NEW YORK, Sept. 14, 2006 (PRIMEZONE) -- Great West Gold, Inc. (Pink Sheets:GWGO) confirms as per its announcement dated September 8, 2006, that the Company is at this time conducting an intensive review of its business plan and its operations. This is in response to the consistently low stock price which values the Company at a massive discount to its underlying value. Management cannot and will no longer continue to allow stockholder value to suffer due to the non-performance of the Company's stock price. Stockholders are advised that the Company will very shortly be announcing a very significant change to its future plans and to its operations. These drastic changes are being brought about due to the abject lack of performance in the Company's stock price.
This review may lead to a change in the Company's Management and the expedition of the Company's most promising Mining Projects to immediate exploration stage. It is envisaged that at least one of the Company's "spin-off" United Kingdom mining companies will be introduced for trading on the OTC Pink Sheets Market in the forthcoming weeks. The Company is at this time expediting its outstanding Filings and then making an application for reinstatement on the OTCBB Market. The Company is still in negotiations over the appointment of its new Auditor and will not be in a position to announce this appointment this week as promised due to various due diligence that various Auditors have requested -- this being time consuming.
The Company is not planning to release any details on planned acquisitions until the completion of the strategic review which is very likely to result in a drastic change in the Company's business plan and its operations.
The distribution of the outstanding Stock Dividends in respect of Bouse Mining Holdings plc, Ambassador Gold Holdings plc, Sentinel Resource Holdings plc, Copperstone Mining Holdings plc and Golden Eagle Mining Holdings plc, are ongoing, as promised. The Company expects these to be completed shortly.
Stockholders will be kept advised as to developments.
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.