Great Western Minerals Posts New Technical Report With Mineral Resource Estimate for Steenkampskraal Rare Earth Project on SE...
21 December 2013 - 8:26AM
Marketwired
Great Western Minerals Posts New Technical Report With Mineral
Resource Estimate for Steenkampskraal Rare Earth Project on SEDAR
SASKATOON, SK--(Marketwired - Dec 20, 2013) - 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.
About GWMG
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 info@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 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.
For more information contact: Investor Relations: Deborah K.
Pawlowski 716.843.3908 Email Contact Craig P. Mychajluk
716.843.3832 Email Contact
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