Romain out as Gowest changes senior management and looks to restructure

Gowest Gold Ltd. and Greg Romain have announced that Romain will be stepping down from the Board of Directors and as President and Chief Executive Officer of the Corporation after 13 years. Replacing Mr. Romain as Interim President and Chief Executive Officer is Mr. Yungang Wu who is a member of the Gowest Technical team and a member of the Board of the Corporation. Mr. Wu is a geologist, bringing a wealth of experience to developing mines in Canada. The Corporation has commenced a search for a President and Chief Executive Officer for the Corporation.

C. Fraser Elliott, Chairman, commented: “I would like to thank Greg for his time and passion over the years as Gowest developed the Bradshaw mine near Timmins Ontario. Greg’s background has been invaluable as Gowest faced many challenges in developing a new mine in Canada. I am pleased to advise that Greg has agreed to remain as a consultant to the Corporation to assist in the transition and as it enters into a new phase in its development.”

Gowest Gold Ltd. (“Gowest” or the “Company”) (TSX VENTURE: GWA) announced today that it has entered into a loan agreement with Lush Land Investment Canada Inc. (“Lush Land”) in respect of a bridge loan in the principal amount of $1,000,000.  The proceeds of the loan will be used by Gowest for general corporate purposes.  Meirong Yuan, a director of Gowest, is also a director of Lush Land.

The bridge loan matures on June 30, 2022.  Interest on the daily outstanding principal balance, from time to time, shall accrue daily and be calculated and payable periodically on each of September 15, 2021, December 15, 2021, March 15, 2022 and June 30, 2022, in arrears, at the rate of 18% per annum.  The bridge loan may be repaid at any time prior to maturity without penalty.

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