Great Western Minerals Group announces CEO retirement and appointment of interim CEO
12 Sep, 2012, 09:00 ET
TSX Venture Symbol: GWG
CUSIP: 39141Y 10 3
SASKATOON, Sept. 12, 2012 /PRNewswire/ - Great Western Minerals Group Ltd. ("GWMG" or the "Company", TSX:V - GWG) today announced that President and Chief Executive Officer Jim Engdahl will retire as of October 1, 2012. Robert Quinn, who serves on the GWMG Board of Directors, has been appointed Interim President and Chief Executive Officer effective October 1, 2012.
Earlier in 2012 (see: GWMG news release March 16, 2012), the Company announced that Jim Engdahl had recommended to the Board of Directors that a transition process be put in place to recruit and select a new CEO and that the Board had accepted that recommendation.
The CEO recruitment process has been guided by a search committee consisting of GWMG Board members Robert Quinn, Bill McKnight, George Ireland and Ian McNaughton. Strong candidates, with a successful history of leading integrated companies in complex industries, have been identified.
In order to move the selection process to the next phase, GWMG has contracted Korn/Ferry International, a global executive recruitment agency with 80 offices in 40 countries, and which has conducted in excess of 10,000 senior-level searches worldwide.
Robert Quinn has served on the Board of Directors of GWMG since 2006 and is completely conversant with GWMG operations and strategic development issues. 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 North American Palladium Ltd., Formation Metals Inc. and Mercator Minerals Ltd. where he is the chairman. He holds a Doctor of Jurisprudence from the University of Denver.
Jim Engdahl said, "The transition process that we have established will serve the interests of the Company and its shareholders very well. Given my own health issues, it is advisable that I take a step back at this time. We are very fortunate to have someone as qualified and knowledgeable as Robert Quinn to guide the Company through the CEO selection and transition process while GWMG continues to execute its plan to be a fully integrated rare earth producer. I remain available to assist in any capacity required."
Great Western Minerals Group Ltd. is an integrated rare earth processor. 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 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 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 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 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 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.
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