Gowest Announces New $ 1 Million Debt Financing

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TORONTO, November 5, 2021 (GLOBE NEWSWIRE) – Gowest Gold Ltd. (“Gowest” or the “Company”) (TSX VENTURE: GWA) announced today that it has entered into a loan agreement with Lush Land Investment Canada Inc. (“Lush Land”) with respect to a $ 1,000,000 principal amount bridge loan for working capital. The loan matures on October 31, 2022. Interest on the outstanding principal balance will accrue daily and will be calculated, in arrears, at a rate of 10% per annum. The bridging loan can be repaid at any time before maturity without penalty. Meirong Yuan, director of Gowest, owns 25% of Lush Land.

Dan Gagnon, President and CEO of Gowest, said: “This loan helps us finalize our review of revised mining and exploration plans, all with a view to a short-term restart of operations at our wholly owned Bradshaw gold deposit. “

About Gowest

Gowest is a Canadian gold exploration and development company focused on the delineation and development of its 100% owned Bradshaw (Bradshaw) gold deposit on the Frankfield property, which is part of the Company’s North Timmins Gold Project (NTGP) . Gowest is exploring additional gold targets on its +100 square kilometer NTGP plot and continues to assess the area, which is part of the prolific Timmins, Ontario gold camp. Currently, Bradshaw contains an Indicated Resource under National Instrument 43-101 estimated at 2.1 million tonnes (“t”) grading 6.19 grams per tonne of gold (g / t Au) containing 422 000 ounces (oz) Au and an inferred resource of 3.6 million t grading 6.47 g / t Au containing 755 thousand oz Au. In addition, based on the pre-feasibility study produced by Stantec Mining and announced on June 9, 2015, Bradshaw contains mineral reserves (mineral resources include mineral reserves) in the probable category, using a cut-off threshold of 3. g / t Au and using a gold price of US $ 1,200 / oz, totaling 1.8 million t grading 4.82 g / t Au for 277,000 oz Au.

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