SOURCE: Great West Gold, Inc.

December 14, 2005 09:40 ET

Great West Gold, Inc. -- Update on Windsor Resources, Inc.

Company Confirms Restructuring of This Transaction

NEW YORK, NY -- (MARKET WIRE) -- December 14, 2005 -- Great West Gold, Inc. (OTC BB: GWGO) announced to its shareholders that it has disposed of its entire shareholding in Western Gold Limited, formerly a wholly owned subsidiary company of Great West Gold, Inc., to Windsor Resources, Inc. in exchange for 200,000,000 restricted shares of Great West Gold, Inc. Common Stock.

Great West Gold, Inc. received an amount 98,000,000 restricted shares of Windsor Resources, Inc. Common Stock. The balance in the amount of 102,000,000 shares of restricted Common Stock of Windsor Resources, Inc. was allocated to Western Diversified Mining Resources, Inc., a company in which Great West Gold, Inc. holds an interest of 71.43%.

Great West Gold, Inc. then announced to its shareholders that it was distributing an amount of 98,000,000 shares of Windsor Resources, Inc. Common Stock to its shareholders of record as at November 7, 2005.

It was intended that Windsor Resources, Inc. seek an immediate admission to the OTC Pink Sheets Market. Various material changes to the OTC Pink Sheets Market Rules and Regulations have forced Great West Gold, Inc. to restructure its plans due to the extended period of time it will take to gain the admittance of Windsor Resources, Inc. shares of Common Stock for trading on the OTC Pink Sheets Market. Great West Gold, Inc. shareholders would have been unable to trade their shares in Windsor Resources, Inc. on the OTC Pink Sheets Market as they would have been restricted for a period of one year from the date of their issue under Regulation 144.

Great West Gold, Inc. will now be immediately disposing of its 98,000,000 restricted shares of Common Stock in Windsor Resources, Inc. to Bouse Mining Holdings plc incorporated in the United Kingdom and will not be distributing any of these shares to Great West Gold, Inc. shareholders. Windsor Resources, Inc. will remain an as unquoted Private Gold Mining Exploration Company.

Bouse Mining Holdings plc is being restructured at this time, a process that is expected to be completed within ten days at the most. The Share Capital Structure of Bouse Mining Holdings plc at this time, is as follows:

The amount of 50,000 Ordinary Shares of £1 (US$1.67) in Bouse Mining Holdings plc was placed for cash to St James Capital Holdings, Inc., www.stjcapital.com for a cash consideration of £50,000 (U$89,000). Bouse Mining Holdings plc is sub-dividing (otherwise referred to as a Reverse Split) its Ordinary Shares of £1 on a 100 for one basis, resulting in Bouse Mining Holdings plc holding Ordinary Shares of 1p (US$0.018) each. The only issued Ordinary shares will then be 5,000,000 Ordinary Shares of 1p (US$0.018) each held by St James Capital Holdings, Inc. St James Capital Holdings, Inc. holds a Loan Note due to it by Great West Gold, Inc. in the amount of US$1,750,000. Bouse Mining Holdings plc and Windsor Resources, Inc. have retained the services of a St James Capital Holdings, Inc. Group Company to effect all of these Corporate Finance transactions and to implement the various admissions of these equity instruments to the OTC Pink Sheets Market and to the to the "third tier" United Kingdom Stock Exchange. Stephen Lumb, the President of St James Capital Holdings, Inc., confirmed that he was delighted with this very radical and innovative financing structure embraced by Great West Gold, Inc. and that St James Capital Holdings, Inc. would continue to put 100% of its support behind Great West Gold, Inc. and all of its investments in these new Gold Mining Exploration Companies.

Bouse Mining Holdings plc will be seeking immediate admittance to the "third tier" United Kingdom Stock Exchange. Bouse Mining Holdings plc will then immediately thereafter apply for admission to the OTC Pink Sheets Market as a "Foreign Issuer." The Company will have a CUSIP Number, ISIN Number and Trading Symbol for its quotation on the OTC Pink Sheets Market and will still file an Information Statement as well as its Financial Statements with the OTC Pink Sheets Market under Rule 15c-211. Bouse Mining Holdings plc will be admitted to the OTC Pink Sheets Market through the "Unsolicited Trade" Rule.

Bouse Mining Holdings plc will then institute an American Depositary Receipt ("ADR") Level I Programme. This ADR will have an ISIN Number, CUSIP Number and Trading Symbol and will be admitted for trading on the OTC Pink Sheets Market through the "Unsolicited Trade" Rule. Each one of the Bouse Mining Holdings plc ADRs will comprise of shares of 1,000 Ordinary Shares of Bouse Mining Holdings plc.

Bouse Mining Holdings plc is appointing a Share Transfer Agent to deal with the share transfers for both of the Company's listings on the OTC Pink Sheets Market and on the "third tier" United Kingdom Stock Exchange. The settlement of the dealing in the ADRs will be dealt with separately by a Depositary Receipt Company. The shares quoted on the "third tier" United Kingdom Stock Exchange will be settled through the CREST settlement system.

