GWA Gowest Gold Ltd

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Gowest Gold Ltd. (the "Corporation" or "Gowest") (TSX VENTURE:GWA)(OTCBB:GWSAF)
is pleased to announce that it has completed the first closing of its previously
announced non-brokered private placement for aggregate gross proceeds of
$921,000 (the "Offering"). At the closing, the Corporation issued a total of
11,512,500 units ("Units"), at a price of $0.08 per Unit, with each Unit being
comprised of one common share of the Corporation and one common share purchase
warrant (a "Warrant"). Each Warrant is exercisable to acquire one common share
of the Corporation at a price of $0.11 for a period of two years following the
closing date.


As part of the closing, Fortune Future Holdings Limited ("Fortune") purchased
6,250,000 Units representing an investment in the Corporation of $500,000.
Fortune has agreed to purchase a further 36,250,000 Units, at a price of $0.08
per Unit, for additional gross proceeds to the Corporation of $2,900,000 (the
"Second Closing"). If the Second Closing is completed, Fortune will hold an
aggregate of 42,500,000 common shares of the Corporation, representing
approximately 20.2% of the issued and outstanding common shares or approximately
33.6% of the issued and outstanding common shares assuming the exercise of its
42,500,000 Warrants. On completion of the Second Closing, Fortune will have the
right to appoint two directors to the board of directors of the Corporation
(subject to TSX Venture Exchange approval) and a pre-emptive right for a period
of two years to participate in future offerings to maintain its pro rata
interest in the Corporation.


Fortune is an investment company based in Chifeng City, Inner Mongolia, China
which is focused on investment in companies engaged in the exploration for,
mining of and sale of mineral resources. In addition to its primary office in
Chifeng City, Fortune has branches in Hong Kong and Beijing and is involved with
various mining projects throughout China, Mongolia, Nigeria and Algeria. Fortune
is incorporated under the laws of the British Virgin Islands. The Corporation
and Fortune are "arm's length" parties.


With respect to Fortune's participation in the Offering, Greg Romain, the Chief
Executive Officer of the Corporation commented: "On behalf of management and the
Board of Directors of Gowest, we would like to welcome Fortune as a significant
stakeholder of the Corporation. We expect Fortune to be an important partner of
Gowest as we continue our efforts to develop the Bradshaw Gold Deposit and build
the next new mine in the Timmins Gold camp."


Given that Fortune will hold greater than 20% of the outstanding common shares
of the Corporation following the completion of the Second Closing (including the
exercise of Warrants acquired by Fortune), the Second Closing will require
shareholder approval pursuant to: (i) the applicable policies of the TSX Venture
Exchange, as Fortune will be deemed to be a new "Control Person" of the
Corporation; and (ii) the shareholder rights plan of the Corporation. The
Corporation intends to call a special meeting of shareholders of the Corporation
as soon as possible for the purpose of obtaining the requisite shareholder
approvals for the Second Closing.


The directors of the Corporation have unanimously approved the terms of the
Fortune private placement.


Use of Proceeds

The proceeds of the Offering will be used for the development of the Bradshaw
Gold Deposit, including: the completion of a pre-feasibility study; advanced
exploration activities; and the acquisition of required permits and approvals,
including a closure permit. Proceeds of the Offering will also be used for
working capital and general corporate purposes. Assuming the completion of the
Second Closing, the Corporation anticipates that it will have sufficient funds
to advance the Bradshaw project to underground development. The Corporation's
current plan, subject to successful financing and the receipt of necessary
permits and approvals, is to begin underground development in 2015.


All of the securities issuable in connection with the Offering will be subject
to a hold period expiring four months and one day after date of issuance.


The securities offered have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the United
States or to, or for the account or benefit of, U.S. persons absent registration
or an applicable exemption from registration requirements. This release does not
constitute an offer for sale of securities in the United States.


Subscriptions by insiders of the Corporation accounted for approximately
$151,000 of the gross proceeds of the Offering. Participation by the insiders in
the Offering is exempt from the valuation and minority shareholder approval
requirements of Multilateral Instrument 61-101 Protection of Minority Security
Holders in Special Transactions ("MI 61-101") by virtue of the exemptions
contained in Sections 5.5(b) and 5.7(1)(b) of MI 61-101.


Completion of the Second Closing remains subject to receipt of TSX Venture
Exchange approval.


NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS
DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OF THIS RELEASE.


About Gowest

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, part of the Corporation's North Timmins Gold Project
(NTGP). Gowest is exploring additional gold targets on its 109-square-kilometre
NTGP land package and continues to evaluate the area, which is part of the
prolific Timmins, Ontario gold camp. The latest updated resource estimate for
Bradshaw included approximately 945,600 ounces of gold ("Au") in the Indicated
category (6.0 million tonnes at a grade of 4.9 grams per tonne ("g/t") Au) and
536,800 ounces of gold in the Inferred category (3.7 million tonnes at a grade
of 4.2 g/t Au). As was used in the Corporation's Preliminary Economic
Assessment, the current estimate is based on a 3.0 g/t Au cut-off and a
conservative gold price of US$1,200/oz. This resource estimate has been
completed by Neil N. Gow, P. Geo., an independent Qualified Person, and reported
in accordance with the requirement of National Instrument 43-101 - Standards of
Disclosure for Mineral Projects and CIM Standards on Mineral Resources and
Reserves.


Forward-looking statements

This news release contains certain "forward looking statements" including with
respect to a future closing of the private placement, development plans and
activities (including the anticipated timing thereof) in respect of the Bradshaw
project, the Corporation's relationship with Fortune and the use of proceeds of
the private placement and the Corporation's development plans for the Bradshaw
deposit. Such forward-looking statements involve risks and uncertainties.
Forward-looking statements involve known and unknown risks, uncertainties,
assumptions and other factors that may cause the actual results, performance or
achievements of the Corporation to be materially different from any future
results, performance or achievements expressed or implied by the forward-looking
statements. Such factors include, among others: the reliance of the Corporation
on a limited number of properties (and, in particular, the Corporation's
Bradshaw deposit); the inherent speculative nature and hazards associated with
exploration, development and production activities; assumptions regarding the
need for further financing and related to the cost, timing or available of such
financing; the hazards and risks normally encountered in mineral exploration and
development and limitations of insurance coverage; uncertainties related to the
Corporation's resource estimates, which are based on detailed estimates and
assumptions; risks that the Corporation's title to its material mineral
properties could be challenged; the assumption of the Corporation that it will
be able to obtain permits and other authorizations it requires on a timely
basis; uncertainties related to actual capital costs, sustaining capital costs,
engineering and construction schedules, operating costs and expenditures,
production schedules and economic returns; risks associated with the Corporation
being subject to environmental laws and government regulation; and the lack of
mineral production or earnings history of the Corporation. Any forward-looking
statement speaks only as of the date of this news release and, except as may be
required by applicable securities laws, the Corporation disclaims any intent or
obligation to update any forward-looking statement, whether as a result of new
information, future events or results or otherwise.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Gowest Gold Ltd.
Greg Romain
President & CEO
Tel: (416) 363-1210
Email: info@gowestgold.com


Gowest Gold Ltd.
Greg Taylor
Investor Relations
Tel: 905 337-7673 / Mob: 416 605-5120
Email: gregt@gowestgold.com

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