Great Western Minerals Group Issues Installment Payment on Advisory Agreement
SASKATOON, SASKATCHEWAN -- (Marketwire) -- 01/17/11 -- Great Western Minerals Group Ltd. ('GWMG' or the 'Company') (TSX VENTURE: GWG) (OTCQX: GWMGF) announces that it issued it s monthly installment payment under the terms of its advisory agreement (the 'Agreement') with Byron Securities Limited ('Byron').
As announced previously (see December 13, 2010 GWMG News Release: 'Great Western Minerals Group Enters Into Advisory Agreement With Byron Securities'), GWMG entered into a six month Agreement with Byron to facilitate GWMG's access to capital markets.
The $60,000 monthly installment was paid through the issuance of 114,351 common shares of GWMG at a price of $0.5247 based on the VWAP on the last ten trading days of December 2010.
Jim Engdahl, President and CEO
Great Western Minerals Group Ltd. is an integrated Rare Earths processor. 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 Birkenhead, U.K. and Great Western Technologies Inc. in Troy, Michigan, these alloys contain aluminium, nickel, cobalt and Rare Earth Elements. As part of the Company's vertical integration strategy, GWMG has signed an Off-take Agreement for 100% of the Rare Earth Elements produced at the former producing Steenkampskraal mine in South Africa and holds 20.8% ownership in Rare Earth Extraction Co. Ltd., the owner of the Steenkampskraal mine. GWMG also holds interests in seven Rare Earth exploration and development properties in North America.
CUSIP: 39141Y 10 3
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Contacts:
Great Western Minerals Group Ltd.
Dwight Percy
Manager of Investor Relations
(306) 659-4500
info@gwmg.ca
www.gwmg.ca
Great Western Minerals Group Ltd.
219 Robin Crescent
Saskatoon, SK S7L 6M8