TSX Venture Symbol: GWG
OTCQX: GWMGF
CUSIP: 39141Y 10 3
SASKATOON, SK,
Oct. 1, 2012 /PRNewswire/ - Great
Western Minerals Group Ltd. ("GWMG" or the "Company", TSX:V - GWG)
is pleased to announce that its wholly owned subsidiary, Great
Western Technologies Inc. of Troy,
Michigan, has been selected by the United States Department
of Defense to conduct a supply chain assessment for high-purity
yttrium oxide. Yttrium oxide is used in a variety of defense
applications including polishing compounds for precision lasers and
thermal barrier coatings for jet engines.
GWMG Interim President and Chief Executive
Officer Robert Quinn said, "We
intend to advance previous U.S. Department of Defense research to
uncover the extent to which the defense industrial base has the
capacity to produce high-purity yttrium oxide to support critical
defense programs. The Defense Department's investment in our
research is an acknowledgment of yttrium's strategic role in
national defense and the potential of GWMG to meet its future
needs."
Currently, nearly all high purity yttria is
produced in China, where
approximately 94% of the world's rare earth oxides are also
produced. The Department of Defense has projected an annual
shortfall of 93 short tons of elemental yttrium from domestic
sources by 2013.
Great Western Minerals Group Ltd. is an
integrated rare earth processor. Its specialty alloys are used in
the magnet, battery, defense and aerospace industries. Produced at
the Company's wholly owned subsidiaries Great Western Technologies
Inc. in Troy, Michigan and Less
Common Metals Limited in Birkenhead,
U.K. 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 South
Africa. 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 at Hoidas
Lake, 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 Canada, 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 Canada and 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.
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SOURCE Great Western Minerals Group Ltd.