Mr. Murray Nye reports
WINSTON GOLD CORP. A LETTER TO THE SHAREHOLDERS
Winston Gold Corp. has provided a letter to the shareholders.
I am honoured to have been elected as the executive chairman of Winston Gold on July 24, 2019.
I look forward to working with a very experienced board of directors and management team to start test mining and bulk sampling the gold veins within the Winston Gold leases.
First, thanks to all of our shareholders who have been very patient as we raised the funds that will go toward the underground development of the Parallel and Block 93 gold veins that are associated with the historical Custer mine.
A number of factors have conspired to increase the price of gold from $1,200 (U.S.) in November, 2017, when I joined Winston Gold as a strategic adviser, to today's price of approximately $1,500 (U.S.). Given the current political upheaval around the world and a low-interest rate environment we do not foresee gold prices reversing course in the short term.
Winston Gold is one of the very few junior gold companies that is fully permitted and in the underground development phase of operations. We expect test mining to begin in the first quarter of 2020.
We have just received all the financing required to purchase an underground drill, scoop tram and truck. In addition, we have hired a very experienced local underground mining team to complete the access tunnel and begin underground development of the mine.
Winston has the choice of several very attractive custom mills near our site that can process mineralized material once test mining has started. As a result, we can save time and money by not having to build our own mill. We are now in the final stages of negotiations to lease a mill.
While we do not have a National Instrument 43-101-compliant resource estimate on the property, we are confident with the assay results we have obtained from the numerous historic and current drill holes. Winston's drill results firmly support our geologic model and additional drill hole data are being catalogued into the database.
Looking ahead, the parallel and Block 93 veins are still open for expansion, both along strike and to depth. We have just initiated another five-hole drill program to extend these veins and begin our investigation into the Custer vein.
We are very optimistic about our future as we have now commenced development work to start test mining and bulk sampling the parallel and Block 93 gold veins.
I look forward to sharing our progress with all the shareholders on a quarterly basis.
Thanks again for your support.
The scientific and technical content and interpretations contained in this news release have been reviewed, verified and approved by Dr. Criss Capps, PhD, PGeol, an independent consultant to Winston Gold. Dr. Capps is a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Winston Gold Corp.
Winston Gold is a junior mining company focused on advancing high-grade, low-cost mining opportunities into production. Toward that end, the corporation has acquired the underexplored and underexploited Winston gold project near Helena, Mont.
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