Company Confirms the Acquisition of the First of the Three Additional Gold Mining Projects
NEW YORK, Oct 21, 2005 /PRNewswire-FirstCall via COMTEX/ -- Great West Gold, Inc. (OTC Bulletin Board: GWGO) announced on October 10, 2005 that it was completing the acquisition of three addition Gold Mining Exploration properties. The Company has today completed the first of the new acquisitions by purchasing Golden Eagle Mining Limited, the payment to be settled through the issue of restricted shares of the Company's Common Stock.
The Company will publish a detailed description of this acquisition and its Mining assets on Monday October 24, 2005 as well as the filing of the Form 8-K in respect thereof.
These acquisitions are expected to have a huge impact upon the value of Great West Gold, Inc. and to its shareholders and will hopefully restore significant value to the shareholders given the huge decrease in the price of the Company's shares.
NAME AND TRADING SYMBOL CHANGE:
The Company will shortly be effecting a change in its name and its Trading Symbol to reflect the acquisition in another Industry Sector. This will be announced and effected after the completion of the distribution of the shares in Windsor Resources, Inc., Sentinal Resources, Inc. and in the three additional Gold Mining Companies being acquired.
This distribution of shares to Great West Gold, Inc. shareholders are a part of the ongoing restructuring process by the Company to "unlock" significant value for Great West Gold, Inc. shareholders.
About Great West Gold, Inc.:
Great West Gold, Inc. (www.greatwestgold.com) is a 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.