Great Western Minerals Group Ltd.

Great Western Minerals Group Ltd.

August 29, 2011 08:00 ET

Great Western Minerals Group Steenkampskraal Rare Earth Mine Site Refurbishment Project Proceeding on Schedule

SASKATOON, SASKATCHEWAN--(Marketwire - Aug. 29, 2011) - Great Western Minerals Group ("GWMG") (TSX VENTURE:GWG) (OTCQX:GWMGF) is pleased to provide an update on the refurbishment of the Steenkampskraal mine shaft and ancillary facilities, all of which is proceeding on schedule.

The project, previously announced as being awarded to East Rand Engineering Services, includes the refurbishment of the mine access decline, construction of a head gear and winding house, and the installation of underground infrastructure services such as ventilation fans and underground stores.

The safety procedures under which all work at the Steenkampskraal site is conducted were approved in early June. The approval of the two shops chosen by GWMG for steel fabrication work was issued in early July and the fabrication work is now complete. As well, the permanent winder controls are at the 95% completion stage and are on schedule to be finished by September 7.

The decline refurbishment is also underway with the first 45 meters of the decline having been cast in concrete. In addition, all of the decline sleepers and rails are on site and the first 45 meters are being installed this week.

GWMG President and Chief Executive Officer Jim Engdahl said, "We are very pleased with the progress being made on the refurbishment project and with the work of East Rand Engineering Services. Under the direction of Steenkampskraal Project Director Vincent Mora, we remain right on track to complete this component of the Steenkampskraal project prior to the end of 2011, as scheduled."

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 also holds 100% equity ownership in Rare Earth Extraction Co. Limited, which owns a 74% equity interest in the Steenkampskraal Mine. In addition to a planned exploration program at Steenkampskraal, GWMG also holds interests in five 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 results of the exploration program, 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) 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

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.
    219 Robin Crescent
    Saskatoon, SK
    S7L 6M8