InvestorsHub Logo
Followers 26
Posts 2151
Boards Moderated 0
Alias Born 03/30/2004

Re: checkmate28 post# 24754

Tuesday, 04/26/2011 9:42:29 AM

Tuesday, April 26, 2011 9:42:29 AM

Post# of 35746
GWA GOWEST GOLD MORE THAN DOUBLES ITS TIMMINS AREA LAND HOLDINGS

TORONTO, ONTARIO, Apr 26, 2011 (MARKETWIRE via COMTEX News Network) --
Gowest Gold Ltd. ("Gowest" or the "Company") (TSX VENTURE: GWA)(OTCBB: GWSAF)(FRANKFURT: 1GW) is pleased to announce it has entered into an Option and Joint Venture Agreement (the "Option Agreement") with Transition Metals Corp. ("TMC") to explore and earn an interest in an additional 3400 hectares (34 square kilometres) in the Porcupine mining district (the "Pipestone Property"). The majority of the Pipestone Property is located on the Pipestone Fault and along strike from the company's developing Frankfield Project. Pipestone Fault like structures are critical for controlling gold mineralization in the Abitibi region including that at the Frankfield East deposit and other gold deposits in the area such as Clavos to the southeast. Gowest's Frankfield East deposit appears to be part of a larger structurally controlled gold-hosting system and will be the subject of an updated resource estimate in the coming weeks. The company will announce a conference call to be held in connection with the release of this estimate.
Further to the Option Agreement, Gowest increases its total exploration property interests to approximately 6000 hectares (60 square kilometres) along the largely undeveloped Pipestone Fault in the Timmins camp. It is the Company's interpretation that the Pipestone Fault is a splay off the prolific Porcupine-Destor Fault, the source of in excess of 70 million ounces of historic gold production. Through its ongoing work at the Frankfield project, management of Gowest has developed an intimate understanding of the regional geology and effective methods for identifying high priority gold targets. The Company's land package now includes a contiguous block of claims extending approximately 20km along the Pipestone Fault from the Frankfield East deposit southeast towards the Clavos deposit which contains a NI 43-101(i) compliant gold resource of 37,000 ounces measured and indicated and 110,000 ounces inferred.
To view the Timmins Area Map - Frankfield Property and Location of New Pipestone Property, please visit the following link: http://media3.marketwire.com/docs/Timmins_Area_Map.pdf.
Greg Romain, President and CEO of Gowest, commented: "We are excited to be able to announce this transaction along with a working relationship with Transition Metals under this agreement. The members of the management team at Transition Metals have years of experience working in the area and their knowledge will be invaluable in advancing exploration on the properties." Mr. Romain further commented: " As Gowest has furthered its understanding of the area geology and has experienced sustained exploration success at Frankfield East other companies have begun to take an interest in exploring within close proximity of our Frankfield Project. The company continues to see this interest as a validation of our own belief in the growing potential of the area. The new acquisition now cements our position as a leading player in the area, the value of which will only be enhanced and accelerated by ongoing success at Frankfield East. The Frankfield East gold deposit has the potential to be one of the most significant new deposits in a long time in a previously unmined area of Timmins."

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.