Gowest Announces Closing of Additional Investment by Fortune Future Holdings Limited

TORONTO, ONTARIO--(Marketwired - Sept. 30, 2014) -

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Gowest Gold Ltd. (the "Corporation" or "Gowest") (TSX VENTURE:GWA) is pleased to announce that it has completed the second closing (the "Second Fortune Closing") of its previously announced non-brokered private placement with Fortune Future Holdings Limited ("Fortune"). Pursuant to the Second Fortune Closing, the Corporation issued 36,250,000 units (the "Units") to Fortune, at a price of $0.08 per Unit, for gross proceeds to the Corporation of $2,900,000. Each Unit was comprised of one common share of the Corporation and one common share purchase warrant (a "Warrant"), with each Warrant being exercisable to acquire one common share of the Corporation at a price of $0.11 until September 30, 2016. Fortune has now purchased a total of 42,500,000 Units pursuant to the private placement for aggregate gross proceeds to the Corporation of $3,400,000.

In connection with the Second Fortune Closing, Mr. Yungang Wu, a nominee of Fortune, was appointed to the board of directors of the Corporation. Mr. Wu is a professional geologist with over 20 years of experience internationally in mineral exploration and mining. He is a member of the Association of Professional Geoscientists of Ontario and holds a Master Degree in Mineral Deposits from Jilin University, China. Upon Mr. Wu's appointment as a director of the Corporation, he was granted options exercisable to purchase up to 400,000 common shares of the Corporation, at an exercise price of $0.085 per share, until September 30, 2019.

The Second Fortune Closing was previously approved by shareholders of the Corporation at a special meeting of shareholders held on August 15, 2014 (with approximately 98% of the votes cast by shareholders present in person or represented by proxy at the special meeting voting in favour of the resolution to approve the Second Fortune Closing). Fortune further has the right to nominate a second director to the board of directors of the Corporation, subject to the prior approval of such individual by the TSX Venture Exchange.

As described in the Corporation's press releases dated June 23, 2014 and July 11, 2014, the Second Fortune Closing forms part of a larger offering of Units pursuant to which the Corporation raised an aggregate of $4,000,000.

"We are very pleased to be in a position financially to proceed with the next stage of development, including an independent Pre-feasibility Study, that takes us a step closer to bringing the Bradshaw Gold Deposit into being the next new gold mine in the Timmins Camp" said Greg Romain, Chief Executive Officer of Gowest. "We are also pleased to welcome Mr. Wu to the Board and look forward to working with him and Fortune."