|By Marketwired .||
|December 20, 2013 04:27 PM EST||
SASKATOON, SK -- (Marketwired) -- 12/20/13 -- Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX VENTURE: GWG) (OTCQX: GWMGF), a leader in the manufacture and supply of rare earth element-based metals and metal alloys and holder of a low cost, high-grade critical rare earth asset, today announced that its new NI 43-101 compliant technical report and mineral resource estimate ("MRE") for the Steenkampskraal rare earth project ("SKK") was filed and is available under the Company's SEDAR profile at www.sedar.com. There has been no material change to the MRE highlights that were previously disclosed on November 12, 2013, other than in respect of database information described in Section 1.3 and Table 1.9 of the MRE.
"We continue to progress well with our SKK feasibility study," stated Marc LeVier, Company President and CEO. "The new mineral resource estimate, which has been significantly upgraded from the previous estimate, and an optimized flow sheet scheme that is nearing completion will be used as the basis for the Company's feasibility study."
The October 2013 MRE for the SKK project was prepared by Snowden Mining Industry Consultants Inc. ("Snowden") and is dated effective October 31, 2013.
A preliminary economic assessment ("PEA") report was completed in March 2012 and filed by GWMG on SEDAR on May 1, 2013. The PEA was based on the December 2012 MRE and its supporting documentation as at the final effective date of December 15, 2012. Relevant portions of the PEA are included in the current technical report as it is Snowden's opinion that the results of such are still valid except as described in the current technical report. The changes to the Mineral Resource from the December 2012 MRE reflect an increase in tonnes, an increase in the confidence in the estimate and subsequent improvement in the classification of the Mineral Resource. It is anticipated that certain of the information reproduced from the PEA and contained in the current technical report will be updated as part of the ongoing feasibility study by the Company. The feasibility study will undertake detailed mining and other techno-economic studies based on the October 2013 MRE.
Qualified Person statement
The October 2013 MRE has been prepared by Mr. Ivor Jones, (BSc. Hons), MSc, FAusIMM, CP Geo., the Group General Manager of Geosciences with Snowden. He contributed to and supervised estimation of the Mineral Resource for the Steenkampskraal rare earth project. Mr. Jones consents to the inclusion in this news release of the matters based on his information in the form and context in which it appears. Mr. Jones has sufficient experience, relevant to the type of deposit under consideration and to the activity which he is undertaking, to qualify as a Qualified Person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and supervised the preparation of the contents of the Resource Estimate section of this news release.
Mr. Brent C. Jellicoe, P.Geo. is the Chief Geologist for Steenkampskraal Monazite Mine (Pty) Ltd and is the Qualified Person (as defined under NI 43-101) responsible for supervising all exploration activities and preparation of the technical content of this news release.
Great Western Minerals Group Ltd. is a leader in the manufacture and supply of rare earth element-based metals and metal alloys. 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 Ellesmere Port, U.K. and Great Western Technologies Inc. in Troy, Michigan, these alloys contain transition metals, including nickel, cobalt, iron and other 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 controls the Steenkampskraal monazite mine in South Africa. The Company also holds interests in three rare earth exploration properties in North America that are not active.
The Company routinely posts news and other information on its website at www.gwmg.ca.
Email inquiries can also be made to email@example.com.
Neither the 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.
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 assumptions and estimates in the October 2013 resource estimate and the preliminary economic assessment of the Steenkampskraal project proving to be accurate over time; the construction, commissioning and operation of the proposed monazite processing facility and separation facility within estimated parameters; mine refurbishment activities; reliance on third parties to meet projected timelines and commencement of production at Steenkampskraal; risks related to the receipt of all required approvals including those relating to the commencement of production at the Steenkampskraal mine, delays in obtaining permits, licenses and operating authorities in Canada, South Africa and China, environmental matters, water and land use risks; 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, including those estimated in the preliminary economic assessment of the Steenkampskraal project; risks associated with the uncertainty of resource estimates; health and safety risks; uncertainty of estimates and projections of production, costs and expenses; risks that future Steenkampskraal and region exploration results may not meet exploration or corporate objectives; the adequacy of the Company's financial resources and the availability of additional cash from operations or from financing on reasonable terms or at all; political risks inherent in South Africa and China; risks associated with the relationship between GWMG and/or its subsidiaries and communities and governments in Canada and South Africa, radioactivity and related issues, dependence on one mineral project; loss of, and the inability to attract, key personnel; the factors discussed in the Company's public disclosure record; and other factors that could cause actions, events or results not to be as anticipated. 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. Except as required by law, GWMG does not assume any obligation to update forward looking statements as set out in this news release. 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 Annual Information Form available at www.sedar.com.