TORONTO, Sep 16, 2021 (GLOBE NEWSWIRE) – Gowest Gold Ltd. (“Gowest” or the “Company”) (TSX VENTURE: GWA) announced today that it has entered into a loan agreement with Meirong Yuan, director of Gowest, in respect of a bridge loan of a capital of $ 500,000. The loan proceeds will be used by Gowest for general corporate purposes.
The bridge loan matures on September 15, 2022. Interest on the daily outstanding principal balance will accrue daily and will be calculated, in arrears, at a rate of 12% per annum. The bridging loan can be repaid at any time before maturity without penalty.
C. Fraser Elliott, Chairman of the Board, commented, “This bridge loan will help the company continue to operate as we continue to work on the significant refinancing required to support our efforts to bring our Bradshaw gold deposit into commercial production. “
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, which is part of the North Timmins Gold Project (NTGP) of the company. 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. Additionally, 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 cutoff 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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