TSX Venture Symbol: GWG
CUSIP: 39141Y 10 3
SASKATOON, Jan. 30, 2013 /PRNewswire/ - Great Western Minerals Group Ltd. ("GWMG" or the "Company", TSX:V - GWG) is pleased to provide an update on issues pertinent to the Company's progress and status.
Preliminary Economic Assessment ("PEA"): GWMG had previously set January 2013 as a target date to issue a news release highlighting the results of a PEA as well as an updated National Instrument 43-101 Resource Estimate (the "Resource Estimate"). The Resource Estimate was issued in January (see GWMG news release January 21, 2103).
The Company now estimates that the PEA will be completed and the results released prior to the end of the 1st Quarter of 2013, as GWMG's new Chief Executive Officer and his senior management team are gathering additional metallurgical testing and capital expenditure data in order to properly evaluate the options available in the context of the expanded Resource Estimate.
Less Common Metals ("LCM"): The relocation of U.K.-based LCM from its Valley Road location in Birkenhead to its new facility at Hooton Park in Ellesmere Port is now virtually complete. The new facility houses LCM's first strip casting furnace with provision for substantial expansion. All equipment that had been in operation at the Valley Road site, including the analytical laboratory, has been relocated to Hooton Park and is now fully operational.
LCM continues its evaluations of the new strip cast furnace capabilities with its customer base. Sampling has been undertaken for all key customers and LCM is progressing into advanced stages of commercial supply contract / technical approval stages.
GWMG Presentations and Marketing: GWMG management will be representing the Company in the following venues in early 2013:
- February 1, 2, 3: GMP Securities Mining Jamboree in Hermanus, South Africa - presentation to attendees and investor meetings.
- CEO Marc LeVier's presentation will be posted to the GWMG website (www.gwmg.ca) immediately following delivery at the event.
- February 5, 6, 7: African Mining Indaba in Cape Town, South Africa - corporate booth, investor meetings and investor/analyst tour of the Steenkampskraal mine site.
- March 3: Pro-Active Power Breakfast at PDAC in Toronto - presentation and investor meetings.
- CEO Marc LeVier's interview and presentation at the Power Breakfast will be posted to the GWMG website and to Pro-Active's Stocktube.com site following the event.
- April 21, 22: Pro-Edge Wire Technology Metals Summit 2013 in Toronto - presentation and investor meetings.
- CEO Marc LeVier's presentation will be posted to the GWMG website immediately following delivery at the event.
Director Options: The Company announces that it has granted to newly appointed Company director, Ron Hochstein, 400,000 options to acquire common shares of the Company. The options are exercisable into common shares of Great Western Minerals Group Ltd. at a price of $0.25 per share for a period of five years from the date of grant, January 7, 2013, and will vest in accordance with the Company's stock option plan. The Company also announces that it has granted to newly appointed Company director, Lenard Boggio, 400,000 options to acquire common shares of the Company. The options are exercisable into common shares of Great Western Minerals Group Ltd. at a price of $0.315 per share for a period of five years from the date of grant, January 14, 2013, and will vest in accordance with the Company's stock option plan
About GWMG: Great Western Minerals Group Ltd. is engaged in becoming an integrated rare earth producer. Its specialty alloys are used in the battery, magnet and aerospace industries. Produced at the Company's wholly owned subsidiaries Less Common Metals Limited in Ellesmere Port, U.K. and Great Western Technologies Inc. in Troy, Michigan, these alloys contain transition metals including nickel, cobalt, iron 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 controls the Steenkampskraal monazite mine. 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, risks associated with the uncertainty of resource estimates, in particular those relating to Inferred resources; risks relating to estimating grades, in particular where interpolation is used to estimate grades; 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 and mine refurbishment activities; 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; 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; 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; 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.