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Press Release Source: Great West Gold, Inc.
Great West Gold, Inc. - Update on Corporate Restructure Tuesday April 5, 12:27 pm ET
NEW YORK, NY--(MARKET WIRE)--Apr 5, 2005 -- Great West Gold, Inc. (OTC BB:GWGO.OB - News) announced on March 7, 2005 that it is now "hiving off" its Arizona Gold Mining Projects into two new separate companies. These companies will operate independently of each other but remain under the control of Great West Gold, Inc. The Company confirms that it is not planning a "Reverse Split" of its outstanding shares. ADVERTISEMENT
On March 18, the Company confirmed that it is in the final stages of disposing of its "Bouse" Gold Project in Arizona held through its wholly owned subsidiary company, Western Gold Limited, to Windsor Resources, Inc. Windsor Resources, Inc. has raised an initial amount, from investors, of US$1,000,000 in cash. The Company will hold in excess of 75% of Windsor Resources, Inc. at such time as all of the formalities are completed. The Company expects to be in a position to advise its shareholders of the exact corporate structure of Windsor Resources, Inc. in and during next week.
The Company will be seeking to introduce Windsor Resources, Inc. to the Market as a separate individual quoted entity on the OTC Market, the process to commence this week. Windsor Resources, Inc. will have a fairly low number of outstanding shares and that these shares of their Common Stock will be restricted under Regulation 144 thereby protecting their shares prices in the market in respect of their "free trading" shares. The Company's existing Management and the Advisors to Great West Gold, Inc. would continue to manage and advise Windsor Resources, Inc.
The details in respect of the restructuring of Company's interest in the "Mockingbird" Gold Project in Arizona will be confirmed in and during this week. The Company can confirm that an initial amount of US$1,000,000 has also been committed to this Project by investors.
The Company recognizes that its dismal share price performance required an immediate corporate restructuring and to this end, it has been decided that it is not in shareholder interests for the company to continue to issue shares to raise further capital to fund its planned production of the Projects. The Company is focusing on and is committed to the adding of value for its shareholders, rather than any further dilution of shareholder value.
The two new mining companies will each raise capital from external sources to fund the Company's mining plans for these projects. It is anticipated that this will result in an acceleration of the Company's plans to bring these Gold Mining Projects to production. The Management of Great West Gold, Inc. have deemed it to be unacceptable to raise any additional capital through any further issues of Great West Gold, Inc. shares of Common Stock, with the current share price being at unrealistic levels.
The Company recognizes that its dismal share price performance required an immediate corporate restructuring and to this end, it has been decided that it is not in shareholder interests for the company to continue to issue shares to raise further capital to fund its planned production of the Projects. The Company is focusing on and is committed to the adding of value for its shareholders, rather than any further dilution of shareholder value.
The Company remains confident that its Gold Projects can be brought to a limited production level at an achievable capital cost and over a relatively short period of time utilizing fairly inexpensive mining processes.
Great West Gold, Inc. will continue to update its shareholders on its progress in respect of the structuring of these two new Gold Mining Companies, their fund raising efforts and their progress in seeking admission to; and obtaining a quotation on the OTC Market.
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: Contact: info@greatwestgold.com Great West Gold, Inc.
Posts: 714 | From: Boston, MA USA | Registered: Aug 2004
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Although the PR is similar to a prior PR there are a few very important points. One of them has now been made public:
"The Company confirms that it is not planning a "Reverse Split" of its outstanding shares."
Posts: 271 | From: USA | Registered: Mar 2005
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Great West Gold, Inc. to file late Company to files its Annual Report Form 10KSB late, Symbol change NEW YORK, April 21, 2005 – Great West Gold, Inc. (OTCBB:GWGO) confirms that it is late in the filing of its Annual Report Form 10KSB for the year ended December 31, 2004. This has resulted in the “E” annotation to its trading symbol. The Company will trade under the symbol GWGOE until the date of this filing. The delay in this filing is a result of the Company’s recently appointed Auditors requiring further time to accurately complete the year end Audit. It is expected that this will be completed in and during next week and at that time the “E” annotation will be removed and the Trading Symbol will revert to that of “GWGO”. 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 an aggressive 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. SOURCE: Great West Gold, Inc. (investor@greatwestgold.com)
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Press Release Source: Great West Gold, Inc.
