Great Western Minerals Group Ltd.

Great Western Minerals Group Ltd.

June 18, 2008 20:35 ET

Great Western Minerals Group Provides Update on Acquisition of Less Common Metals Ltd.

SASKATOON, SASKATCHEWAN--(Marketwire - June 18, 2008) - Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX VENTURE:GWG)(PINK SHEETS:GWMGF) announces that, with respect to the acquisition that was previously announced on June 9th, 2008, it has reached an agreement with LCM shareholders on all major deal points. Subject to final TSXV approval, GWMG anticipates entering into definitive agreements with respect to the acquisition of all of the issued and outstanding shares of Less Common Metals Ltd. ("LCM") of Birkenhead, United Kingdom, on or about June 30, 2008.

Great Western Minerals is very pleased with the results of negotiations to date and is continuing to address the final details of the transaction. Jim Engdahl, President and CEO says, "We have made very significant process in our negotiations and look forward to finalizing the few remaining issues with respect to financing documentation and regulatory approval. We are also extremely pleased that Russell Grant and Gerry Mulder (representative of the major shareholder) have agreed to join the GWMG advisory board. Mr Mulder and Mr. Grant bring over 40 years experience to GWMG in the specialty metals and Rare Earth markets around the world. Terms of their agreements are yet to be finalized and will be done after closing of the LCM acquisition."

Great Western Minerals Group Ltd. is a Canadian based company exploring for, and developing, strategic metal resources in North America. Pursuing a vertically-integrated business model, the Company's wholly-owned subsidiary Great Western Technologies Inc., located in Troy, Michigan, produces 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.

Jim Engdahl, President

Certain information set out in this News Release constitutes forward-looking information, including information relating to estimates of sales and revenue of the GWMG and LCM. 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 and management of LCM 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 entering into of a definitive and binding agreement with respect to the terms of the acquisition, obtaining regulatory approval, 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.

CUSIP: 39141Y 10 3

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Great Western Minerals Group Ltd.
    Ron Malashewski
    Manager of Investor Relations
    (306) 659-4500
    Great Western Minerals Group Ltd.
    226 Cardinal Crescent
    Saskatoon, SK
    S7L 6H8