Great Western Minerals Group Issues Final Installment Payment on Advisory Agreement
May 30 2011 - 6:47PM
Marketwired
Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX
VENTURE: GWG) (OTCQX: GWMGF) announces that it issued its final
monthly installment payment under the terms of its advisory
agreement (the "Agreement") with Byron Securities Limited
("Byron").
As announced previously (see December 13, 2010 GWMG News
Release: "Great Western Minerals Group Enters Into Advisory
Agreement With Byron Securities"), GWMG entered into a six month
Agreement with Byron to facilitate GWMG's access to capital
markets.
The final $60,000 monthly installment was paid in May 2011
through the issuance of 79,375 common shares of GWMG at a price of
$0.7559 based on the VWAP on the last ten trading days of April
2011.
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 93.1% 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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