Gowest Gold Announces Change in Management & Board of Directors

TORONTO, June 16, 2021 (GLOBE NEWSWIRE) -- Gowest Gold Ltd. (“Gowest” or the “Corporation”) (TSX VENTURE: GWA) and Mr. Gregory Romain, having agreed to the next steps in the growth of the Corporation, would like to announce that Mr. Romain will be stepping down effective today from the Board of Directors and as President and Chief Executive Officer of the Corporation after having served the Corporation for the past 13 years. Replacing Mr. Romain as Interim President and Chief Executive Officer is Mr. Yungang Wu who is a member of the Gowest Technical team and a member of the Board of the Corporation. Mr. Wu is a geologist, bringing a wealth of experience to developing mines in Canada. The Corporation has commenced a search for a President and Chief Executive Officer for the Corporation.

C. Fraser Elliott, Chairman, commented: “I would like to thank Greg for his time and passion over the years as Gowest developed the Bradshaw mine near Timmins Ontario. Greg’s background has been invaluable as Gowest faced many challenges in developing a new mine in Canada. I am pleased to advise that Greg has agreed to remain as a consultant to the Corporation to assist in the transition and as it enters into a new phase in its development.”

About Gowest

Gowest is a Canadian gold exploration and development company focused on the delineation and development of its 100% owned Bradshaw Gold Deposit (Bradshaw), on the Frankfield Property, part of the Corporation’s North Timmins Gold Project (NTGP). Gowest is exploring additional gold targets on its +100‐square‐kilometre NTGP land package and continues to evaluate the area, which is part of the prolific Timmins, Ontario gold camp. Currently, Bradshaw contains a National Instrument 43‐101 Indicated Resource estimated at 2.1 million tonnes (“t”) grading 6.19 grams per tonne gold (g/t Au) containing 422 thousand ounces (oz) Au and an Inferred Resource of 3.6 million t grading 6.47 g/t Au containing 755 thousand oz Au. Further, based on the Pre‐Feasibility Study produced by Stantec Mining and announced on June 9, 2015, Bradshaw contains Mineral Reserves (Mineral Resources are inclusive of Mineral Reserves) in the probable category, using a 3 g/t Au cut‐off and utilizing a gold price of US$1,200 / oz, totaling 1.8 million t grading 4.82 g/t Au for 277 thousand oz Au.

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