TSX Venture Symbol: GWG
CUSIP: 39141Y 10 3
OTCQX: GWMGF
SASKATOON, Jan. 30, 2013 /PRNewswire/ - Great Western
Minerals Group Ltd.
("GWMG" or the "Company", TSX:V - GWG) is pleased to provide an
update
on issues pertinent to the Company's progress and status.
Preliminary Economic Assessment ("PEA"): GWMG had previously set
January 2013 as a target date to
issue a news
release highlighting the results of a PEA as well as an updated
National Instrument 43-101 Resource Estimate (the "Resource
Estimate").
The Resource Estimate was issued in January (see GWMG news
release January 21,
2103).
The Company now estimates that the PEA will be completed and the
results
released prior to the end of the 1st Quarter of 2013, as GWMG's
new
Chief Executive Officer and his senior management team are
gathering
additional metallurgical testing and capital expenditure data in
order
to properly evaluate the options available in the context of
the
expanded Resource Estimate.
Less Common Metals ("LCM"): The relocation of U.K.-based LCM from
its Valley Road location in
Birkenhead to its new facility at Hooton Park in Ellesmere Port is
now
virtually complete. The new facility houses LCM's first strip
casting
furnace with provision for substantial expansion. All equipment
that
had been in operation at the Valley Road site, including the
analytical
laboratory, has been relocated to Hooton Park and is now fully
operational.
LCM continues its evaluations of the new strip cast furnace
capabilities
with its customer base. Sampling has been undertaken for all
key
customers and LCM is progressing into advanced stages of
commercial
supply contract / technical approval stages.
GWMG Presentations and Marketing: GWMG management will be
representing the Company in the following venues
in early 2013:
February 1, 2, 3: GMP Securities
Mining Jamboree in Hermanus, South
Africa - presentation to attendees and investor
meetings.
CEO Marc LeVier's presentation will
be posted to the GWMG website (www.gwmg.ca) immediately following
delivery at the event.
February 5, 6, 7: African Mining
Indaba in Cape Town, South Africa
-
corporate booth, investor meetings and investor/analyst tour of
the
Steenkampskraal mine site.
March 3: Pro-Active Power Breakfast
at PDAC in Toronto -
presentation
and investor meetings.
CEO Marc LeVier's interview and
presentation at the Power Breakfast will
be posted to the GWMG website and to Pro-Active's Stocktube.com
site
following the event.
April 21, 22: Pro-Edge Wire
Technology Metals Summit 2013 in Toronto -
presentation and investor meetings.
CEO Marc LeVier's presentation will
be posted to the GWMG website
immediately following delivery at the event.
Director Options: The Company announces that it has granted to
newly appointed Company
director, Ron Hochstein, 400,000
options to acquire common shares of
the Company. The options are exercisable into common shares of
Great
Western Minerals Group Ltd. at a price of $0.25 per share for a period
of five years from the date of grant, January 7, 2013, and will vest in
accordance with the Company's stock option plan. The Company
also
announces that it has granted to newly appointed Company
director,
Lenard Boggio, 400,000 options to
acquire common shares of the Company.
The options are exercisable into common shares of Great Western
Minerals Group Ltd. at a price of $0.315 per share for a period of five
years from the date of grant, January 14,
2013, and will vest in
accordance with the Company's stock option plan
About GWMG: Great Western Minerals Group Ltd. is engaged in
becoming an integrated
rare earth producer. Its specialty alloys are used in the
battery,
magnet and aerospace industries. Produced at the Company's wholly
owned
subsidiaries Less Common Metals Limited in Ellesmere Port, U.K.
and
Great Western Technologies Inc. in Troy,
Michigan, these alloys contain
transition metals including nickel, cobalt, iron 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 controls the Steenkampskraal monazite mine. 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, risks associated with the uncertainty of resource estimates,
in
particular those relating to Inferred resources; risks
relating to
estimating grades, in particular where interpolation is used to
estimate grades; 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 and mine refurbishment activities;
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; 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;
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; 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.