The Company Confirms Its Commitment to Its Arizona Gold Projects and to the Creation of Shareholder Value
NEW YORK, NY -- (MARKET WIRE) -- 02/09/05 -- Great West Gold, Inc. (OTC BB: GWGO) takes pleasure in informing its shareholders of its continuing commitment to the exploration and development of its two Arizona Gold Mining Projects. The Company is currently in the planning stages to further explore these Projects and to develop a cost-effective strategy to bring these projects to production in due course. It is expected that further progress will be made in and during this quarter and shareholders will be kept advised of these developments. It is intended that the Company retain a professional Investor Relations firm to deal with shareholder communications in order to deal with the countless enquiries from both investors and interested parties.
The Company has elected not to continue with its Projects in Mali, West Africa, due to the cost of maintaining these concessions and the costs of achieving actual production from these Projects.
The Company remains committed to becoming a producer of gold in and during this year.
The Company recognizes that its dismal share price performance requires certain corporate restructuring and to this end, discussions with various professional firms are ongoing. Shareholders will be advised as to the outcome of those discussions in due course. The Company is committed to the creation of shareholder value and will ensure that a sensible solution is found in order t nease with which USA-based shareholders (and the USA equity markets in general) view early-stage projects in other countries of the world, particularly in Africa.
Attempts to alter this view of Great West Gold, Inc. in these markets have not been successful. Although the five projects held by the company in Mali, West Africa, for the past year or so are each of considerable merit as minerals projects, and deserving of further developmental work, a more holistic perspective of the company shows that these "internal" considerations are only part of the overall business of the company.
It is therefore with a measure of regret that Great West Gold, Inc. confirms that it is now terminating its involvement and participation in all of its projects in Mali.
Thee Chairman of Great West Gold, Inc.'s Advisory Committee, Dr. Wayne P Colliston, completed a re-assessment of the company's recently-acquired Mockingbird gold-silver-copper property situated in Mohave County, Arizona, USA; and the summary of his reports are as follows:
Dr. Colliston reports that the Mockingbird mineralization is tectonically and structurally controlled, an important feature which may not have received sufficient attention from previous owners of the property. Mockingbird is an historic gold producer, with some 15,000 ounces from high-grade ore at an average grade of 0.8 oz/ton being produced. Most of this production was from the Mockingbird Mine itself, the centerpiece of the Company's present land position. Other mines which produced gold at this location included the Great West, the Hall (Dandy) and the Pocahontas Mines, all of which are included in the Company's property.
Great West Gold, Inc.'s Mockingbird Project contains a new and important type of gold deposit, a "detachment fault" deposit (first recognized as a separate form of gold deposit in the 1980s), and the best example of which is Copperstone. This was the biggest gold discovery in Arizona in the past 50 years. Cyprus Gold profitably mined the 500,000 oz open pit Copperstone resource during the 1980s. Based on underground drilling by the American Bonanza company, it is likely that the underground high-grade resource at Mockingbird is even larger.
The Company's mining title consists of 2,500 acres of mineral rights comprising a number of federal claims with 3 lode deposits and 16 placer deposits, as well as the Mockingbird Claims. Significantly, these include the 4 existing mines -- Mockingbird, Great West, Hall (Dandy) and Pocahontas, all of which contributed significantly to the past gold production in this important gold producing mining district.
Mineralization is found both in quartz veins and in breccia zones hosted by steep faults, with the mines located along north-west to east-west striking, north-dipping to flat quartz veins containing specular hematite, oxidized copper and free gold. The nature of these structures and associated mineralization suggest even further potential for a major detachment fault-associated gold/copper deposit, similar to the proven and mined Copperstone and Mesquite deposits.
The Mockingbird Project area therefore has the potential for the development of a large gold reserve. Anaconda estimated a deposit at Mockingbird of at least 10 million tons grading 0.05 to 0.1 oz/ton gold, with additional resources of silver and copper, putting the potential deposit size in the range of 500,000 to 1,000,000 ounces of gold, approximately the same size as Copperstone. The Anaconda estimate is corroborated by US Geological Survey Open File Report 92-002 and the Arizona Department of Mines and Mineral Resources.
