TROY, MICHIGAN--(Marketwire - Jan. 27, 2011) - Representative Gary Peters (House of Representatives 9th Congressional District, Oakland County) today toured Great Western Technologies Inc. ("GWTI") at its Troy, Michigan plant.
During his tour, Representative Peters stated to Great Western Technologies Inc. management that, in his opinion, GWTI has the ability to help address some of the United States' Rare Earth alloy needs.
GWTI, a wholly owned subsidiary of Great Western Minerals Group Ltd. (TSX VENTURE:GWG) (OTCQX:GWMGF), converts elemental Rare Earths into metal alloy castings and powders for U.S. magnet production and other manufacturing purposes. This allows U.S. production of end products such as hybrid vehicles, wind turbines, other renewable energy applications and national security systems.
In an April 2010 report to Congress, the United States Government Accountability Office warned of an impending Rare Earths crisis, especially as it relates to homeland security and national defense. GWMG is a member of the U.S. Magnet Materials Association, an organization that supports the establishment of a national Rare Earth alloy and metal stockpile by the federal government for homeland security and national defense purposes.
During the plant tour by Representative Peters, Great Western Minerals Group President and Chief Executive Officer Jim Engdahl said, "Given that China today controls about 97% of the global Rare Earth production market, GWMG offers an alternative to China in U.S.-based production capacity, for a wide range of applications such as electronics, hybrid cars, energy systems, and defense networks."
Jim Engdahl, President and CEO
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 has signed an Off-take Agreement for 100% of the Rare Earth Elements produced at the former producing Steenkampskraal mine in South Africa and holds 70.2% ownership in Rare Earth Extraction Co. Limited, the owner of the Steenkampskraal mine. GWMG also holds interests in seven 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 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 www.sedar.com.
CUSIP: 39141Y 10 3
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