Great Western Minerals Group Steenkampskraal Rare Earth Mine Site Refurbishment Project Proceeding on Schedule
August 29 2011 - 8:00AM
Marketwired
Great Western Minerals Group ("GWMG") (TSX VENTURE: GWG) (OTCQX:
GWMGF) is pleased to provide an update on the refurbishment of the
Steenkampskraal mine shaft and ancillary facilities, all of which
is proceeding on schedule.
The project, previously announced as being awarded to East Rand
Engineering Services, includes the refurbishment of the mine access
decline, construction of a head gear and winding house, and the
installation of underground infrastructure services such as
ventilation fans and underground stores.
The safety procedures under which all work at the
Steenkampskraal site is conducted were approved in early June. The
approval of the two shops chosen by GWMG for steel fabrication work
was issued in early July and the fabrication work is now complete.
As well, the permanent winder controls are at the 95% completion
stage and are on schedule to be finished by September 7.
The decline refurbishment is also underway with the first 45
meters of the decline having been cast in concrete. In addition,
all of the decline sleepers and rails are on site and the first 45
meters are being installed this week.
GWMG President and Chief Executive Officer Jim Engdahl said, "We
are very pleased with the progress being made on the refurbishment
project and with the work of East Rand Engineering Services. Under
the direction of Steenkampskraal Project Director Vincent Mora, we
remain right on track to complete this component of the
Steenkampskraal project prior to the end of 2011, as
scheduled."
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 also holds
100% equity ownership in Rare Earth Extraction Co. Limited, which
owns a 74% equity interest in the Steenkampskraal Mine. In addition
to a planned exploration program at Steenkampskraal, GWMG also
holds interests in five active 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 Great Western
Minerals Group Ltd. 219 Robin Crescent Saskatoon, SK S7L 6M8
www.gwmg.ca
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