KSB for the year ended December 31, 2004, and its Quarterly Report for the period ended March 31, 2005. This has resulted in the "E" annotation to its trading symbol. The Company will trade under the symbol GWGOE until the date of this filing.

The delay in this filing is a result of the Company's recently appointed Auditors requiring further time to accurately complete the year end Audit. Despite the Company's previous undertakings to investors, the Auditors have still not completed the year end audit in respect of December 31, 2004. The Company will immediately file its Form 10KSB upon receipt of those Audited Accounts from the Auditors. Furthermore, the Auditors have still not yet completed the quarterly audit for the period ended March 31, 2005. Upon receipt of those audited accounts the Company will immediately file the Form 10QSB; and at that time the "E" annotation will be removed and the Trading Symbol will revert to that of "GWGO."

This delay in these filings has resulted in all pending deals, financing arrangements and proposed restructurings for the Company being placed on hold and very possibly could result in a cancellation of some or all of these transactions due to third-party concerns about the delay of these filings. The Company will advise shareholders accordingly if any material event occurs.

The Company has noted shareholder concerns about the Company being moved from the OTC BB Market to the OTC Pink Sheets Market and wishes to assure all shareholders that the company is committed to these filings being made as promised. Corporate Counsel to the Company has requested an extension of time in respect of these filings.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

About Great West Gold, Inc.

Great West Gold, Inc. (www.greatwestgold.com) is an aggressive gold exploration company that has acquired certain rights to mine for minerals, primarily gold, in Arizona.

Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties beyond the Company's control, including but not limited to economic, competitive and other factors affecting the Company's operations, management team effectiveness, expansion strategies, available financing, market prices and recovery costs, government regulations involving the Company, facts and events not known at the time of this release, and other factors discussed in the Company's filings with the Securities and Exchange Commission.

These statements are not guarantees of future performance and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements.

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