TSX Venture Symbol: GWG
OTCQX: GWMGF
CUSIP: 39141Y 10 3
SASKATOON, Nov. 21,
2012 /PRNewswire/ - Great Western Minerals Group Ltd.
("GWMG" or the "Company", TSX:V - GWG) today announced the
resignations of three long-standing Company directors, Gary Billingsley, Jim
Engdahl and Bill McKnight.
Mr. Billingsley and Mr. Engdahl remain available to the Company on
an "as required" consulting basis to ensure their expertise can be
accessed by GWMG through the transition.
Interim President and Chief Executive Officer
Robert Quinn said, "We had indicated
that as GWMG reaches a new phase, moving toward production at
Steenkampskraal, our Company will be best served with a new CEO.
Similarly, it was determined that a transition should also take
place at the Board level. The resignations of the three directors
will take place on an immediate basis and will pave the way for the
addition of directors with significant experience in the
development phases upcoming for our company."
Outgoing Executive Chairman Gary Billingsley stated, "It has been my great
pleasure over the past 14 years to watch GWMG develop into the
company it is today, poised for significant growth as a
vertically-integrated enterprise in the global rare earth market.
I want to thank Jim Engdahl,
specifically, for helping to build on that vision. I would also
like to thank Bill McKnight for his
guidance as a director as well as all of the employees and board
members, past and present, for their effort and dedication. I
eagerly look forward to watching GWMG fulfil its potential under
new leadership."
The Company continues to make steady progress
with its CEO search process that has attracted highly qualified
candidates and remains on track for the completion and release of
its Preliminary Economic Assessment scheduled for the
4th Quarter of 2012.
Great Western Minerals Group Ltd. is an
integrated rare earth processor. The Company currently produces
specialty alloys which 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 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 and the results of its preliminary economic assessment
of the Steenkampskraal project, 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 Professional Securities Market
listing particulars available at www.sedar.com.
SOURCE Great Western Minerals Group Ltd.