At the current gold price of approximately US $400/oz, this provides a value estimate for the deposit in the range of US $200 to $400 million. The estimated gold resource does not include any potential from the 16 gold placers identified on the property.
Michael Saner, the CEO of Great West Gold, Inc. is of the opinion that our challenge now is to explore and develop the property from its present stage to that of a proven ore body (or ore bodies) and move to put it into production as soon as possible.
The Chairman of Great West Gold, Inc.'s Advisory Committee, Dr Wayne P Colliston, reports on the 1,300 acre Bouse gold (silver - copper) property situated in the La Paz area of western Arizona, USA, near the California border, as follows:
Dr. Colliston reports that the mineralising event at Bouse was a mid-Tertiary epithermal event, causing complex mineralization of gold, fluorite, barite, and associated metals into previous copper-specularite mineralization. The prime cause was regional crustal extension along the Plomosa Fault, just north of the Plomosa Mountains, which has now been identified as a detachment fault. The "detachment fault" style of deposit is best seen at Copperstone, the biggest gold discovery in Arizona in the past 50 years, where 500,000 oz of gold was profitably by Cyprus Gold in the open pit there. The Mesquite mine is another of this type.
Mineralization at Bouse is located primarily below the fault trace, in the lower plate, in pre-Cambrian rocks older than 1 billion years. Mineralization is found both in steeply dipping quartz veins and in laterally extensive breccia zones. The nature of these structures and associated mineralization over almost all of the 1,300 acres suggest further potential for major detachment fault gold deposits, and other deposits associated with this style of mineralization.
The Bouse area is an historic gold producer, with the Little Butte open pit and underground mines as known producers. Importantly, the historical grade recovered here averaged over 0.4 oz/ton. Around 2/3 of this production was from the Little Butte Mine, where the Arizona Department of Mines and Mineral Resources has recorded that the results of a 16-hold drilling programme showed about 5 million tons of inferred ore grading between 0.05 and 0.30 oz/ton.
Others areas of interest within the Company's 1,300 acres are the Brindle Claims, the high grade Arrastre Mine, the Blue Slate Mine and the Flat Fault Mine.
At the current gold price of approximately US $400/oz, this provides a value estimate for the deposit in the range of up to $600 million. This estimated gold resource is for the little Butte area only, and does not include any potential from the remainder of the property.
The CEO of Great West Gold, Inc., Michael G Saner, said that as with our Mockingbird project, the Bouse gold project is also identified as a detachment fault deposit. This is another prime property for the discovery of a substantial gold reserve in Arizona.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities.
About Great West Gold, Inc.
Great West Gold, Inc. (www.greatwestgold.com) is a gold exploration company that has acquired certain rights to mine for minerals, primarily gold, in Arizona.
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties beyond the Company's control, including but not limited to economic, competitive and other factors affecting the Company's operations, management team effectiveness, expansion strategies, available financing, market prices and recovery costs, government regulations involving the Company, facts and events not known at the time of this release, and other factors discussed in the Company's filings with the Securities and Exchange Commission.
These statements are not guarantees of future performance and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements.
Contact: Great West Gold, Inc. info@greatwestgold.com
Posts: 922 | Registered: Jun 2004
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For the short term, i could see this one being fine (a couple of days). Eg. Put in 1K an sell with a 25-30% gain.
In my opinion, the shut down in Africa is positive. Too many companies now a day, don't pull out when they are encountering losses. Since it usually worries investors when companies retrieve. But in the long ru, short term losses are always better then long term losses. Usually ego plays a big role in this deparment.
At the present it's taking a dip, probably a good time to buy!!!
I myself am not holding, but am considering!
