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NewWest Gold Corporation Announces Initiation of Phase Two Drilling at Long Canyon
Lakewood, Colorado, November 14 (ots/PRNewswire) - NewWest Gold Corporation (TSX: NWG) ("NewWest" or "the Company") today announced that it commenced the Phase Two drilling program at its Long Canyon project on November 10, 2006. The program was expanded to 13 holes from six holes based upon the positive results obtained by previous exploration programs at Long Canyon. The objectives of the Phase Two program are to test for extensions along strike and down-dip from gold-bearing zones obtained in previous drilling and to confirm the geologic interpretation developed from the Phase One drilling results and the roadcut sampling and mapping program. Total footage to be drilled during Phase Two is approximately 4,550 feet. Complete results from the Phase One program were reported on September 21, 2006 and are available on the Company's website at www.newwestgold.com. The roadcut rock chip sample results were reported on October 31, 2006 and are also available on the Company's website.
NewWest and AuEx Ventures Inc. ("AuEx") agreed by way of a letter of intent to complete a definitive joint venture agreement for the Long Canyon project whereby the two parties will combine their respective land positions in the Long Canyon Area. Under the terms of the letter of intent, the Company is the operator and may earn a 51% interest in the consolidated project if it spends $5 million on the project over a five year period. After completion, the Company may elect to carry AuEx through feasibility, if warranted, thereby earning an additional 14%. The joint venture agreement is currently being negotiated and is expected to be completed in the near future.
Michael Gustin, Ph.D., of Mine Development Associates, Reno, Nevada, is NewWest's qualified person as defined by NI43-101 and has reviewed and approved the technical data in this news release.
This news release includes certain "forward-looking statements" within the meaning of Canadian securities laws. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed in such forward-looking information. Forward-looking information in this news release, includes but is not limited to, future exploration and development plans, statements regarding potential mineralization and reserve exploration, and future plans and objectives of NewWest Gold Corporation including future exploration and development. Any number of important factors could cause actual results to differ materially from these forward-looking statements, including those set out in the Company's prospectus dated that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
About NewWest Gold Corporation
NewWest is one of the largest holders of precious metals mineral rights in Nevada's gold trends, spanning approximately 623,000 acres. NewWest holds 19 exploration projects, including advanced staged projects with measured and indicated resources. NewWest's goal is to advance its projects along the pipeline into production.
ots Originaltext: NewWest Gold Corporation
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For further information: NewWest Gold Corporation: Jennifer Van
Dinter, Director of Investor Relations, Tel: +1-303-425-7042, Fax:
+1-303-425-6634, email@example.com; NewWest Gold Corporation:
Stephen Alfers, President and Chief Executive Officer, Tel:
+1-303-425-7042, Fax: +1-303-425-6634