NEW YORK, Nov. 3, 2006 (PRIMEZONE) -- Great West Gold, Inc. (Pink Sheets:GWGO) has been inundated with stockholder requests regarding the value of the Company and its Mining Assets.
The Company is still awaiting detailed reports and valuations on its various properties and is reluctant at this time to place a definite valuation on its Mining Assets. Stockholders are assured that the value of the Gold Mining Exploration assets being merged in the "Treasure King Gold Group" and the "Sentinel Gold Group" as well as the Copper Mining Exploration assets being merged into the "Copper Mountain Mining Group" will not be less than a total market value of US$800 million after the planned de-merger of the these Mining Exploration assets into three OTC Quoted Companies through "Reverse Mergers". Whilst many stockholders are of the opinion that the value of these Mining Exploration assets in considerably higher than we are stating, the Company will continue to take this very conservative valuation approach in the absence of completed Competent Person's Reports and updated valuations. The Company acknowledges that the strong commodity prices at present will have a positive effect upon the final valuations.
This equates to a value of US$0.0025 per share of Great West Gold, Inc. Common Stock against a current market value of US$0.0001 per Common Stock.
About Great West Gold, Inc.
Great West Gold, Inc., www.greatwestgold.com, is 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, 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.