GREAT WESTERN MINERALS GROUP APPLIES TO TSXV FOR WARRANT EXTENSION
December 06 2012 - 9:43AM
OTC Markets
GREAT WESTERN MINERALS GROUP
LTD.
TSX Venture Symbol: GWG
CUSIP: 39141Y 10 3
OTCQX: GWMGF
GREAT WESTERN MINERALS GROUP APPLIES TO TSXV FOR
WARRANT EXTENSION
December 6, 2012 - Saskatoon, Canada:
Great Western Minerals Group Ltd. ("GWMG" or the "Company", TSX:V –
GWG) today announced that it has made application
to the TSX Venture Exchange ("TSXV") for approval of an extension
of the expiry date of certain of GWMG’s outstanding common share
purchase warrants (the "Warrants").
GWMG seeks TSXV approval for the
extension of the expiry date from December 15, 2012 to January 15,
2013 for 41,413,723 Warrants originally issued on October 19, 2010
and having an exercise price of $0.45 per Warrant
(see
GWMG news release October 11,
2012).
The exercise price of the Warrants
remains unchanged.
Warrant holders will not be issued
replacement Warrant certificates and the Warrant holders will be
required to present the original Warrant certificates in order to
effect the exercise of such Warrants.
Great Western Minerals Group Ltd. intends to be an integrated rare
earth producer. The Company currently produces specialty alloys
which are used in the aerospace,
automobile, computer and high-tech
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 iron,
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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