Gowest News

NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  GOWEST AMALGAMATED RESOURCES LTD.

TSX VENTURE SYMBOL:  GWA

OCTOBER 21, 2004 - 16:22 ET

Gowest Amalgamated Resources Ltd. Completes $1,050,000 
Private Placement Financing

TORONTO, ONTARIO--(CCNMatthews - Oct. 21, 2004) - Gowest Amalgamated 
Resources Ltd. ("Gowest") is pleased to announce that it has completed a 
non-brokered private placement (the "Offering") under which it issued 
700,000 units (the "Units") at $0.30 each and 2,800,000 "flow-through" 
common shares (the "Flow-Through Shares") at $0.30 each, for total gross 
proceeds of $1,050,000. Each Unit is comprised of one common share of 
Gowest (a "Common Share") and one-half of one Common Share purchase 
warrant (each whole warrant, a "Warrant"). Each Warrant entitles the 
holder to purchase one Common Share at an exercise price of $0.375 until 
April 21, 2006. Jones, Gable & Company Limited acted as the finder for 
$930,000 of the Offering. A cash finder's fee equal to 7% of the gross 
proceeds of the Offering and broker's warrants to purchase an aggregate 
of 245,000 Units at an exercise price of $0.30 per Unit until April 21, 
2006 were issued as finders' compensation.

The securities issued pursuant to the private placement are subject to a 
4-month hold period, which expires on February 22, 2005.

Gowest will use the proceeds to continue exploration on its Frankfield 
Project, Quebec Nickel property and for general working capital purposes.

Ronald J. Bradshaw, Presiden

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FOR FURTHER INFORMATION PLEASE CONTACT:
Gowest Amalgamated Resources Ltd.
Ronald J. Bradshaw
President
(519) 538-5858
(519) 538-5530 (FAX)
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.