Great Western Minerals Group Receives Approvals From South African National Nuclear Regulator for Steenkampskraal Rare Earth Pro
May 09 2011 - 7:00AM
Marketwired
Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX
VENTURE: GWG) (OTCQX: GWMGF) announces that it has received full
approval for its work program, under the existing Nuclear
Authorization for the Company's Steenkampskraal Rare Earths
project, from the South African National Nuclear Regulator ("NNR").
The approvals cover programs that include radiation protection,
integrated waste management (including the long-term storage of
radioactive material), and the transportation of radioactive
material.
These approvals enable GWMG to immediately commence the
refurbishment of the former-producing mine site and to undertake an
exploration project at site. Additionally, the approvals enable
GWMG to develop a mineral resource estimate that is compliant with
disclosure requirements as defined by the Canadian Securities
Administrators National Instrument 43-101, utilizing available
historic data.
The Company filed the application with the NNR on November 1,
2010 with additional information provided April 7, 2011, and
officially received the approvals on May 6, 2011.
"This is one of the most important milestones to date for the
Steenkampskraal project," said GWMG President and Chief Executive
Officer Jim Engdahl. "With these approvals in hand, our Company can
immediately launch three vital project steps. Firstly, we have
already sent out the tenders for the shaft refurbishment work and
are now positioned to select the contractor who will commence work
immediately. Secondly, we can select and deploy a drilling
contractor for the exploration program at the Steenkampskraal site.
And thirdly, with the ability to work underground, GWMG can move
ahead very quickly to complete the work necessary to verify the
available historic data and produce a NI 43-101 compliant technical
report."
The project steps facilitated by receipt of the NNR work program
approval are on schedule with the fast track development program
announced by GWMG on April 21, 2011. (See GWMG Media Release: Great
Western Minerals Group Targets Earlier Dates and Increased Output
at Steenkampskraal Rare Earth Project).
Great Western Minerals Group Ltd. is an integrated Rare Earths
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 aluminium, nickel, cobalt and Rare Earth Elements. As part
of the Company's vertical integration strategy, GWMG has signed an
Off-take Agreement for 100% of the Rare Earth Elements to be
produced at the former producing Steenkampskraal mine in South
Africa and holds 92.6% equity ownership in Rare Earth Extraction
Co. Limited, the owner of the Steenkampskraal mine. In addition to
a planned exploration program at Steenkampskraal, GWMG also holds
interests in six Rare Earth exploration and development properties
in North America.
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 results of the
exploration program, a resource estimate and commencement of
production at Steenkampskraal, satisfaction of the conditions
precedent with respect to GWMG's offtake agreement, receipt of all
required approvals (including those relating to the commencement of
production at the Steenkampskraal mine) and risks, uncertainties
and other factors that are beyond the control of GWMG, 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 and the uncertainty
of estimates and projections of production, costs and expenses. 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. 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
current annual information form available at www.sedar.com.
CUSIP: 39141Y 10 3
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.
Contacts: Great Western Minerals Group Ltd. Dwight Percy Manager
of Investor Relations (306) 659-4500 Great Western Minerals Group
Ltd. 219 Robin Crescent Saskatoon, SK S7L 6M8 info@gwmg.ca
www.gwmg.ca
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