TSX Venture Symbol: GWG
CUSIP: 39141Y 10 3
SASKATOON, Nov. 21, 2012 /PRNewswire/ - Great Western Minerals Group Ltd. ("GWMG" or the "Company", TSX:V - GWG) today announced the resignations of three long-standing Company directors, Gary Billingsley, Jim Engdahl and Bill McKnight. Mr. Billingsley and Mr. Engdahl remain available to the Company on an "as required" consulting basis to ensure their expertise can be accessed by GWMG through the transition.
Interim President and Chief Executive Officer Robert Quinn said, "We had indicated that as GWMG reaches a new phase, moving toward production at Steenkampskraal, our Company will be best served with a new CEO. Similarly, it was determined that a transition should also take place at the Board level. The resignations of the three directors will take place on an immediate basis and will pave the way for the addition of directors with significant experience in the development phases upcoming for our company."
Outgoing Executive Chairman Gary Billingsley stated, "It has been my great pleasure over the past 14 years to watch GWMG develop into the company it is today, poised for significant growth as a vertically-integrated enterprise in the global rare earth market. I want to thank Jim Engdahl, specifically, for helping to build on that vision. I would also like to thank Bill McKnight for his guidance as a director as well as all of the employees and board members, past and present, for their effort and dedication. I eagerly look forward to watching GWMG fulfil its potential under new leadership."
The Company continues to make steady progress with its CEO search process that has attracted highly qualified candidates and remains on track for the completion and release of its Preliminary Economic Assessment scheduled for the 4th Quarter of 2012.
Great Western Minerals Group Ltd. is an integrated rare earth processor. The Company currently produces specialty alloys which are used in the battery, magnet and aerospace industries. Produced at the Company's wholly owned subsidiaries Less Common Metals Limited in Birkenhead, U.K. and Great Western Technologies Inc. in Troy, Michigan, these alloys contain aluminum, nickel, cobalt and rare earth elements. As part of the Company's vertical integration strategy, GWMG also holds 100% equity ownership in Rare Earth Extraction Co. Limited, which owns a 74% equity interest in the Steenkampskraal Mine in South Africa. In addition to an exploration program at Steenkampskraal, GWMG also holds interests in four active rare earth exploration and development properties in North America.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information set out in this News Release constitutes forward-looking information. Forward-looking statements (often, but not always, identified by the use of words such as "expect", "may", "could", "anticipate" or "will" and similar expressions) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties. Forward-looking statements are based upon the opinions, expectations and estimates of management of GWMG as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Those factors include, but are not limited to, the successful and timely completion of its preliminary economic assessment at Hoidas Lake; the successful and timely completion and the results of its preliminary economic assessment of the Steenkampskraal project, the construction, commissioning and operation of the proposed monazite processing facility and separation facility, mine refurbishment activities, reliance on third parties to meet projected timelines and commencement of production at Steenkampskraal; risks related to the receipt of all required approvals including those relating to the commencement of production at the Steenkampskraal mine, delays in obtaining permits, licenses and operating authorities in Canada, South Africa and China, environmental matters, water and land use risks; risks associated with the industry in general, commodity prices and exchange rate changes, operational risks associated with exploration, development and production operations, delays or changes in plans; risks associated with the uncertainty of reserve or resource estimates; health and safety risks; uncertainty of estimates and projections of production, costs and expenses; risks that future Hoidas Lake or Steenkampskraal and region exploration results may not meet exploration or corporate objectives; the adequacy of the Company's financial resources and the availability of additional cash from operations or from financing on reasonable terms or at all; political risks inherent in South Africa and China; risks associated with the relationship between GWMG and/or its subsidiaries and communities and governments in Canada and South Africa, radioactivity and related issues, dependence on one mineral project; loss of, and the inability to attract, key personnel; the factors discussed in the Company's public disclosure record; and other factors that could cause actions, events or results not to be as anticipated. In light of the risks and uncertainties associated with forward-looking statements, readers are cautioned not to place undue reliance upon forward-looking information. Although GWMG believes that the expectations reflected in the forward-looking statements set out in this press release or incorporated herein by reference are reasonable, it can give no assurance that such expectations will prove to have been correct. Except as required by law, GWMG does not assume any obligation to update forward looking statements as set out in this news release. The forward-looking statements of GWMG contained in this News Release, or incorporated herein by reference, are expressly qualified, in their entirety, by this cautionary statement and the risk factors contained in GWMG's Professional Securities Market listing particulars available at www.sedar.com.
SOURCE Great Western Minerals Group Ltd.