Goldtent TA Paradise

Gold west GWA . Opportunity? Just broke the support at 0.1 $

1. Cervantes says:

   April 16, 2018 - 11:04 am at 11:04 am

   Nope, falling knife I guess. See the weekly chart.

2. Simon says:

   April 16, 2018 - 11:19 am at 11:19 am

   GOWEST PROVIDES UPDATE ON BRADSHAW DEVELOPMENT
   TORONTO, ONTARIO – (April 16, 2018) Gowest Gold Ltd. (TSXV: GWA) (the “Company”) is pleased to provide an update on its advanced exploration activities at the Company’s 100% owned Bradshaw Gold Deposit (“Bradshaw”) located in the Timmins Gold Camp, including its ongoing Bulk Sample Program.

   Bradshaw Highlights:
   Completed over 2,098 metres of underground development
   The 30, 45 and 60 metre levels are under development
   Silling is well underway on all levels
   28,567 tonnes of development material have been stockpiled on surface for sorting, milling and sale as concentrate
   No injuries at the project to date for mine site surface and underground construction
   Water treatment plant is fully operational and the discharge is environmentally compliant
   Agreement to process concentrate in place (see Gowest news release dated February 14, 2018)
   Current mining temporarily suspended due to the lack of room for further development material stockpiling as well as uncertainty on the timing of material processing

   Tolling Agreement, Northern Sun (Redstone Mill)

   The Company and Northern Sun Mining Corp. (“Northern Sun”) are continuing to develop a formal agreement pursuant to which Northern Sun would process ore from Bradshaw by way of a toll-milling arrangement. To that end, Northern Sun has received conditional approval for the processing of the ore through the Redstone Mill from both the Ministry of Environment and Climate Change and the Ministry of Northern Development and Mines, subject to satisfying certain provincial government guidelines, the timing of which cannot be determined. While Gowest is committed to completing an arrangement with Northern Sun, there can be no assurance that such an arrangement will be reached between the parties and, as such, the Company is reviewing and pursuing various alternatives for the processing of ore from its Bulk Sample, as well as through to pre-production and into full mining operations.

   Redstone Mill Acquisition

   Northern Sun and the Company have mutually determined to terminate the previously announced share purchase agreement entered into between the parties, pursuant to which the Company was to acquire a 50% interest in the Redstone Mill and form a joint venture with Northern Sun for its operation (see Gowest news release dated June 16, 2017). Certain conditions precedent to the completion of the transaction have not yet been satisfied and the timing for the satisfaction of such conditions precedent remains uncertain at this time. This termination allows for both Northern Sun and Gowest to re-evaluate their strategic plans.

   Operations

   As the Company reviews and evaluates its options for processing ore from its Bulk Sample, and given the uncertainty of the timing surrounding the processing of the Bulk Sample and the fact that there is no further capacity at the mine site to store any further underground mined material, the Company has determined to suspend current mining operations, but only to the extent that will ensure there will be no delay in the renewal of the development of the mine when conditions warrant. During this period, the Company will continue to focus on deferring, reducing or eliminating non-essential expenditures.

   The Company’s key partners remain supportive in its efforts to develop the Bradshaw mine. To the extent possible, the Company and its key partners will continue to work cooperatively to ensure that mining operations may be resumed as soon as possible once the Company has secured both necessary arrangements for processing ore from Bradshaw and additional funding.

   Financing Update

   The Company continues to have support from PGB Timmins Holdings LP (“PGB”), who provided the initial financing for the commencement of development of the Bradshaw Mine through the Pre-Paid Forward Gold Purchase Agreement entered into between the Company and PGB (see Gowest news release dated Dec. 16, 2016).

   With the termination of the share purchase agreement for the acquisition of a 50% ownership in the Redstone Mill, at this time the Company cannot satisfy the few remaining conditions precedent for the second tranche of the Pre-Paid Forward Gold Purchase Agreement, which were related primarily to the above noted acquisition by the Company and the completion of a toll-milling agreement.

   Discussions with PGB are on-going; however, there is no requirement for the Company to seek or accept any further funding from PGB.

   Gowest has spent the past year de-risking the Bradshaw deposit through its drilling program (see Gowest news releases dated November 29, 2017 and February 12, 2018) and its underground mine development. It is now in a position to start processing its stockpiled material. In order to continue its Bulk Sample Program and to enable it to refine its current plan towards full production, Gowest is planning to announce a financing in the near term.

   “Given the timing to process our Bradshaw material at the Redstone Mill has been delayed well beyond what was originally contemplated, it is only prudent that we take the necessary steps we are announcing today,” said Gowest President and CEO, Greg Romain. “I am confident that we will find a solution in the near future to resume mining operations at Bradshaw.”