Gowest News

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FOR: Gowest Amalgamated Resources Ltd.

TSX VENTURE SYMBOL: GWA

Gowest Amalgamated Resources Ltd.: Clarification of Return of Capital Distribution

MAY 1, 2006 - 17:47 ET

TORONTO, ONTARIO--(CCNMatthews - May 1, 2006) - In response to questions received from the investment community, Gowest Amalgamated Resources Ltd. (TSX VENTURE:GWA) ("Gowest") wishes to clarify its press release of April 24, 2006 respecting the distribution of its shareholding in Trade Winds Ventures Inc. to its shareholders as a return of capital (the "Return of Capital").

As previously announced, the board of directors of Gowest fixed the record date for the Return of Capital as the close of business on May 2, 2006. As a result of trade settlement procedures, the common shares of Gowest have been trading "ex-Return of Capital" since the opening of trading on April 28, 2006 and, accordingly, investors who purchased common shares of Gowest through the facilities of the TSX Venture Exchange after the opening of trading on April 28, 2006 will not be entitled to participate in the Return of Capital.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

FOR FURTHER INFORMATION PLEASE CONTACT:

Gowest Amalgamated Resources Ltd.
Ronald J. Bradshaw, P. Eng.
President
(519) 538-5858
Website: www.gowestamalgamated.com
360 Bay Street, Suite 500 Toronto, ON M5H 2V6