Gowest Announces Changes to Board of Directors
11 October 2019 - 11:30PM
Gowest Gold Ltd. (“
Gowest” or the
“
Corporation”) (TSX VENTURE:GWA) announced today
that it has made certain changes to its Board of Directors.
Effective today, Larry Phillips and John
Frostiak have resigned as directors of the Corporation. Mr.
Phillips and Mr. Frostiak have been long-serving directors of
Gowest and their corporate, operational and technical expertise has
been invaluable to the Corporation. Gowest thanks both Mr.
Phillips and Mr. Frostiak for their significant contributions to
the Corporation and wishes them all the best in their future
endeavours.
C. Fraser Elliott, Chairman, commented: “I would
like to thank both Larry Phillips and John Frostiak for their time
and advice over the years as Gowest advanced the Bradshaw mine.
Their help has been invaluable as we have faced many challenges as
a developing mine in Canada. Also, I am pleased to advise that John
Frostiak has agreed to remain as a technical advisor to the
Corporation and I wish Larry Phillips every success in his future
endeavors.”
Gowest has added to its Board of Directors,
effective today, Mr. Parviz Farsangi. Mr. Farsangi brings
extensive operations background and knowledge of the mining
industry. He is currently a director of INV Metals Inc. and
Wallbridge Mining. Prior positions held include the following; CEO
of Canadian Royalties, CEO of Scorpio Mining Corporation, Executive
VP and COO of Vale Inco Limited. Prior to joining Vale Inco Mr.
Farsangi had a long career with Falconbridge Limited. Mr. Farsangi
has received a Ph.D. in Mining Engineering from McGill in 1996 as
well as an M.B.A. from Queen's University Business School in 1998.
He is a member of the Association of Professional Engineers of
Ontario.
C. Fraser Elliott, commented: “It is expected
that Mr. Farsangi’s experience and expertise in the mining sector
will be an asset to the Board of Directors and I look forward to
him joining the Gowest board.”
The changes to the Board of Directors were made
in connection with the $8 million investment in Gowest by Fortune
Future Holdings Limited (“Fortune”) completed on June 20,
2019. Pursuant to its investment in Gowest, Fortune was
granted the right to appoint, and to have nominated by the
Corporation for election at each annual meeting of shareholders,
that number of directors or the Corporation as will represent a
majority of the Board of Directors, so long as Fortune holds
greater than 30% of the outstanding common shares of the
Corporation. Mr. Farsangi is a nominee of Fortune and Fortune
nominees now represent a majority of the Board of Directors.
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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information please
contact:
Greg Romain
President & CEO
Tel: (416)
363-1210
Email:
info@gowestgold.com
Greg TaylorInvestor RelationsTel: 416
605-5120Email: gregt@gowestgold.com
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