TSX Venture Symbol: GWG
CUSIP: 39141Y 10 3
SASKATOON, Jan. 28, 2013 /PRNewswire/ - Great Western Minerals Group Ltd. ("GWMG" or the "Company", TSX:V - GWG) today announced a 9,400 metre (65 holes) diamond drilling program at Steenkampskraal where the Company now has five drill rigs operating onsite.
The objectives of the program located within, and adjacent to, the area noted in the updated National Instrument 43-101 compliant Mineral Resource Estimate (see GWMG news release January 21, 2013) include:
- Step-out drilling to investigate extension of the Main Monazite Zone along strike east and west and down-dip of the known mineral resource,
- Infill drilling on areas of lower data density in order to upgrade Inferred Mineral Resources to the Indicated category,
- Detailed infill drilling for mine planning purposes, and
- Selected orientated core drilling for geotechnical analyses in support of planned underground developments.
In addition to the drilling , GWMG has initiated exploration activities on the surrounding Prospecting Right (see GWMG news release August 15, 2012), a 550.5 square kilometer area encompassing Steenkampskraal, and hosting historic occurrences of monazite at surface. Current work includes:
- Reconnaissance and prospecting surveys over three known occurrences of mineralization, approximately 12 kilometers from the historic mine site,
- Selection and preparation of 10 channel sample lines crossing monazite veins in historic trenches,
- Scintillometer ground survey at 10 metre station intervals in the vicinity of the exposed monazite occurrences, and
- Geologic mapping of the monazite and host rocks.
Brent C. Jellicoe, B.Sc. (Hon.), P.Geo., Director of International Exploration for GWMG, is the Qualified Person responsible for supervising the preparation of the technical content of this news release.
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 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.