SASKATOON, SASKATCHEWAN--(Marketwire - April 2, 2012) - Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX VENTURE:GWG) (OTCQX:GWMGF) today announced that it has scheduled a CEO Conference Call for 10:00 a.m. ET on Wednesday April 11, 2012. The conference call will cover GWMG's initiatives across the Company. To participate in the call:
- 888-231-8191 (North America toll free)
- 647-427-7450 (Local Toronto)
- 0-800-051-7107 (for United Kingdom)
- 0-800-835-354 (for Switzerland)
- Passcode ID: 62965995
Participants are asked to dial in approximately ten minutes prior to the CEO Conference Call.
Participants who wish to view the presentation that will accompany the CEO Conference are asked to pre-register at: http://www.newswire.ca/en/webcast/detail/941675/1007765.
The Company also announces that, further to a news release dated February 7, 2012, GWMG has received the final acceptance of the TSX Venture Exchange with regard to the issuance of 2,072,484 common shares of GWMG ("Common Shares") at a deemed price of $0.63 per Common Share to Mr. Trevor Blench. GWMG had previously agreed to issue the shares to settle amounts owing to Mr. Trevor Blench in connection with the acquisition of shares of Rareco held by Mr. Blench and the exercise of the option granted by Mr. Blench to GWMG in 2010. The Common Shares are subject to a four month hold period that expires on July 3, 2012. GWMG has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 are available for the issuance of the Common Shares.
The share issue settles in full the amounts owing to Trevor Blench in connection with GWMG's acquisition of Rare Earth Extraction Co. Limited, and with it, the Steenkampskraal mine operation.
As well, GWMG announces that it has launched the transition process by which the Company will recruit and select a new Chief Executive Officer. In accordance with the previous announcement (See: GWMG media release of March 16, 2012), GWMG's Board of Directors has instructed its Compensation, Nominating and Corporate Governance Committee ("the Committee") to commence the steps for CEO recruitment and selection. The Committee is now engaged in the formal process.
Great Western Minerals Group Ltd. is an integrated rare earth 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 South Africa. In addition to a rare earth separation plant joint venture in South Africa and an exploration program at Steenkampskraal, GWMG 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 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, completion of a resource estimate and commencement of production at Steenkampskraal, 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, environmental matters, water and land use) 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.