Great West Gold, Inc. Update on Filings Wednesday May 18, 12:59 pm ET Company Confirms Its Intention to File Its Annual Report Form 10KSB and Quarterly Report Form 10QSB
NEW YORK, NY--(MARKET WIRE)--May 18, 2005 -- Great West Gold, Inc. (OTC BB:GWGOE.OB - News) confirms that it is late in the filing of its Annual Report Form 10KSB for the year ended December 31, 2004, and its Quarterly Report for the period ended March 31, 2005. This has resulted in the "E" annotation to its trading symbol. The Company will trade under the symbol GWGOE until the date of this filing.
The Company has noted shareholder concerns about the Company being moved from the OTC BB Market to the OTC Pink Sheets Market and wish to assure all shareholders that the company is committed to these filings being made as promised.
The delay in this filing is a result of the Company's recently appointed Auditors requiring further time to accurately complete the year end Audit. The Auditors have confirmed that the Company may expect their finalization of the year-end audit ended December 31, 2004, on Monday May 23, 2005, and the Company will immediately file its Form 10KSB upon receipt of those Audited Accounts from the Auditors. Furthermore the Auditors have confirmed that the Company may expect finalization of the quarterly audit for the period ended March 31, 2005, on Thursday May 26, 2005, andupon receipt of those audited accounts the Company will immediately file the Form 10QSB; and at that time the "E" annotation will be removed and the Trading Symbol will revert to that of "GWGO."
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 an aggressive gold exploration company that has acquired certain rights to mine for minerals, primarily gold, in Arizona.
Posts: 1872 | From: right here | Registered: Apr 2004
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By Edgar Online - (EDG = 10Q, 10K) Last Update: 6/16/2005 3:02:38 PM Data provided by
(EDGAR Online via COMTEX) -- ITEM 6: MANAGEMENT DISCUSSION AND PLAN OF OPERATIONS
The Company has terminated its involvement in the five Malian Mining Projects in order to focus on its Gold Projects in Arizona, USA, acquired in September 2004.
Pursuant to the Stock Purchase Agreements, we acquired one hundred percent (100%) of the issued and outstanding shares of common stock of Golden Sierra and Western Gold in exchange for a total of 4,000,000,000 shares of our common stock. Pursuant to the Agreement, Golden Sierra and Western Gold became our wholly owned subsidiaries.
Golden Sierra
Golden Sierra controls one hundred (100%) percent of Mockingbird, Great West, Hall (Dandy), and Pocahontas, being the gold mining prospects in Mohave County, Arizona.
The Mockingbird mineralisation 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.
The 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), 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.
Western Gold
Western Gold controls 100 percent of certain mineral rights relating to the Bouse property in Arizona. These mineral rights consist of twelve placer claims spread over 1,300 acres in La Paz County, located just north of the Plomosa Fault and include the Little Butte, Flat Fault, and Arrastre projects.
The 1,300 acre Bouse gold (silver - copper) property situated in the La Paz area of western Arizona, USA, near the California border.
The mineralising event at Bouse was a mid-Tertiary epithermal event, causing complex mineralisation of gold, fluorite, barite, and associated metals into previous copper-specularite mineralisation. 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 ounces of gold were profitably by Cyprus Gold in the open pit there. The Mesquite mine is another of this type.
Mineralisation 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 mineralisation.
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.
The Company is now "hiving off" its Arizona Gold Mining Projects, Sierra Gold and Western Gold into two new separate companies. These companies will operate independently of each other but remain under the control of Great West Gold, Inc.
The two new mining companies will each raise capital from external sources to fund the Company's mining plans for these projects. It is anticipated that this will result in an acceleration of the Company's plans to bring these Gold Mining Projects to production.
Berlin-Bremen Stock Exchange
The Company's shares were admitted for trading on the Berlin-Bremen Stock Exchange by a Broker without the knowledge, approval or cooperation of the Company. Our Corporate Counsel has demanded that the company's shares be delisted from the Berlin-Bremen Stock Exchange with immediate effect. We have taken this action because they have never asked for any information or contacted our Company in any regard, and therefore we are convinced that someone other than our Company had an interest to have our shares traded on this exchange. We have deemed this to not be in the best interest of our Company and our shareholders as this abuse is now very widespread and is used only for the purposes of the short selling of Company's stock, a practice which is illegal. The rash of naked shorting is rumored to now being orchestrated through this unregulated exchange. We believe that the constant selling pressure on our shares in the market for some time, despite positive news, is linked to this unauthorized listing.
We are reliant upon Sloane Holdings Limited ("Sloane") for our funding; and should Sloane elect not to extend additional funds to us, we will not be in a position to develop our mining concessions without raising additional funding. Furthermore, the delay in funding may impact upon our ability to complete our planned restructuring; and should that not take place, we will not be in a position to develop our mining concessions.
