ews for 'GWGO' - (GREAT WEST GOLD, INC. - CORPORATE UPDATE)
NEW YORK, NY, Sep 06, 2006 (MARKET WIRE via COMTEX) -- Great West Gold, Inc.
(PINKSHEETS: GWGO) advises its shareholders as to the status of their Company at this time and deals with the various issues raised by shareholders in their communications with the Company.
DECLARATION OF 30% STOCK DIVIDEND:
The Company announced on August 8, 2006 that the Company has authorized a 30% (thirty percent) dividend of the Company's Common Stock for its Stockholders of Record as of Monday August 28, 2006. The Stock Dividend Pay Date to stockholders will be on Friday September 8, 2006.
This Stock Dividend will be electronically credited to stockholders accounts on the Pay Date. Those stockholders who are not holding their stockholding with their Brokers will receive their Stock Dividends in certificated form.
FURTHER CORPORATE ACTIONS AND ACQUISITIONS:
As announced on August 30, 2006, the Company will be announcing (this week), the acquisition of four additional Copper properties, nine additional Gold interests, one of these properties being very substantial and a further property with Uranium potential.
The costs of these acquisitions will not be primarily funded through the issue of Common Stock but through Convertible Loan Notes to avoid further dilution of stockholders' interests at the current low stock price.
These acquisitions will serve to increase the value of the Company's assets by 150%.
COMPANY STOCK PRICE AND EXPLORATION PLANS:
The Company notes stockholder concerns in respect of its ridiculously low stock price which grossly undervalues the value of the Company's portfolio of assets.
The Company is determined to demonstrate the value of its assets to the market and to this end, has commissioned detailed reports of each of its Mining Projects to ascertain their true value and to accelerate exploration plans on certain of these Mining Projects. Shareholders will be kept updated on these developments and full information on each and every Mining Project in your Company's portfolio will be made publicly available as they become available. The Company expects the first Reports to be made available next week and this exercise to be completed within six weeks.
FURTHER FUND RAISING:
The Company is in discussions to obtain additional working capital in the amount of US$2,000,000 to facilitate and expedite its plans. Once these details have finalized, stockholders will be informed. This is expected to completed within the next two weeks.
OUTSTANDING STOCK DIVIDENDS:
The Company is continuing, as promised, to complete the distribution of the Stock Dividends in Bouse Mining Holdings plc, Ambassador Gold Holdings plc, Sentinel Resources plc, Golden Eagle Mining Holdings plc and in Copperstone Mining Holdings plc to eligible shareholders of Great West Gold, Inc.
The Company has retained the services of a USA Transfer Agent to expedite these Stock Dividends and to overcome the "Broker Street Name" problem, the Company will now longer be using the services of the UK Transfer Agent. The Company will publish all of the details pertaining to these Stock Dividend distributions early next week. This will complete these Stock Dividend distributions.
The Company confirms the Stock Distributions are as follows:-
Bouse Mining Holdings plc, Great West Gold, Inc. is distributing an amount of 900,000,000 Ordinary Shares of 1p each. For every 1,000 shares of Common Stock held in Great West Gold, Inc. as at November 7, 2005, 28.82 Ordinary Shares are being paid as a Stock Dividend. This Company owns Western Gold Limited and Windsor Resources, Inc. which own the "Bouse" Gold Mining Project.
Sentinel Resource Holdings plc, Great West Gold, Inc. is distributing an amount of 900,000,000 Ordinary Shares of 1p each. For every 1,000 shares of Common Stock held in Great West Gold, Inc. as at November 14, 2005, 19 Ordinary Shares are being paid as a Stock Dividend. This Company owns Golden Sierra Limited and Sentinel Resources, Inc. which own the "Mockingbird" Gold Project.
Copperstone Mining Holdings plc, Great West Gold, Inc. is distributing an amount of 900,000,000 Ordinary Shares of 1p each. For every 1,000 shares of Common Stock held in Great West Gold, Inc. as at December 2, 2005, 19 Ordinary Shares are being paid as a Stock Dividend. This Company owns Copperstone Mining Limited and Copperstone Mining, Inc. which own the "South Copperstone" Gold Project.
Ambassador Gold Holdings plc, Great West Gold, Inc. is distributing an amount of 900,000,000 Ordinary Shares of 1p each. For every 1,000 shares of Common Stock held in Great West Gold, Inc. as at January 2, 2006, 19 Ordinary Shares are being paid as a Stock Dividend. This Company owns Ambassador Gold Limited and Ambassador Gold, Inc. which owns the "Ambassador" Gold Project.