Shareholders in Great West Gold, Inc. that will hold Ordinary Shares in Bouse Mining Holdings plc will be in a position to trade their shares in London on the "third tier" Stock Exchange as well as on the OTC Pink Sheets Market in the form of Ordinary Shares and in the form of ADRs. This provides huge arbitrage opportunities for shareholders and speculators in shares. Shareholders in Bouse Mining Holdings plc will have the right to convert all or part of their shareholding in Bouse Mining Holdings plc into ADRs, should they so wish.

Bouse Mining Holdings plc will be settling Great West Gold, Inc. an amount of 900,000,000 Ordinary Shares of 1p (US$0.018) each and at a price of 10p (US$0.18) per share, in exchange for the 98,000,000 shares of restricted shares of Common Stock in Windsor Resources plc, thereby valuing this transaction at an initial amount of £90,000,000 (US$160,000,000).

At the Windsor Resources, Inc. Dividend Distribution Date, being November 7, 2005, there were 31,227,193,220 outstanding shares of Great West Gold, Inc. Common Stock. This translates into each of those eligible Great West Gold, Inc. shareholders receiving 0.0288 Ordinary Shares in Bouse Mining Holdings plc for each share of Great West Gold, Inc. Common Stock. The value calculation for shareholders that we are applying to this financial transaction is that for every 1,000 shares of Great West Gold, Inc. Common Stock held, an amount of 28.82 Ordinary Shares of 1p (US$0.018) and at a price of 10p (US$0.18) per Ordinary Share in Bouse Mining Holdings plc will be issued to the eligible Great West Gold, Inc. shareholders. The value for every Great West Gold, Inc. shareholder will be in the amount of £2.88 (US$5.09) for every 1,000 shares of Great West Gold, Inc. Common Stock held at November 7, 2005.

London is now the Global centre of Mining and the ability of Bouse Mining Holdings plc to raise significant funding will be hugely increased. The strong currency of the Pound Sterling compared to the US Dollar will be of huge benefit to our shareholders. Bouse Mining Holdings plc is in final discussions to appoint experienced Mining operators as well as independent Non Executive Directors to its Board of Directors that are not associated with Great West Gold, Inc.

Great West Gold, Inc. is "fast tracking" this process and will be continually updating its shareholders on progress. Great West Gold, Inc. is updating its web site with a "FAQ" Section, "Live Chat" as well as the installation of a USA Toll Free Number to deal with shareholder enquiries. This will be in place in and during this week.

The Share Certificates in respect of Bouse Mining Holdings plc will be posted to the Great West Gold, Inc. shareholders of record on November 7, 2005. This will be effected in and during the next thirty days. This delay is being caused by the appointment of a SEC approved Transfer Agent who has the capabilities of dealing with this "dual listing" of the Company's Ordinary Shares.

Great West Gold, Inc. continually promised its shareholders that it intended to unlock "Significant value" for its shareholders and now believes that it has achieved this goal. This transaction whilst being complex will result in huge benefits to Great West Gold, Inc. shareholders with their exposure to the London and the USA Markets in addition to the two currencies, being Pound Sterling and US Dollars. The ADR Programme brings enormous benefits in the extraction of Ordinary Shares from the "free float" therefore being of benefit to the share price of Bouse Mining Holdings plc. None of these Bouse Mining Holdings plc Ordinary Shares being issued to Great West Gold, Inc. shareholders are restricted whatsoever and shareholders are free to transact in these shares as they please.

Great West Gold, Inc. will be filing a Form 8-K with full details of this transaction.

Great West Gold, Inc. will be immediately implementing the same "structures" in respect of Sentinel Resources, Inc. and in Copperstone Mining, Inc. The shares held by Great West Gold, Inc. in Ambassador Gold Limited and in Golden Eagle Mining Limited will be disposed in and during this week on the same basis as the other companies and the direct shareholdings held by Great West Gold, Inc. distributed to Great West Gold, Inc. shareholders on the same "structures." The details of these transactions will be published in and during this week.

About Great West Gold, Inc.:

Great West Gold, Inc., www.greatwestgold.com, is a gold mining exploration stage company, engaged in the acquisition and exploration of mining properties in the United States. Great West Gold, Inc. has disposed of each if its five Gold Mining Exploration interests to five new Gold Mining Exploration Companies. Great West Gold, Inc, has disposed of 49% of each of its interests in these five new Mining Exploration Companies to five new Public Companies in the United Kingdom and is distributing all of its direct shareholdings in those new United Kingdom Public Companies to Great West Gold, Inc. shareholders. Each of the five United Kingdom Public companies will be immediately admitting their Ordinary Shares for trading on a "third tier" market in the United Kingdom, obtaining an immediate dual listing on the OTC Pink Sheets Market as a "Foreign Issuer" and instituting an Level I American Depositary Receipt ("ADR") Programme. The new Rules and Regulations of the OTC Pink Sheets Market permit the immediate admission of Ordinary Shares and ADRs of "Foreign Issuers" to its Market through an "Unsolicited Trade." Great West Gold, Inc. will continue to hold interests in the five Gold Mining Exploration companies through its 71.43% shareholding in Western Diversified Mining Resources, Inc.

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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