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TSX Venture Symbol: GWG CUSIP: 39141Y 10 3 OTCQX: GWMGF
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
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.