Page 28 G o w est B y K e vin V inc ent I t s been a long haul f or Gr eg R omain but ther e is ligh t a t the end of the tunnel T he onagain ofagain G o w est G old Br adsha w pr ojec t just nor th of the cit y of T immins has new lif e and a t er msfr iendly A sian in v est or Gr eg R omain G o w est P r esiden t and CEO t old a T im mins audienc e Januar y 23r d tha t his boar d of dir ec t ors and in v est ors ar e optimistic tha t the nec essar y pr oduc tion and milling per mits will be in plac e b y July of this y ear and full pr oduc tion within the f ol lo wing 12 mon ths T he c ompan y w as facing a number of challenges in 2019 holding it back fr om pr oduc tion F irst they needed t o c omplet e a cust ommilling ag r eemen t with Nor ther n Sun M ining C or p t o pr oc ess the Br ad sha w or e I n addition they needed t o e x ecut e a cr edit ag r eemen t with Gr een w a t er I n v estmen t Hong Kong Limit ed A nd lastly G o w est had t o fnaliz e a settle men t with PGB T immins Holdings LP I n 2016 PGB c on tr olled b y P andion M ine F inanc e pr o vided G o w est with U S 176 million t o c o v er de v elopmen t c osts a t the sit e 42k m nor theast of T im mins T he ag r eemen t included a pr e paid f or w ar d gold pur chase of 65805 ounc es I n mid O c t ober G o w est and PGB announc ed they had c omplet ed their ag r eemen t which they outlined t w o mon ths ear lier G o w est paid PGB U S75 million c omplet ing their deal with one another T he par ties ar e no w fully and fnally r eleased in r espec t of an y and all claims and other ma tt ers ar ising in r espec t of the P r e P aid F or w ar d G old P ur chase A g r eemen t da t ed as of D ec ember 16 2016 en t er ed in t o bet w een PGB and G o w est sta t ed the c ompan y in their O c t ober 2019 new s r elease A s soon as the c ompan y announc ed the c onclusion of the PGB deal it also announc ed a new deal with Gr een w a t er f or U S 70 million T he c ompan y used tha t money along with cash t o c omplet e its settlemen t with PGB S tar ting in M a y 2021 Gr een w a t er will r ec eiv e 33 equal and c onsecutiv e mon thly cash pa ymen ts of U S376080 A c c or ding t o the ag r eemen t G o w est is not obliga t ed t o pa y do wn an y pr incipal or in t er est un til M a y 2021 Gr een w a t er has also ag r eed tha t G o w est can postpone the pa ymen t schedule b y an additional six mon ths W hile the t er ms of the ag r eemen t ar e fr iendly should the c ompan y default Gr een w a t er can also e x ecut e a lien against 100 of the Br adsha w assets T hen c ompan y e x ecutiv es tur ned their a tt en tion t o their cust om milling ar r angemen ts G o w est t er mina t ed an ag r eemen t with QMX G old C or por a tion of V al D Or Q ue bec and simultaneously announc ed a new ag r eemen t with Nor ther n Sun s R edst one M ill based in T immins G o w est is hoping t o pr oc ess as much as 30000 t onnes of bulk sample or e G o w est and Nor ther n Sun needed t o ensur e tha t the idle R edst one M ill c ould oper a t e ef ec tiv ely so G o w est ag r eed t o set aside 200000 CDN per mon th as a standb y f ee while also ag r eeing t o c o v er the mill s oper a ting c osts when Br adsha w or e w as not being pr oc essed R edst one w as or ig inally desig ned in 2006 t o handle nickel G o w est P r esiden t CEO Gr eg R omain said in O c t ober W e ar e pleased t o ha v e the PGB settlemen t behind us so tha t w e can r etur n our a tt en tion t o dev eloping Br adsha w W ith the r ec en t new pr iv a t e Chinese o wnership of Nor th er n Sun G o w est can no w look f or w ar d t o pr oc essing ma t er ial fr om Br adsha w a t the R edst one M ill the mill which w e believ e is best suit ed f or our needs W e look f or w ar d t o w or k ing with and c on tinuing t o adv anc e our r ela tionship with the new o wners of Nor ther n Sun L o ok ing ahead t o a fr uitful 2020 Page 28 G r eg Romain G o w est P r esiden tCEO