TSX Venture Symbol: GWG
CUSIP: 39141Y 10 3
OTCQX: GWMGF
SASKATOON, Sept. 12,
2012 /PRNewswire/ - Great Western Minerals Group Ltd.
("GWMG" or the "Company", TSX:V - GWG) today announced that
President and Chief Executive Officer Jim
Engdahl will retire as of October 1,
2012. Robert Quinn, who
serves on the GWMG Board of Directors, has been appointed Interim
President and Chief Executive Officer effective October 1, 2012.
Earlier in 2012 (see: GWMG news release
March 16, 2012), the Company
announced that Jim Engdahl had
recommended to the Board of Directors that a transition process be
put in place to recruit and select a new CEO and that the Board had
accepted that recommendation.
The CEO recruitment process has been guided by a
search committee consisting of GWMG Board members Robert Quinn, Bill
McKnight, George Ireland and
Ian McNaughton. Strong candidates,
with a successful history of leading integrated companies in
complex industries, have been identified.
In order to move the selection process to the next
phase, GWMG has contracted Korn/Ferry International, a global
executive recruitment agency with 80 offices in 40 countries, and
which has conducted in excess of 10,000 senior-level searches
worldwide.
Robert Quinn has
served on the Board of Directors of GWMG since 2006 and is
completely conversant with GWMG operations and strategic
development issues. He has over thirty years of management and
legal experience in the mining sector with extensive experience in
transactions, financings, corporate governance, environmental
compliance and international operations. Mr. Quinn serves on the
boards of directors of North American Palladium Ltd., Formation
Metals Inc. and Mercator Minerals Ltd. where he is the chairman. He
holds a Doctor of Jurisprudence from the University of Denver.
Jim Engdahl said,
"The transition process that we have established will serve the
interests of the Company and its shareholders very well. Given my
own health issues, it is advisable that I take a step back at this
time. We are very fortunate to have someone as qualified and
knowledgeable as Robert Quinn to
guide the Company through the CEO selection and transition process
while GWMG continues to execute its plan to be a fully integrated
rare earth producer. I remain available to assist in any capacity
required."
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.