TSX Venture Symbol: GWG
OTCQX: GWMGF
CUSIP: 39141Y 10 3
SASKATOON, Feb. 25,
2013 /PRNewswire/ - Great Western Minerals Group Ltd.
("GWMG" or the "Company", TSX:V - GWG) is pleased to announce that
its wholly owned subsidiary Less Common Metals Limited ("LCM") is
now in commercial production with its first rare earth alloy strip
casting furnace.
LCM has sold and shipped, on a commercial basis,
specialty alloys produced by its strip casting furnace to three
existing customers. A subsequent order, scheduled for delivery in
the 1st Quarter of 2013, was placed by one of the three
customers for an increased quantity of alloy.
The second strip casting furnace ordered
previously by LCM was fully commissioned in China, as scheduled, in November 2012. It is now in transit to LCM with
an estimated arrival time of late Q1 2013. Installation followed by
the commissioning of the second furnace is scheduled to commence at
LCM early in Q2 2013.
GWMG President and Chief Executive Officer
Marc LeVier said, "Achieving
commercial production with the new strip casting furnace at LCM is
a very important milestone in GWMG's progress path as we complete
one of the items we committed to achieve early in 2013. The new
furnaces represent a platform for revenue growth within our
business model. The investment that GWMG has made in LCM's
production capacity is indicative of our confidence in the future
of the rare earth alloy market. It is equally indicative of the
strong level of confidence we have in our internationally respected
LCM team led by Managing Director Ian
Higgins."
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 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 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; the successful and timely completion of its preliminary
economic assessment at Hoidas Lake; 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.