TSX Venture Symbol: GWG
CUSIP: 39141Y 10 3
SASKATOON, Jan. 8, 2013 /PRNewswire/ - Great Western Minerals Group Ltd. ("GWMG" or the "Company",TSX: V - GWG) today announced it has appointed Ron Hochstein to GWMG's Board of Directors. The appointment is effective immediately.
Mr. Hochstein is currently 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. Within his CEO role, Mr. Hochstein successfully negotiated a $100 Million financing and restructured Denison following the sale of its U.S. assets. Previously, his senior management positions were with International Uranium Corporation, H.A. Simons Ltd. Mining Group, Noranda Inc. and North Canadian Oils Ltd. His responsibilities included project development, exploration activities, public company reporting, regulatory negotiations and mine operations management. In addition to his current duties with Denison, Mr. Hochstein is President of Uranium Participation Corporation, an investment holding company which invests substantially all of its assets in uranium.
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.
His professional affiliations and certifications include membership in the Professional Engineers of Ontario, the Canadian Institute of Mining and Metallurgy, and the Society of Mining Engineers.
GWMG Interim President and Chief Executive Officer Robert Quinn said, "GWMG is pleased to have attracted another independent Board member with exceptionally strong qualifications, significant mining experience and a knowledge base that will be of great value to our Company. Ron Hochstein's track record with putting mining projects into production in many parts of the world and his knowledge of global mining issues will assist GWMG in effectively delivering our projects."
Great Western Minerals Group Ltd. is engaged in becoming an integrated rare earth producer. The Company currently produces specialty alloys which are used in the aerospace, automobile, computer and high-tech 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 iron, 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 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, 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; 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 Professional Securities Market listing particulars available at www.sedar.com.
SOURCE Great Western Minerals Group Ltd.