Great Western Minerals Group corporate update
TSX Venture Symbol: GWG
CUSIP: 39141Y 10 3
SASKATOON, April 9, 2013 /PRNewswire/ - Great Western Minerals Group Ltd. ("GWMG" or the "Company", TSX:V - GWG) today provided an update on board and management changes.
Robert Quinn has been elected non-executive board chair. Mr. Quinn has served on the GWMG board of directors since 2006 and acted as interim CEO of the Company from October 1, 2012 until the appointment of Marc LeVier on January 9, 2013. He has over thirty years of management and legal experience in the mining sector with extensive experience in transactions, financings, corporate governance, environmental compliance and international operations. Mr. Quinn serves on the boards of directors of Formation Metals Inc., North American Palladium Ltd., where he is the chairman, and Mercator Minerals Ltd. where he is the chairman. He holds a Doctor of Jurisprudence from the University of Denver.
Ron Hochstein has been elected as independent lead director. Mr. Hochstein has served on the GWMG board of directors since January 8, 2013. He is President, Chief Executive Officer and a Director of Denison Mines Corp. ("Denison"), positions he has held since 2009. For three years prior he had been Denison's President and Chief Operating Officer. Prior to Denison, his senior management positions were with International Uranium Corporation, H.A. Simons Ltd. Mining Group, Noranda Inc. and North Canadian Oils Ltd. In addition to his current duties with Denison, Mr. Hochstein is President of Uranium Participation Corporation. Mr. Hochstein holds a Masters of Business Administration from the University of British Columbia and a Bachelor of Science in Mineral Process Engineering from the University of Alberta.
GWMG President and Chief Executive Officer Marc LeVier said, "The election of Robert Quinn as non-executive chair and Ron Hochstein as lead director creates even greater strength within the Company's board of directors as it directs management in the successful execution of the strategic plan to move the Steenkampskraal operation toward production."
The Company announces the retirement of Vice-President Exploration John Pearson. Mr. Pearson has held the position with GWMG since 2003 and has had overall responsibility for exploration activities at GWMG's North American properties. He remains available to the Company to advise on exploration matters.
The Company also announces the resignation of Vice-President Operations Richard Hogan who has resigned to pursue other interests.
Mr. LeVier also said, "I would like to thank Mr. Pearson and Mr. Hogan for their service to the Company over their lengthy terms with GWMG."
Subject to regulatory approval, GWMG has granted, as at April 5, 2013, to officers, directors and senior managers an aggregate of 5,300,000 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 $0.175 per share for a period of five years from the date of grant and will vest in accordance with the Company's stock option plan.
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, 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, the successful and timely completion of its preliminary economic assessment at Hoidas Lake; the assumptions and estimates in the preliminary economic assessment of the Steenkampskraal project proving to be accurate over time; the construction, commissioning and operation of the proposed monazite processing facility and separation facility within estimated parameters; 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, including those estimated in the preliminary economic assessment of the Steenkampskraal project; risks associated with the uncertainty of 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 Annual Information Form available at www.sedar.com.
SOURCE Great Western Minerals Group Ltd.