Update On Steenkampskraal Rare Earth Chloride Plant, LCM Alloy Production, GWTI Project, CEO Search And PEA
The recent softening of rare earth prices has also restored confidence levels on the part of LCM customers who have continued to express strong support for GWMG's corporate vision to provide rare earth materials via a supply chain that is reliable, sustainable and free from political restriction.
The Company will conduct a tour of the LCM facilities for analysts and newsletter writers on Thursday, November 29, 2012.
Great Western Technologies Inc.:
As announced on October 1, 2012, GWMG's wholly owned subsidiary, Great Western Technologies Inc. ("GWTI") of Troy, Michigan, was selected by the United States Department of Defense to conduct a supply chain assessment of military use of high-purity Yttrium oxide and a study of material optimization and recycling methods. The study is now underway with a team comprised of GWTI personnel and external resources. GWMG expects the project can position the Company as a valued participant in the United States rare earth industry.CEO Search: The CEO recruitment process continues to progress toward the appointment of a new Chief Executive Officer. The Search Committee, consisting of Interim CEO Robert Quinn, and independent Directors George Ireland and Ian McNaughton, are working through the selection process with the assistance of the highly experienced executive recruitment agency Korn/Ferry International. Preliminary Economic Assessment ("PEA"): GWMG reports excellent progress on the part of Snowden Mining Industry Consultants Inc. ("Snowden"), the independent contractor working on the up-date of the resource calculation and completion of the PEA within the previously stated time target of the 4 th Quarter of 2012. The Company looks forward to the release of the PEA as an opportunity to communicate confirmation of its capital expenditure projections for the Steenkampskraal operation, financial projections for its fully integrated "Mines-to-Metals" business model and key elements of the Company's operations going forward. Great Western Minerals Group Summary: Great Western Minerals Group Ltd. intends to be an integrated rare earth producer. The Company currently produces specialty alloys which are used in the battery, magnet and aerospace 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 aluminum, 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.
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