Great Western Minerals Group Ltd.

Great Western Minerals Group Ltd.

June 09, 2010 08:40 ET

Great Western Minerals Group Launches Steenkampskraal Feasibility Study

SASKATOON, SASKATCHEWAN--(Marketwire - June 9, 2010) - Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX VENTURE:GWG) (OTCQX:GWMGF) (PINK SHEETS:GWMGF) today announced that it has launched Phase 1 of its Bankable Feasibility Study process for the Steenkampskraal mine in South Africa.

GWMG plans to bring the Steenkampskraal mine, a high grade former producer with a known process for recovering Rare Earths, back into production as one of the first new Rare Earth mines outside of China.

Following the announcement of last week that the New Order Mining Right had been issued (June 3, 2010: "Steenkampskraal Mining Permit Issued by South African Government"), GWMG management authorized the appointment of SRK Consulting Engineers and Scientists of Johannesburg, South Africa to undertake Phase 1 of the project that includes the following components:

  • A review of all available historical technical reports, documents and data.
  • Site visit by the consultants, as required for compliancy purposes.
  • Identification of any additional licenses, permits, approvals, reviews and bonds required.
  • Timeline and cost estimates for the completion of additional project phases.

"It was very important that GWMG move as quickly as possible to launch the feasibility process once the Steenkampskraal permit was approved," stated Great Western Mineral Group President and CEO Jim Engdahl. "Based on our extensive review of potential project consultants, we are very pleased to have signed this agreement with a consulting group that has the depth of experience of SRK."

Jim Engdahl, President and CEO

Great Western Minerals Group Ltd. is a Canadian-based developer of Rare Earth Element assets and a manufacturer of metals and alloys containing predominantly Rare Earth Elements. GWMG has seven Rare Earth exploration and development properties in North America and an option with respect to a former producing property in South Africa. 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 highly specified alloys include those containing aluminum, nickel, cobalt and Rare Earth Elements.

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 satisfaction by GWMG of the conditions required to exercise the option, receipt of all required approvals 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 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.

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
    Great Western Minerals Group Ltd.
    226 Cardinal Crescent
    Saskatoon, SK S7L 6H8