NEWS RELEASE TRANSMITTED BY Marketwire
FOR:
Gowest Amalgamated Resources Ltd.
TSX VENTURE SYMBOL:
GWA
Trade Winds Ventures Inc. and Gowest Amalgamated Resources Ltd. Complete Purchase and Sale of Gowest Property
APR 19, 2006 - 15:00 ET
TORONTO, ONTARIO--(CCNMatthews - April 19, 2006) - Trade Winds Ventures Inc. (TSX VENTURE:TWD) and Gowest Amalgamated Resources Ltd. (TSX VENTURE:GWA) are pleased to announce that they have completed the purchase and sale (the "Sale") of Gowest's 40% interest (the "Interest") in the Gowest Property at Detour Lake Ontario (the "Property"). Trade Winds has acquired the Interest in the Property from Gowest in consideration for the issuance of 8,036,466 common shares of Trade Winds to Gowest. As a result of the Sale, Trade Winds now holds a 100% interest in the Property.
Prior to the closing of the Sale, Gowest did not own or control any shares of Trade Winds. The 8,036,466 common shares of Trade Winds which Gowest now owns as a result of the Sale constitutes approximately 15.1% of the issued and outstanding common shares of Trade Winds as of the date hereof. Gowest is seeking the appropriate regulatory orders to distribute these shares to its shareholders on a pro rata basis. If Gowest does not obtain such regulatory approval, it intends to hold the shares of Trade Winds for investment purposes and may increase or decrease its ownership position in Trade Winds at any time.
Gowest has also retained a 1% Net Smelter Royalty (the "NSR") against the Property, with Trade Winds having the right to purchase 50% of the NSR from Gowest within one year of commencement of production for $750,000.
The Property consists of three leased mining claims totalling approximately 960 hectares, directly adjacent to the western border of the Trade Winds' optioned Detour Lake Block A Property and approximately 5.0 km west of Placer Dome's Detour Lake Mine, which historically produced 1.7 million ounces of gold. The Property contains the westward extension of the high-grade gold M zone Structural Corridor, which has been systematically drilled by Trade Winds along a strike length of over 4.0 kilometres, and is open to the west on the Property. The Detour Lake Camp is located approximately 160 km north-east of Timmins, situated within the Porcupine Mining Division in the District of Cochrane, Ontario.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Trade Winds Ventures Inc.
Ian Lambert
President & CEO
(604) 675-7637
or
Trade Winds Ventures Inc.
Terry McGee
Investor Relations
(604) 742-2531
info@tradewindsventures.com
www.tradewindsventures.com
or
Gowest Amalgamated Resources Ltd.
Ronald J. Bradshaw, P. Eng.
President
(519) 538-5858
www.gowestamalgamated.com
