NEW YORK, March 21, 2007 (PRIME NEWSWIRE) -- Great West Gold, Inc. (Pink Sheets:GWGO) wishes to update its stockholders following is Press Release dated March 1, 2006.
OUTSTANDING STOCK DIVIDEND DISTRIBUTIONS:
The Company is resolving the issue of the outstanding stock dividend distributions with the Transfer Agent; this was expected to be resolved without any further delay. However, the Company does not agree with the distribution of the stock, as provided by the Transfer Agent, and is at this time, working with the Transfer Agent to resolve this issue. 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 is hopeful that this will be resolved shortly.
APPOINTMENT OF NEW AUDITORS:
The Company has this matter in hand, certain accounting details have now been finalized and upon the satisfactory completion of the stock dividends, the new Auditor appointment will be announced. This is expected to be completed very shortly, provided that there are no further delays on finalizing the outstanding stock dividends.
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 shortly.
APPLICATION TO BE REINSTATED ON THE OTC BB 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 we are hopeful that these will be reflected on the web site shortly.
FUTURE PLANS:
The Company remains committed to enhancing stockholder value. 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 are hopeful that this process will not be delayed much longer.
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, Copperston 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.