GREAT WESTERN MINERALS GROUP FILES AMENDED 2ND QUARTER 2012 FINANCIAL STATEMENTS
November 26 2012 - 5:53PM
OTC Markets
GREAT WESTERN MINERALS GROUP
LTD.
TSX Venture Symbol: GWG
CUSIP: 39141Y 10 3
OTCQX: GWMGF
GREAT WESTERN MINERALS GROUP FILES AMENDED
2ND QUARTER
2012 FINANCIAL STATEMENTS
November 26, 2012: Saskatoon,
Canada:
Great Western Minerals Group Ltd. ("GWMG" or the
"Company")
has filed amended and restated consolidated unaudited interim
financial statements for the three and six months ended June 30,
2012.
The financial statements
have been restated in connection with the reporting of the embedded
conversion option transactions associated with the Company's
convertible bond offering (see GWMG news release April 5,
2012). In preparing the
Company’s financial statements in the second quarter of 2012, the
financial statements did not reflect the bonds with an embedded
conversion option that is required to be bifurcated into a debt
component and an embedded conversion component. The embedded
conversion option is fair valued and the amount related to the
embedded conversion option is removed from the carrying value of
the debt. The debt component is then carried at amortized
cost with the discount being amortized over the life of the bonds
until the carrying value matches the face value. The embedded
conversion option is carried at fair value and remeasured every
reporting period. The Company also made other
less consequential changes, all of which are identified
in the notes to the restated financial statements. The revised
financial statements and Management's Discussion and Analysis are
available on the Company's website at www.gwmg.com and www.sedar.com.
Great Western Minerals Group Ltd. intends to be an
integrated rare earth producer. 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.
For further information, please contact Dwight
Percy, Manager of Investor Relations at (306) 659-4516. Email
inquiries should be made to info@gwmg.ca and the company website is
located at www.gwmg.ca. Inquiries by direct mail should be
addressed to Great Western Minerals Group Ltd., 219 Robin Crescent,
Saskatoon, SK S7L 6M8.
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 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.
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