TSX Venture Symbol: GWG
OTCQX: GWMGF
CUSIP: 39141Y 10 3
SASKATOON, Aug. 15,
2012 /PRNewswire/ - Great Western Minerals Group Ltd.
("GWMG" or the "Company"), (TSXV: GWG) is pleased to announce that
it has been successful in its appeal of an outstanding application
for prospecting rights in the region surrounding GWMG's
Steenkampskraal monazite mine in South
Africa.
Notification of the grant of the prospecting
right was received by GWMG from the Director-General of the Mineral
Resources Division, Department of Mineral Resources of South Africa.
As noted in a February 7,
2012 media release, GWMG had made application, through its
74% owned subsidiary, Steenkampskraal Monazite Mine (Pty) Ltd., for
prospecting rights for approximately 547 square kilometers
surrounding the Steenkampskraal site. (GWMG regional prospecting
rights map at http://www.gwmg.ca/gwmg-nr-15-aug-12.html) The
Company was, and remains, of the opinion that a number of known
monazite outcroppings outside the Steenkampskraal mine site area
warrant exploration work in addition to the strong exploration
results already reported at the mine site (see April 10, 2012 news release, GWMG Reports Initial
Steenkampskraal Rare Earth Assays).
GWMG President and Chief Executive Officer
Jim Engdahl said, "Our success in
this appeal process is a critical win for the Company as it enables
us to extend the Steenkampskraal exploration program past the
current boundaries and into the surrounding region. From a long
term perspective, for Steenkampskraal and for GWMG, this represents
a very important step forward."
Great Western Minerals Group Ltd. is an
integrated rare earth 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 aluminum, 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 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 and its results, 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, 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 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 reserve
or resource estimates, health and safety risks, uncertainty of
estimates and projections of production, costs and expenses, risks
that future 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 South Africa, radioactivity and related
issues, dependence on one mineral project, loss of 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 annual information form available
at www.sedar.com
SOURCE Great Western Minerals Group Ltd.