2016

  • Gowest provided an update on its development plans for the Company’s North Timmins Gold Project (“NTGP”), including plans to make the Bradshaw Gold Deposit the next new gold mine in the Timmins gold camp:
    • Advanced Exploration (“AE”) permitting process is in the final stages of review, but has been delayed by Ontario government processing
    • Revised target to commence site preparation work and mine development at Bradshaw: Q3 2016 and AE bulk sample collection to begin latter part of Q4 2016
    • Previous Bradshaw area drill results proximal but not included in the resource estimation, due to insufficient drilling, provide opportunity with further drilling to expand resources – drilling plans are being prepared
    • Ongoing technical review indicates excellent potential to expand the global NTGP gold resource beyond Bradshaw deposit area
    • Planning new geophysical surveys followed up by drill programs at Sheridan and Roussain gold zones
  • Gowest announced its intention to issue an aggregate of 1,312,500 common shares to non-management directors of the Corporation, as partial payment of fees owed to such directors in respect of the period from November 1, 2013 to October 31, 2015. The aggregate deemed value of the common shares to be issued is $105,000.00. The shares are being issued in lieu of cash in order to conserve the cash resources of the Corporation.
  • Gowest’s Induced Polarization (“IP”) program has helped to reveal a distinct signature for the mineralization within its Bradshaw Gold Deposit, providing knowledge to help identify the best new exploration targets in the immediate surrounding area, as well as along untested portions of Gowest’s 20-kilometre segment of the prolific Pipestone Fault structure, which hosts Bradshaw and several other mineral deposits.
  • The Company reported that it has received all of the permits required to begin Advanced Exploration (“AE”) work at Bradshaw; is advancing discussions to secure all required contracts and funding to allow for the mining and processing of the AE bulk sample; and, is progressing on detailed engineering work in advance of the start of the AE bulk sample collection.
  • The Company entered into an negotiation agreement with Northern Sun Mining Corp. (“Northern”) for the use of the Redstone Mill (the “Mill”) located in Timmins, Ontario to process material from the Company’s Bradshaw Gold Deposit (“Bradshaw”).
  • Gowest closed a non-brokered private placement of 12,225,000 “flow-through” common shares of the Corporation and 325,000 non-“flow-through” common shares of the Corporation (collectively, the “Shares”), at a price of $0.20 per Share, for aggregate gross proceeds of $2,510,000 (the “Offering”).
  • Gowest entered into a definitive Pre-Paid Forward Gold Purchase Agreement with PGB Timmins Holdings LP, a limited partnership organized under the laws of the Province of Ontario, to finance the development of its Bradshaw Gold Deposit. PGB agreed to advance to the Company up to an aggregate of US$17,600,000 (the “Gold Prepayment Amount”), in four tranches over a period of approximately 12 months, as partial consideration for the purchase of up to an aggregate of 65,805 ounces of gold to be produced from Bradshaw and delivered to PGB. The full funding of the Gold Prepayment Amount is subject to the satisfaction of certain conditions precedent applicable in respect of each tranche, as specified in the Agreement.