TSX Venture Symbol: GWG
OTCQX: GWMGF
CUSIP: 39141Y 10 3
SASKATOON, March 27,
2013 /PRNewswire/ - Great Western Minerals Group Ltd.
("GWMG" or the "Company", TSX:V - GWG) today announced that the
second strip casting furnace has been delivered to its wholly owned
rare earth alloy manufacturing subsidiary, Less Common Metals
Limited ("LCM"), located at Hooton Park in Ellesmere Port, U.K.
The Company expects the second strip casting
furnace, which arrived as scheduled in the 1st Quarter,
will be fully installed and commissioned by the conclusion of the
2nd Quarter of 2013.
LCM recently achieved commercial production
status with its first strip casting furnace (see GWMG news
release February 25, 2013) when
it shipped orders and re-orders of its rare earth metal alloys.
Less Common Metals Managing Director
Ian Higgins said, "Following the
successful commissioning of the first strip casting furnace a
number of design features were built into the second furnace during
its construction at the Chinese manufacturing plant. This is
expected to significantly reduce the time required for installation
and commissioning of the second furnace. As we move forward, we
will ensure our strip casting capacity continues to match the
requirements of our customers."
(Photographs of the new furnace being delivered
and prepared for installation are located on the Company's website
at www.gwmg.caLCMphotos.)
Great Western Minerals Group Ltd. is engaged in
becoming an integrated rare earth producer. 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, U.K. and Great Western Technologies Inc. in
Troy, Michigan, these alloys
contain transition metals including nickel, cobalt, iron 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 controls the Steenkampskraal monazite
mine. In addition to an exploration program at Steenkampskraal,
GWMG also holds interests in four active rare earth exploration and
development properties in North
America.
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.
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 successful and timely completion of its preliminary
economic assessment at Hoidas Lake; the assumptions and estimates
in 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 Hoidas Lake or 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
Professional Securities Market listing particulars available at
www.sedar.com.
SOURCE Great Western Minerals Group Ltd.