Great Western Minerals Group to conduct yttrium oxide purification assessment for U.S. Department of Defense
TSX Venture Symbol: GWG
CUSIP: 39141Y 10 3
SASKATOON, SK, Oct. 1, 2012 /PRNewswire/ - Great Western Minerals Group Ltd. ("GWMG" or the "Company", TSX:V - GWG) is pleased to announce that its wholly owned subsidiary, Great Western Technologies Inc. of Troy, Michigan, has been selected by the United States Department of Defense to conduct a supply chain assessment for high-purity yttrium oxide. Yttrium oxide is used in a variety of defense applications including polishing compounds for precision lasers and thermal barrier coatings for jet engines.
GWMG Interim President and Chief Executive Officer Robert Quinn said, "We intend to advance previous U.S. Department of Defense research to uncover the extent to which the defense industrial base has the capacity to produce high-purity yttrium oxide to support critical defense programs. The Defense Department's investment in our research is an acknowledgment of yttrium's strategic role in national defense and the potential of GWMG to meet its future needs."
Currently, nearly all high purity yttria is produced in China, where approximately 94% of the world's rare earth oxides are also produced. The Department of Defense has projected an annual shortfall of 93 short tons of elemental yttrium from domestic sources by 2013.
Great Western Minerals Group Ltd. is an integrated rare earth processor. Its specialty alloys are used in the magnet, battery, defense and aerospace industries. Produced at the Company's wholly owned subsidiaries Great Western Technologies Inc. in Troy, Michigan and Less Common Metals Limited in Birkenhead, U.K. 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 of its
preliminary economic assessment and its results, 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, 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 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 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.