SASKATOON, SASKATCHEWAN--(Marketwire - Oct. 22, 2009) - Great Western Minerals Group Ltd. ("GWMG" or
the "Company") (TSX VENTURE:GWG) (PINK SHEETS:GWMGF) is pleased to announce it has
engaged Barr Engineering Company ("Barr") of Minneapolis Minnesota to update
the 43-101 Technical Report for the Company's Hoidas Lake Project.
Barr is an
employee-owned engineering and environmental consulting company involved with
the development, management, and restoration of natural resources. With more
than 40 years of experience Barr has been involved in solving a wide range of
challenges faced by the mining and mineral processing industry, primarily in
North and South America.
Under the scope of
this contract, Barr will update the resource estimate for the Company's Hoidas
Lake project, incorporating the results of the Company's drilling program which
was completed in the spring of 2008 on the JAK Zone.
A total of 6,836 m was drilled in 32 holes to depths
of 300 metres. The JAK Zone Vein System has been extended by 250 m to 1,000
metres and remains open along strike and at depth. The drilling also extended
the zone to a depth of 300 m; previously, this zone had been tested only to a
depth of 150 m. Preliminary indications are that the extensions of the
previously drilled veins show similar mineralization to that previously
identified in the JAK Zone and are expected to have similar grades.
John Pearson,
MSc., P.Geo., Vice-President Exploration for GWMG, is the qualified person
responsible for reviewing the contents of this news release.
Jim Engdahl, President and CEO of Great Western Minerals
Group said "We are pleased to be able to get back on track more
aggressively with our exploration activities, particularly on our Hoidas Lake
project. As we noted in previous releases, our objective was to double the
resource estimate for this project and this update could move us
significantly down the road to doing that. What we still find exciting is the
fact that our drilling programs to date only cover about 1,000 metres of strike
and indications show it is open in all directions."
About
Great Western Minerals Group Ltd.
Great Western Minerals Group Ltd. is a
Canadian-based company with six rare earth exploration and development
properties in North America with an option on a sizable additional property in
South Africa. In addition, as part of the Company's strategy to pursue a
vertically-integrated business model, the Company's wholly-owned subsidiaries
of Less Common Metals Limited located in Birkenhead UK, and Great Western
Technologies Inc., located in Troy, Michigan, produce a variety of specialty
alloys for use in the battery, magnet and aerospace industries. These
"designer" alloys include those containing copper, nickel, cobalt and
the rare earth elements.
Certain
information set out in this News Release constitutes forward-looking
information, which may include information relating to estimates of sales and
revenue of GWMG. 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 the Company 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 risks, uncertainties and other factors that
are beyond the control of the Company, 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 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 the Company 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 the Company contained in this press release, or
incorporated herein by reference, are expressly qualified, in their entirety,
by this cautionary statement.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.