GREAT WESTERN MINERALS GROUP RELEASES 3rd QUARTER 2012 FINANCIAL RESULTS
November 29 2012 - 9:33AM
OTC Markets
GREAT
WESTERN MINERALS GROUP LTD.
TSX Venture Symbol: GWG
CUSIP: 39141Y 10 3
OTCQX: GWMGF
GREAT
WESTERN MINERALS GROUP RELEASES 3rd QUARTER
2012
FINANCIAL
RESULTS
November 29, 2012 - Saskatoon,
Canada: Great Western
Minerals Group Ltd. ("GWMG" or the "Company", TSX:V – GWG) today
announced its financial results for the 3rd Quarter of
2012.
GWMG
has reported its results under International Financial Reporting
Standards. For the three months and nine months ended September 30,
2012, GWMG’s financial summary and highlights are as
follows:
|
Three months ended
September 30/12
|
Three months ended
September 30/11
|
Nine months
ended
September
30/12
|
Nine months
ended
September
30/11
|
Revenue
|
$
4,786,838
|
$
4,214,616
|
$
12,897,685
|
$
13,630,390
|
Gross
Margins
|
$
1,161,107
|
$
1,656,462
|
$
3,949,118
|
$
4,635,237
|
Earnings
(Loss)
|
$
(3,627,912)
|
$
(2,299,266)
|
$
(6,521,005)
|
$
(10,276,921)
|
Earnings (Loss) per
share
|
$
(0.009)
|
$
(0.006)
|
$
(0.016)
|
$
(0.028)
|
Less Common Metals Limited (“LCM”)
results for Q3 of 2012 include the following
highlights:
|
Three months
ended
September
30/12
|
Three months ended
September 30/11
|
Nine months
ended
September
30/12
|
Nine months
ended
September
30/11
|
Revenue
|
$
4,718,693
|
$
4,159,682
|
$
12,669,607
|
$
13,407,201
|
Gross
Margins
|
$
1,153,548
|
$
1,670,141
|
$
4,434,663
|
$
4,906,603
|
EBITDA
|
$
332,477
|
$
950,212
|
$
1,225,555
|
$
2,367,046
|
Earnings
|
$
(109,827)
|
$
604,625
|
$
275,575
|
$
1,503,705
|
GWMG Interim President
and Chief Executive Officer Robert Quinn said, “In the face of some
tightening of the global rare earth market GWMG and LCM did manage
to achieve higher revenues in the 3rd Quarter of 2012
compared to the same quarter of 2011. LCM EBITDA and earnings were
reduced in the past quarter and year to date primarily as a result
of the move to a new plant as well as the costs of installation of
the new strip cast furnace. Both factors now provide a platform for
improved financial performance going forward.”
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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