Great Western Minerals Group files mineral resource estimate on
Steenkampskraal rare earth deposit, South Africa
TSX Venture Symbol: GWG
OTCQX: GWMGF
CUSIP: 39141Y 10 3
SASKATOON, March 7, 2013 /PRNewswire/
- Great Western Minerals Group Ltd.
("GWMG" or the "Company", TSX-V: GWG) today announced that
has filed
its previously announced National Instrument 43-101 resource
estimate
and technical report (the "NI 43-101 Report").
The NI 43-101 Report, which has been prepared by Snowden Mining
Industry
Consultants Inc. ("Snowden") for the Company's Steenkampskraal
rare
earth property located in the Western Cape of South Africa, is dated
effective December 15, 2012 and is
available under the Company's SEDAR
profile at www.sedar.com.
Highlights (resource estimate unchanged from January 21, 2013 news
release):
A mineral resource estimate of 32,000 metric tonnes of total rare
earth
oxides plus yttrium oxide ("TREO") under the Indicated category
and
42,100 metric tonnes of TREO under the Inferred category, each
using a
1% TREO cut-off grade (the "Resource Estimate").
The new results demonstrate the success of GWMG's exploration
programs
at Steenkampskraal with a 114% increase in the Indicated Resource
and a
219% increase in the Inferred Resource as compared to May of
2012.
The drilling program at Steenkampskraal supports the goals of:
expanding
the Resource Estimate; increasing the confidence in the
geological
model, upgrading the categories of reported resources;
providing
technical data for mine planning; and to check for mineralisation
in
those areas of the property where the concentrator and other
infrastructure facilities will be located.
The core logging and assay results of 87 completed drillholes
remain to
be evaluated and reported in a future update.
Resource Estimate
The following Table 1 contains the final information relating to
the NI
43-101 Report and updates and supersedes the information disclosed
on
January 21,
2013.
Table 1: Mineral Resource Estimate for Steenkampskraal at a 1%
cut-off
grade (as of October 31, 2012)
|
Resource Estimate1
|
Tonnes
|
Grade
TREO%
|
Contained TREO
tonnes
|
LREO2
tonnes
|
HREO2
tonnes
|
|
Monazite Mine Area
|
|
|
|
|
|
|
|
Indicated
|
71,500
|
23.0
|
16,400
|
15,200
|
1,200
|
|
|
Inferred
|
95,800
|
17.1
|
16,400
|
15,100
|
1,300
|
|
EXP Area
|
|
|
|
|
|
|
|
Indicated
|
68,200
|
18.1
|
12,400
|
11,400
|
1,000
|
|
|
Inferred
|
181,000
|
14.2
|
25,600
|
23,500
|
2,100
|
|
Upper Tailings
|
|
|
|
|
|
|
Indicated
|
8,000
|
9.3
|
750
|
690
|
60
|
|
|
Inferred
|
1,200
|
7.5
|
90
|
80
|
10
|
|
Lower Tailings
|
|
|
|
|
|
|
Indicated
|
28,600
|
8.8
|
2,500
|
2,300
|
200
|
|
|
Inferred
|
0
|
0
|
0
|
0
|
0
|
|
Category Totals for Updated Resource
|
|
|
|
|
|
|
|
Indicated
|
176,000
|
18.2
|
32,100
|
29,600
|
2,500
|
|
|
Inferred
|
278,000
|
15.2
|
42,100
|
38,700
|
3,400
|
Previous (May 2012) estimate
|
|
|
|
|
|
Total (Monazite Mine Area,
Upper and Lower Tailings)
|
|
|
|
|
|
|
Indicated
|
82,090
|
16.8
|
13,800
|
12,700
|
1,100
|
|
|
Inferred
|
87,160
|
16.2
|
14,100
|
13,100
|
1,100
|
(1) For the Resource Estimate, "tonnes" and "grades" were
rounded to 3
significant figures. Apparent errors in the totals may occur
due to rounding.
|
(2) "LREO" means lanthanum (La2O3), cerium (CeO2), praseodymium
(Pr6O11), neodymium (Nd2O3) and samarium (Sm2O3). "HREO"
means europium (Eu2O3), gadolinium (Gd2O3), terbium (Tb4O7),
dysprosium
(Dy2O3), holmium (Ho2O3), thulium (Tm2O3), ytterbium
(Yb2O3) lutetium (Lu2O3) and yttrium (Y2O3). "TREO" includes
yttrium.
|
Qualified Persons
The NI 43-101 Report was prepared by Mr. Ivor Jones, (BSc. Hons), MSc,
FAusIMM, CP Geo., the Group General Manager of Geosciences with
Snowden. He contributed to and supervised the Resource
Estimate for
the main monazite deposit as well as the tailing dams. Mr.
Jones
consents to the inclusion in this news release of the matters based
on
his information in the form and context in which it appears. Mr.
Jones
has sufficient experience relevant to the type of deposit under
consideration and to the activity which he is undertaking to
qualify as
a Qualified Person as defined under NI 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101") and supervised
the preparation of the contents of the
Resource Estimate section of this news release.
Snowden was assisted by Dr. John
Hancox, Pr.Sci.Nat., of Caracle Creek
International Consulting (Pty) Limited of Johannesburg. Dr. Hancox
provided geological interpretations and the drillhole and
underground
channel sampling database for the Resource Estimate. Dr. Hancox
has
sufficient experience relevant to the style of mineralization and
type
of deposit under consideration and to the activity which he is
undertaking to qualify as a Qualified Person as defined under NI
43-101
and supervised the preparation of the contents of the geology,
exploration, and data assurance sections of this news release.
Dr.
Hancox consents to the inclusion in this news release of the
matters
based on his information in the form and context in which it
appears.
Brent C. Jellicoe, B.Sc. (Hon.),
P.Geo., Director of International
Exploration for GWMG, is the Qualified Person responsible for
supervising the preparation of the technical content of this
news
release.
About Great Western Minerals Group Ltd.
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, 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.
Cautionary Statements
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.
Cautionary Note For US Investors Concerning Estimates of
Indicated and
Inferred Resources
This press release uses the terms "Indicated" and "Inferred"
resources.
United States investors are
advised that while such terms are
recognized and required by Canadian regulations, the United States
Securities and Exchange Commission does not recognize them.
"Inferred"
mineral resources have a great amount of uncertainty as to
their
existence, and as to their economic and legal feasibility. It
cannot be
assumed that all or any part of an Inferred mineral resource will
ever
be upgraded to a higher category. Under Canadian rules, estimates
of
Inferred mineral resources may not form the basis of feasibility
or
other economic studies except in limited circumstances and with
specific notification to the reader. United States investors are
cautioned not to assume that all or any part of any mineral
resources
will ever be converted into mineral Reserves (as defined under
NI
43-101). United States investors
are also cautioned not to assume that
all or any part of an Inferred mineral resource exists, or is
economically or legally mineable.
SOURCE Great Western Minerals Group Ltd.