Golden Eagle Mining Holdings plc, Great West Gold, Inc. is distributing an amount of 900,000,000 Ordinary Shares of 1p each. For every 1,000 shares of Common Stock held in Great West Gold, Inc. as at January 4, 2006, 19 Ordinary Shares are being paid as a Stock Dividend. This Company owns Golden Eagle Limited and olden Eagle, Inc. which own the "Golden Eagle" Gold Project.
FURTHER STOCK DIVIDENDS:-
The Company will be declaring further Stock Dividends as promised, these Stock Dividend "Record" and "Pay" Dates will be announced next week.
These additional three Stock Dividends will be in the new PLC Holding Companies for each of:-
Treasure Kingdom Gold Mining Limited which owns the "Treasure King" Gold Project.
Monstro Verde Mining Limited which owns the "Yaba" Gold Project.
Copper Mountain Mining Limited which owns the "Copper Mountain" Copper Project.
The Company has incorporated these three new Holding Companies, in which Great West Gold, Inc. shareholders will receive further Stock Dividends, as
follows:
Monstro Verde Gold Holdings plc, which will own Monstro Verde Mining Limited Treasure Kingdom Gold Holdings plc, which will own Treasure Kingdom Gold Mining Limited Copper Mountain Mining Holdings plc, which will own Copper Mountain Mining Limited
The Company is now completing the statutory and legal work required to complete these transactions.
LISTING OF THE PLC MINING COMPANIES:-
The Company has advised stockholders that it is the intention of this Company to admit each of the PLC Mining Companies for trading on an OTC Exchange in Europe and to then seek a "dual listing" for each company on the OTC Pink Sheets but the Company feels that this will not be prudent until such time as each of these Companies has completed the appointment of independent Management as well the appointment of independent Non Executive Directors to the various Boards of Directors.
The Company is making significant progress in these appointments.
CORPORATE WEB SITE:-
The Company launched an updated web site, www.greatwestgold.com. Updates to this web site are ongoing but the Company has completed the upload of most of the relevant data. The Company will be making live Level II Data on the stock price available on the web site. The Company is grateful for and would appreciate more input from its shareholders as to any additional "content" that they would wish to be available on the Company's web site.
STATUS OF THE COMPANY ON THE OTC PINK SHEETS:-
The Company will be appointing a new Auditor and will be filing its outstanding Form 10-KSB for the period ending December 31, 2005, its Form 10 QSB for the period ending March 31, 2006 and its Form 10 QSB for the period ending June 30, 2006. Once these outstanding filings are made, the Company will then continue as a "Reporting" Company quoted on the OTC Pink Sheets Market and will immediately thereafter take the necessary steps to apply for a reinstatement to the OTC BB Market. Management is not at this time, promising any time frame for these corporate actions but will endeavor to do so as fast is reasonably possible. The Company expects to announce the appointment of a new Auditor next week.
MANAGEMENT OUTLOOK:-
Management of the Company is focusing on the following in the immediate term, which still remains a priority:
- Appointing Management to the five PLC Gold Companies
- Ensuring that investors understand the structure of the
Company and the value of its Mining Assets and improving
shareholder relations
- The completion of the three additional Stock Dividends
- The acquisition of further Mining Assets
And in the Short to Medium term intends to focus on:
- The creation of additional value for shareholders
- The admission of the PLC Companies to a recognized Stock
Exchange.
The significant increase in Commodity prices, primarily in Gold, Silver and Copper; have dramatically increased the valuation of the Group's Mining Assets. This will also contribute to a successful "fund raising" exercise for each of the PLC Mining Companies "going forward". Management of your Company is fairly convinced that these Commodity prices are not only sustainable in the short to medium term but that the price of Gold in particular, will continue to rise.
About Great West Gold, Inc.
Great West Gold, Inc., www.greatwestgold.com, a gold mining exploration stage company, engaged in the acquisition and exploration of mining properties in the United States. The Company has Gold assets through its holdings in "Bouse", "Mockingbird", "Ambassador",
"Yaba", "Golden Eagle" and "South Copperstone" and Copper assets through its holdings in "Copper Mountain". The Company holds five of these Mining Assets through its 48% holding in Bouse Mining Holdings plc, Copperstone Mining Holdings plc, Ambassador Gold Holdings plc, Golden Eagle Mining Holdings plc and in Sentinel Resource Holdings plc. The other three projects are 100% controlled by the Company.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a companies' annual report on Form 10-K or 10-KSB and other filings made by such company with the SEC.
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