Jun 16, 2005
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Great West Gold, Inc. Declares a Stock Dividend
By Market Wire Last Update: 7/14/2005 5:00:35 AM Data provided by
NEW YORK, NY, Jul 14, 2005 (MARKET WIRE via COMTEX) -- Great West Gold, Inc. (GWGO) 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 Friday, July 29, 2005. The Stock Dividend Pay Date to shareholders will be shortly after that date.
The Company decided to reward those shareholders who had remained loyal to the Company despite the lengthy delay in the Company's filings and hoped that this dividend 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.
The Company has agreed terms to acquire interests in another industry sector and this will result in the Company focusing on another business sector other than Gold Mining Exploration. Full details of these acquisitions will be announced in and during next week. Once completed, the Company will be focused on that Industry Sector and the Company's Mining Exploration interests held through its wholly owned subsidiary companies, Golden Sierra Limited and Western Gold Limited; will henceforth held through the Company's shareholding in both Windsor Resources, Inc. ("Windsor") and Sentinel Resources, Inc. ("Sentinel"). At such time as the Company's shareholdings in Windsor and Sentinel are distributed to the Company's shareholders as a dividend, the Company will no longer have an interest in the Mining Sector.
PROPOSED NAME AND TRADING SYMBOL CHANGE:
Upon the Company's completion of the acquisitions as above mentioned, the Company will then change its name and Trading Symbol.
MINING EXPLORATION INTERESTS:
BACKGROUND:
The Company has announced plans to dispose of its interests in the two Arizona Gold Mining Projects to two newly created companies, Windsor Resources, Inc. ("Windsor") and Sentinel Resources, Inc. ("Sentinel"). It was intended that both Windsor and Sentinel obtain funding to develop these projects independently of the Company and for the shares of both Windsor and Sentinel to be admitted for trading on the OTC Market; therefore, these two focused independent Gold Mining & Exploration companies would be better positioned to serve shareholder interests.
PLANS:
The Company is now in final negotiations to expedite the transactions in respect of both Windsor and Sentinel. If successful, it is the intention of the Company to distribute the majority of all of its shareholdings in Windsor and Sentinel to the Company's shareholders, and at such time as both Windsor and Sentinel are quoted on the OTC Market. The Company will announce the dates upon which shareholders will receive these shares of Common Stock in both Windsor and Sentinel, as a dividend.
The Mining Exploration business could only be financed through the creation of these two new companies, Windsor and Sentinel. The restructuring as set out in this announcement "unlocks" considerable value for the Company's shareholders as they retain shareholdings in the Company's mining interests and now will have an interest in another Industry Sector. This restructuring of the Company, the distribution of the Company's shares in Windsor and in Sentinel, coupled with this stock dividend, will result in a massive increase in shareholder value and a realization of the company's assets for its shareholders.
RATIONALE:
The Company has for some time recognized the fact that its dismal share price performance required a major corporate restructuring and to this end, the Company has examined countless possibilities to unlock value for its shareholders. The rationale was a "Reverse Split" of the Company's stock coupled with a financing of the Company would not be in the interests of shareholders
DISTRIBUTION (OR DIVIDEND) OF WINDSOR AND SENTINEL SHARES:
The Company wishes to stress that no restructuring (or Reverse Split) of its outstanding stock will take place until such time as the Company has concluded the transactions in respect of both Windsor and Sentinel. The Company stands by its promise that shareholders will not be diluted further through a Reverse Split of its Stock without a significant unlocking of value for shareholders. Any shareholders, who have acquired shares in the Company through the Company's proposed acquisitions (in another Industry Sector) as aforesaid, will not be eligible to receive these "dividend shares" in both Windsor and Sentinel nor will they will be eligible for this stock dividend.
ST JAMES CAPITAL HOLDINGS, INC. -- SUPPORT & LOAN NOTE:
St James Capital Holdings, Inc. ("St James"), www.stjcapital.com, which holds a Loan Note from the Company in the amount of US$1,500,000 and holds approximately 10% of the outstanding Common Stock of the Company, is assisting in these transactions and has agreed not to demand a conversion of this Loan into Common Stock of the Company at this time. The President of St James Capital, Stephen Lumb, today pledged his support for the Company and for its rewarding of its shareholders through this very innovative corporate restructuring and stock dividends to its shareholders. Stephen Lumb confirmed that St James was very satisfied with its position as a substantial shareholder in the Company and in its position as the principal Loan Note holder of the company. Stephen Lumb has stated that, "St James and the shareholders of Great West Gold, Inc. have been well rewarded by this Company's initiatives and have every confidence in the future of this Company and for that of its offspring Mining Companies."
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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