Great Western Minerals Group appoints highly experienced mining
executive to Board of Directors
TSX Venture Symbol: GWG
CUSIP: 39141Y 10 3
OTCQX: GWMGF
SASKATOON, Jan. 8, 2013 /PRNewswire/ - Great Western
Minerals Group Ltd.
("GWMG" or the "Company", TSX:V - GWG) today announced it has
appointed
Ron Hochstein to GWMG's Board of
Directors. The appointment is
effective immediately.
Mr. Hochstein is currently President, Chief Executive Officer and
a
Director of Denison Mines Corp. ("Denison"), positions he has
held
since 2009. For three years prior he had been Denison's President
and
Chief Operating Officer. Within his CEO role, Mr. Hochstein
successfully negotiated a $100
Million financing and restructured
Denison following the sale of its U.S. assets. Previously, his
senior
management positions were with International Uranium Corporation,
H.A.
Simons Ltd. Mining Group, Noranda Inc. and North Canadian Oils Ltd.
His
responsibilities included project development, exploration
activities,
public company reporting, regulatory negotiations and mine
operations
management. In addition to his current duties with Denison, Mr.
Hochstein is President of Uranium Participation Corporation, an
investment holding company which invests substantially all of
its
assets in uranium.
Mr. Hochstein holds a Masters of Business Administration from
the
University of British Columbia and a
Bachelor of Science in Mineral
Process Engineering from the University of
Alberta.
His professional affiliations and certifications include membership
in
the Professional Engineers of Ontario, the Canadian Institute of Mining
and Metallurgy, and the Society of Mining Engineers.
GWMG Interim President and Chief Executive Officer Robert Quinn said,
"GWMG is pleased to have attracted another independent Board
member
with exceptionally strong qualifications, significant mining
experience
and a knowledge base that will be of great value to our Company.
Ron
Hochstein's track record with putting mining projects into
production
in many parts of the world and his knowledge of global mining
issues
will assist GWMG in effectively delivering our projects."
Great Western Minerals Group Ltd. is engaged in becoming 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.
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.
SOURCE Great Western Minerals Group Ltd.