{{Right now we're in the cycle phase of building the mine.....the s/p may stay this way till bulk sample(small scale production) turns our s/p around big time northbound.....GLTA}}
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The Gowest project is located about 40 kilometers north of the built up area of Timmins. It can be accessed off Highway 655 North. A public open house was held in Timmins this week as part of the approvals process for Gowest's Bradshaw Gold prospect north of Timmins. Timmins Times LOCAL NEWS photo by Len Gillis.
A junior gold prospect in Timmins has completed a new financing agreement to help pay for the company’s advanced exploration work on its property just north of the built-up area of the city.
Gowest Gold Ltd. (TSX Venture: GWA) announced it has signed a non-binding Letter of Intent with Pandion Mine Finance LP. Gowest said the deal for U.S. $17.6-million with Pandion is subject to the completion of due diligence, along with the negotiation and execution of a Prepaid Forward Gold Purchase Agreement.
The exploration work is continuing on Gowest’s 100% owned Bradshaw Gold Deposit, which is part of the North Timmins Gold Project, located in the Wark Township area close to Highway 655.
Greg Romain, the company president, and CEO said the funding will help his company toward the eventual goal of creating a new gold mine.
“We are very pleased that Pandion has recognized the serious potential that Bradshaw affords their investors,” Romain said in a company release. “Further, their funding package is particularly beneficial to our shareholders in that it represents a major step towards Gowest building the next new gold mine in the Timmins camp. We look forward to closing this financing transaction as soon as possible.”
The release also revealed that Pandion had expressed confidence in the Bradshaw venture and was looking forward to working with the Gowest team.
Earlier this summer, Romain announced that the permitting process for the advance exploration and bulk sample was finally completed. He said detailed engineering work for site preparation and underground development was underway. In June Romain said the company was working toward collaring a ramp portal in the late fall of 2016.