SASKATOON, SK, June 4, 2013 /PRNewswire/ - Great Western
Minerals Group Ltd. ("GWMG" or the "Company") (TSX.V: GWG / OTCQX:
GWMGF), a leader in the manufacture and supply of rare earth-based
alloys and high purity metals with a low cost, high-grade critical
rare earth asset (the "Steenkampskraal Project" or "SKK"),
announced today a letter of intent ("LOI") with Star Uranium
Corp.(TSX.V: SUV) to enter into an option and joint venture
agreement in respect of the Hoidas Lake Project, an area comprised
of fourteen mineral claims totaling approximately 12,522 hectares
and related property in northern Saskatchewan.
"We have been actively evaluating the long term plans for our
non-core assets and this agreement is consistent with our objective
to focus our resources on the advancement of our Steenkampskraal
Project," stated GWMG President and CEO Marc LeVier. "We believe Star Uranium is
better positioned to complete the exploration of the property at
this time."
The LOI is intended to serve as a basis for the negotiation and
execution of the definitive agreement. The completion of the
option and Hoidas Lake joint venture is subject to the approval of
the TSX Venture Exchange and all other required regulatory,
corporate and security holder approvals.
About GWMG
Great Western Minerals Group Ltd. is leader in the manufacture
and supply of rare earth-based alloys and high purity metals with a
low cost, high-grade critical rare earth asset. 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 addition to the
project at Steenkampskraal, GWMG also holds interests in four rare
earth exploration and development properties in North America.
The company routinely posts news and other information on its
website at www.gwmg.ca.
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.
Cautionary Statement
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 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.
SOURCE Great Western Minerals Group Ltd.
