Great Western Minerals Group Announces Russell Grant Resignation
SASKATOON, SASKATCHEWAN -- (Marketwire) -- 05/28/12 -- Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX VENTURE: GWG) (OTCQX: GWMGF) today announced the resignation of Russell Grant as Senior Vice-President, Business Development and as a Director of the Company.
Mr. Grant has served as Senior Vice-President, Business Development and as a Director since April 2010 during which time he has been responsible for initiatives that included the establishment of GWMG's joint venture agreement with Ganzhou Qiandong Rare Earth Group Ltd. and commercial development opportunities.
Mr. Grant stated, "It has been a distinct pleasure to work with GWMG over the past two years, participating in the transition of a company from being one with great potential to being one of the most fully integrated rare earth companies outside of China today. With the recent financing successfully in place and with the establishment of a professional delivery team, I feel certain that GWMG will prove to be a leader in the rare earth sector."
Jim Engdahl, President and Chief Executive Officer of GWMG said, "We sincerely thank Russell Grant for the extensive rare earth industry experience he has added to our Company over the past two years. His knowledge of the global rare earth sector has been of significant value to GWMG as we have developed our management group in a manner that enables us to be a global leader."
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 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