NEW YORK, March 2, 2007 (PRIME NEWSWIRE) -- Great West Gold, Inc. (Pink Sheets:GWGO) wishes to update its stockholders on its plans and to address outstanding issues that are being managed by the Company's new President, Mr. Peter J. Bezzano.
Mr. Peter J. Bezzano, the President of Great West Gold, Inc. stated that he has, for the past two months, been familiarizing himself with the Company, all outstanding issues affecting the Company's credibility and more importantly, numerous stockholder concerns. He has now read all of the stockholder communications with the Company and is now fully aware as to the immediate requirements and the demands of our stockholders and the Company's bondholders.
Outstanding Stock Dividend Distributions:
The Company is immediately resolving the issue of the outstanding stock dividend distributions with the Transfer Agent; this is expected to be resolved without any further delay. This is in respect of the dividend distributions in: Bouse Mining Holdings plc, Ambassador Gold Holdings plc, Golden Eagle Mining Holdings plc, Copperstone Mining Holdings plc and Sentinel Resource Holdings plc. The Company expects to report a satisfactory resolution within days.
Appointment of New Auditors:
The Company has this matter in hand, certain accounting details are being finalized and upon this completion, the new Auditor appointment will be announced. This is expected to be completed very shortly as there is no reason for any further delays.
Outstanding Filings:
It is the priority of this Company to bring its filings up to date immediately. We foresee no problems in this, given that we expect to appoint the new Auditor within days.
Application to be Reinstated on the OTCBB Market:
This application will be made at such time as the Company's filings are up to date. We do not foresee any problems nor should this exercise take an inordinate amount of time. This application cannot be made until the Company has brought its filings up to date.
Update of Corporate Web Site:
The various changes required to bring to the corporate web site up to date and to make it more informative, have been approved, and will be reflected on the web site within days.
Future Plans:
The Company remains committed to enhancing stockholder value and is at this time, continuing the finalization of our stated plans to create to three separately quoted Mining Groups (Two Gold Groups and One Copper Group), each to be quoted individually. The strong commodity prices have attracted a lot of unsolicited interest in this Company, from various third parties. We are at this time, evaluating certain proposals and will hopefully be in a position shortly to report back to our stockholders. We do not intend for this process to be delayed any longer.
General:
Further to stockholder inquiries, we can confirm the following :
-- The Company is not, at this time, contemplating a Reverse Split of
its outstanding shares of Common Stock.
-- The Company is looking at an acquisition in a related Industry but
is unlikely to close such an acquisition prior to the distribution
of its Mining Assets to its stockholders.
-- The Forward Split of the Company's Stock has been completed and all
stockholders should in possession of their additional shares of
Common Stock.
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," "Bonanza," "Storm Cloud," "Starlight", "Venezia," "Federal," "Buffalo Lime Cap," "Red Cloud," "South Copperstone" and "Gladstone Lookout" Gold Mining Projects. The Company's Copper assets are "Copper Mountain," "Swansea," "Tip Top" and "Mineral Mountain." The Company holds five of these Mining Assets through its 51% holding in Bouse Mining Holdings plc, Copperstone Mining Holdings plc, Ambassador Gold Holdings plc, and Golden Eagle Mining Holdings plc and in Sentinel Resource Holdings plc. The other Mining Exploration 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.