NEW YORK, Sept. 25, 2006 (PRIMEZONE) -- Great West Gold, Inc. (Pink Sheets:GWGO) confirms that the Company authorized a 2 for 1 Forward Split of the Company's Common Stock.
This Forward Split is effective from Thursday October 5, 2006 and that will serve as the "Record Date". The Company has already increased its Authorized Share Capital as required and has filed Notice of this action with the NASD.
This Stock Dividend will be electronically credited to stockholders brokerage accounts shortly after the "Record Date", being Thursday October 5, 2006. Those stockholders who are not holding their stockholding with their Brokers or hold restricted shares of the Company's Common Stock, will receive their Stock Dividends in certificated form, to be held by "on book" by the Company's Transfer Agent.
As announced, the Company will be announcing, this week, the restructuring and refocus of the Company, following an intensive strategic review of the Company's Mining Projects, Management and operations. Management is determined to unlock value for shareholders and given the massive discount at which the stock is trading compared to its Net Asset Value, Management is embarking upon this aggressive series of corporation actions following their strategic review, assisted by external Consultants to the Company.
The rationale for this Forward Split of the Company's Stock is that the stock price could hardly be trading at a lower price than it is at this time, and this action will hopefully see an immediate doubling of stockholder value, as from Thursday October 5, 2006.
This Forward Split of the Company's Common Stock is the first of a series of significant Corporate Actions, all of these to be announced this week.
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 of 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 company's annual report on Form 10-K or 10-KSB and other filings made by such company with the SEC.