TSX Venture Symbol: GWG
OTCQX: GWMGF
CUSIP: 39141Y 10 3
SASKATOON, Oct. 9,
2012 /PRNewswire/ - Great Western Minerals Group Ltd.
("GWMG" or the "Company", TSX:V - GWG) is pleased to announce
management appointments that will play a key role in the Company's
continued progress at its Steenkampskraal rare earth project in
South Africa.
Victor
Fitzmaurice is appointed to the position of Operations
General Manager with GWMG's wholly owned subsidiary, Rare Earth
Extraction Co. Limited ("Rareco"). Reporting directly to the Chief
Executive Officer of Rareco, Mr. Fitzmaurice is responsible for all
development stages in moving Steenkampskraal toward production. He
will then assume overall responsibility for day-to-day management
of the rare earth mining, chloride production and separation
operations located at and near Steenkampskraal.
Mr. Fitzmaurice is a Professional Engineer,
holds a B.Sc. in Engineering (Mining) along with a Graduate Diploma
in Engineering (Mining, Engineering and Mineral Economics) from the
University of Witwatersrand, and is currently working toward a
M.Sc. in Mining Engineering. He is a member of the Engineering
Council of South Africa, the South
African Institute of Mining and Metallurgy and the Association of
Mine Managers of South Africa. His
significant experience in senior mining positions throughout
Africa, Europe and Asia has been with companies that include Gulf
Mining and Exploration, AIM Resources Africa and De Beers.
Andreas Muntingh is appointed to the position of
Mine Geologist where he is responsible for executing all geology
related development, production and exploration activities at the
Steenkampskraal mine site. Reporting directly to the
Steenkampskraal Mine Manager, Mr. Muntingh will also assist in the
design, implementation and execution of the Steenkampskraal
regional exploration project.
Mr. Muntingh holds a B.Sc. (Hons.) in Geology
from the University of Stellenbosch and a Masters of Business
Administration from North-West University. His experience in
exploration and mining geology has been gained in Australia and South
Africa. Proficient in Afrikaans and English, he has
previously worked in senior geological positions with companies
that include Platinum Australia, Energem Resources and Trans Hex
Operations.
Interim President and Chief Executive Officer
Robert Quinn said, "The ability of
GWMG to attract such high calibre management personnel to lead and
manage our Steenkampskraal operation speaks very favorably about
the potential of our project. Mr. Fitzmaurice and Mr. Muntingh are
welcome additions to our Steenkampskraal team and we look forward
to their significant contribution to the success of GWMG as it
continues to execute its corporate goal of being a fully integrated
rare earth producer."
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, 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 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 and 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 Hoidas Lake or
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, and the inability to attract, 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.