Great Western Minerals Group Clarifies Escrow Condition
SASKATOON, SASKATCHEWAN -- (Marketwire) -- 05/18/12 -- Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX VENTURE: GWG) (OTCQX: GWMGF) announces that the the escrow agent (see GWMG Media Release May 10, 2012: "GWMG Satisfies Escrow Conditions for Release of Offering Funds") erroneously reported to the Company that the funds would be released immediately. GWMG now expects that the escrowed funds will be released upon filing of the full technical report which is scheduled to be completed on or before May 31, 2012.
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 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 addition to an exploration program at Steenkampskraal, GWMG also holds interests in four active Rare Earth exploration and development properties in North America.
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, the NI 43-101 Report being filed on SEDAR by May 31, 2012, the results of the NI 43-101 Report not having any material adverse differences from the previously announced estimates, the construction, commissioning and operation of the proposed monazite processing facility and separation facility, mine refurbishment activities, reliance on third parties to meet projected timelines, the results of the exploration program at Steenkampskraal, 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 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, risks associated with the uncertainty of reserve or resource estimates, health and safety risks, uncertainty of estimates and projections of production, costs and expenses, risks that future Steenkampskraal and region exploration results may not meet exploration or corporate objectives, the sufficiency of current cash and reserves as well as the availability of additional cash from operations or from financing on reasonable terms or at all, political risks inherent in South Africa and China, risks associated with the relationship between GWMG and/or its subsidiaries and communities and governments in South Africa, radioactivity and related issues, dependence on one mineral project, loss of 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 current annual information form available at www.sedar.com
CUSIP: 39141Y 10 3
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Contacts:
Great Western Minerals Group Ltd.
Dwight Percy
Manager of Investor Relations
(306) 659-4516
Great Western Minerals Group Ltd.
219 Robin Crescent
Saskatoon, SK S7L 6M8
info@gwmg.ca
www.gwmg.ca