Great Western Minerals Group CEO Testifies Before U.S. Congress Regarding Pending Critical Minerals and Rare Earth Legislation
June 06 2011 - 9:30AM
Marketwired
Jim Engdahl, President and Chief Executive Officer of Great Western
Minerals Group Ltd. (TSX VENTURE: GWG) (OTCQX: GWMGF) ("GWMG"),
provided expert testimony to the U.S. House of Representatives
Subcommittee on Energy and Mineral Resources on two key pieces of
legislation: the National Strategic and Critical Minerals Policy
Act of 2011 (H.R. 2011) and the Resource Assessment of Rare Earths
Act of 2011 (H.R. 1314).
He urged Members of Congress to work together on a bipartisan
solution to the rare earths and critical materials crisis in the
United States and incorporate provisions from both bills under
consideration to "demonstrate important leadership in the global
community regarding the ever more important issues surrounding the
United States' precious natural resources."
"These bills offer important elements of a much-needed
comprehensive solution to challenges in developing a complete,
reliable and competitive rare earth supply-chain in the United
States," Engdahl stated. Arguing that a solid understanding of the
availability of critical minerals is a key starting point for their
successful development, he cited specific ideas within the pending
legislation as necessary: a supply-chain analysis to inform the
market of potential shortages; creation of a small inventory of
those rare earths in short supply; and development of downstream
capabilities to produce metal.
Engdahl also advocated for industry and government officials to
reform the current framework for issuing permits to develop rare
earth mines. "GWMG does not support shortcuts that skirt important
environmental protections," he said. "Rather, we are encouraging a
streamlining of the permitting process by the identification of
unnecessary bureaucracy and inefficiency in the process."
Currently, that process can take up to a decade from application
submission to permit approval.
The hearing can be viewed at
http://naturalresources.house.gov/Calendar/EventSingle.aspx?EventID=243433
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 info@gwmg.ca www.gwmg.ca Great
Western Minerals Group Ltd. 219 Robin Crescent Saskatoon, SK S7L
6M8
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