TSX Venture Symbol: GWG
OTCQX: GWMGF
CUSIP: 39141Y 10 3
SASKATOON,
April 9, 2013 /PRNewswire/ - Great
Western Minerals Group Ltd. ("GWMG" or the "Company", TSX:V - GWG)
today provided an update on board and management changes.
Robert Quinn has
been elected non-executive board chair. Mr. Quinn has served on the
GWMG board of directors since 2006 and acted as interim CEO of the
Company from October 1, 2012 until
the appointment of Marc LeVier on
January 9, 2013. He has over thirty
years of management and legal experience in the mining sector with
extensive experience in transactions, financings, corporate
governance, environmental compliance and international operations.
Mr. Quinn serves on the boards of directors of Formation Metals
Inc., North American Palladium Ltd., where he is the chairman, and
Mercator Minerals Ltd. where he is the chairman. He holds a Doctor
of Jurisprudence from the University of
Denver.
Ron Hochstein has
been elected as independent lead director. Mr. Hochstein has served
on the GWMG board of directors since January
8, 2013. He is President, Chief Executive Officer and a
Director of Denison Mines Corp. ("Denison"), positions he has held
since 2009. For three years prior he had been Denison's President
and Chief Operating Officer. Prior to Denison, his senior
management positions were with International Uranium Corporation,
H.A. Simons Ltd. Mining Group, Noranda Inc. and North Canadian Oils
Ltd. In addition to his current duties with Denison, Mr. Hochstein
is President of Uranium Participation Corporation. Mr. Hochstein
holds a Masters of Business Administration from the University of British Columbia and a Bachelor of
Science in Mineral Process Engineering from the University of Alberta.
GWMG President and Chief Executive Officer
Marc LeVier said, "The election of
Robert Quinn as non-executive chair
and Ron Hochstein as lead director
creates even greater strength within the Company's board of
directors as it directs management in the successful execution of
the strategic plan to move the Steenkampskraal operation toward
production."
The Company announces the retirement of
Vice-President Exploration John Pearson. Mr. Pearson has held the
position with GWMG since 2003 and has had overall responsibility
for exploration activities at GWMG's North American properties. He
remains available to the Company to advise on exploration
matters.
The Company also announces the resignation of
Vice-President Operations Richard
Hogan who has resigned to pursue other interests.
Mr. LeVier also said, "I would like to thank Mr.
Pearson and Mr. Hogan for their service to the Company over their
lengthy terms with GWMG."
Subject to regulatory approval, GWMG has
granted, as at April 5, 2013, to
officers, directors and senior managers an aggregate of 5,300,000
options to acquire common shares of the Company. The options are
exercisable into common shares of Great Western Minerals Group Ltd.
at a price of $0.175 per share for a
period of five years from the date of grant and will vest in
accordance with the Company's stock option plan.
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
Annual Information Form available at www.sedar.com.
SOURCE Great Western Minerals Group Ltd.
