Great Western Minerals Group Ltd.
TSX VENTURE : GWG
OTCQX : GWMGF

Great Western Minerals Group Ltd.

November 23, 2010 09:31 ET

Great Western Minerals Group Appoints Chief Financial Officer

SASKATOON, SASKATCHEWAN--(Marketwire - Nov. 23, 2010) - Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX VENTURE:GWG)(OTCQX:GWMGF) announces the appointment of Jim Davidson as Chief Financial Officer of the Company.

Mr. Davidson was, most recently, Chief Financial Officer with Athabasca Potash Inc. where he managed all financial and administrative functions of the company including governance, third party and management reporting, treasury, human resource and International Financial Reporting Standards compliance. Additionally, he worked closely with the exploration project team in the preparation of Athabasca Potash's Environmental Impact Study and the Pre-feasibility Study.

Previously, Mr. Davidson spent 19 years in the finance divisions of Weyerhaeuser in several locations throughout North America. He held senior management positions that focused on the enhancement of financial, production and technology processes, as well as SAP system deployment, and the standardization of accounting processes at forty of Weyerhaeuser's sites.

"Jim Davidson's background in the resource sector, combined with a thorough knowledge of compliance issues and strong experience in operational issues is yet another significant addition to the strength of our Company's management team," said GWMG President and Chief Officer Jim Engdahl.

Jim Davidson graduated from the College of Commerce at the University of Saskatchewan in 1975 and qualified as a Chartered Accountant in 1980.

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.

Inquiries by direct mail should be addressed to Great Western Minerals Group Ltd., 219 Robin Crescent, Saskatoon, SK S7L 6M8.

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 satisfaction of the conditions precedent with respect to GWMG's offtake agreement, receipt of all required approvals (including those relating to the commencement of production at the Steenkampskraal mine) and risks, uncertainties and other factors that are beyond the control of GWMG, 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 and the uncertainty of estimates and projections of production, costs and expenses. 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. 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

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.

Contact Information

  • Great Western Minerals Group Ltd.
    Dwight Percy
    Manager of Investor Relations
    (306) 659-4500
    or
    Great Western Minerals Group Ltd.
    219 Robin Crescent, Saskatoon, SK
    S7L 6M8
    info@gwmg.ca
    www.gwmg.ca