Posts: 610 | From: Victoria | Registered: Dec 2004
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Volume is good and the ask has just risen. Could be a strong close today and a strong open tomorrow. IMO Jonathan
Posts: 64 | From: Leominster, MA | Registered: Dec 2004
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Bid and ask up premarket .0013 x .0014. Looking for a strong open and hopefully a strong close. IMO Jonathan
Posts: 64 | From: Leominster, MA | Registered: Dec 2004
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If we get good volume this morning i think we could make a nice run. We shall see. Jonathan
Posts: 64 | From: Leominster, MA | Registered: Dec 2004
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The MM's are solidifying the bid. 3 at .0013. We should move when volume starts coming in. IMO Jonathan
Posts: 64 | From: Leominster, MA | Registered: Dec 2004
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NEW YORK, NY -- (MARKET WIRE) -- 03/03/05 -- Great West Gold, Inc. (OTC BB: GWGO) announces that its shares of Common Stock are shown on the 'Regulation SHO Threshold Security List' clearly demonstrating the attention regulatory agencies are focusing on the 'Naked Trading' of securities. The 'threshold security list' is a list of any equity security of any issuer that is registered under Section 12 of the Exchange Act, or that is required to file reports under Section 15(d) of the Exchange Act (commonly referred to as reporting securities), where, for five consecutive settlement days (1) There are aggregate fails to deliver at a registered clearing agency of 10,000 shares or more per security; (2) The level of fails is equal to at least one-half of one percent of the issuer's total shares outstanding; and (3) The security is included on a list published by a self-regulatory organization (SRO). The list of all corporations on the watch list can be found at http://www.nasdaqtrader.com/aspx/regsho.aspx. Mr. Michael G. Saner, CEO of Great West Gold, Inc., stated the Company is pleased that Regulation SHO is now effective. The added emphasis and focus of regulatory agencies upon this questionable activity should help extinguish Naked Shorting and protect investor values and restore confidence in the value of the company's shares.
About Great West Gold, Inc.
Great West Gold, Inc. (www.greatwestgold.com) is a gold exploration company that has acquired certain rights to mine for minerals, primarily gold, in Arizona.
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties beyond the Company's control, including but not limited to economic, competitive and other factors affecting the Company's operations, management team effectiveness, expansion strategies, available financing, market prices and recovery costs, government regulations involving the Company, facts and events not known at the time of this release, and other factors discussed in the Company's filings with the Securities and Exchange Commission.
These statements are not guarantees of future performance and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements.
Contact: Great West Gold, Inc. E Mail: investor@greatwestgold.com
Posts: 922 | Registered: Jun 2004
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They are going to have to buy the shares back at a more expensive price now. Great send me to penny land:))
Posts: 108 | Registered: Feb 2005
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It's win win with a 25% dividend. I hate to say it............Wait I love to say it.............. ya can't lose!!!!!!!!!!!!!!
Posts: 108 | Registered: Feb 2005
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NEW YORK, NY--(MARKET WIRE)--Mar 2, 2005 -- Great West Gold, Inc. (OTC BB:GWGO.OB - News) announces that the Company has authorized a 25% (twenty five percent) dividend of the Company's common stock for its shareholders of record as of Thursday, March 17, 2005. The Stock Dividend Pay Date to shareholders will be shortly after that date. With this, the Company wishes to thank all its shareholders for supporting the Company's efforts in the development of the Company's mining properties in North America.
Michael G Saner, the CEO of Great West Gold, Inc. said that was he delighted that shareholders were being rewarded in this manner and hoped that this would contribute to increased support for the Company and its Mining Exploration efforts and hoped that this would offset some of the losses suffered by the Company's shareholders caused by the very substantial fall in the Company's share price in recent months.
About Great West Gold, Inc.
Great West Gold, Inc. (www.greatwestgold.com) is a gold exploration company that has acquired certain rights to mine for minerals, primarily gold, in Arizona.
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Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties beyond the Company's control, including but not limited to economic, competitive and other factors affecting the Company's operations, management team effectiveness, expansion strategies, available financing, market prices and recovery costs, government regulations involving the Company, facts and events not known at the time of this release, and other factors discussed in the Company's filings with the Securities and Exchange Commission.
These statements are not guarantees of future performance and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements.
Posts: 160 | Registered: Feb 2005
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