SASKATOON, SASKATCHEWAN — (Marketwire) — 07/21/11 — Great Western Minerals Group Ltd. (TSX VENTURE: GWG) (OTCQX: GWMGF) („GWMG“) Corporate Holdings:
GWMG Corporate Focus:
GWMG continues to execute its strategic plan to become a leading, fully integrated, „mines to markets“ Rare Earths producer supplying its own Rare Earth inputs into its production and processing cycle.
Annual and Special Meeting Update (July 12, 2011) Resolutions:
Excerpts from AGM Speech by GWMG President and CEO Jim Engdahl:
GWMG Comments on Recently Announced Export Quotas from China:
It was announced Thursday, 14 July that the second-half Rare Earth quota from China for 2011 is set at 15,738 tonnes, distributed among 31 domestic and foreign-owned companies. This brings the total export quota for 2011 to 30,246 tonnes, nearly identical to the 30,258 tonnes in 2010. The table below summarizes the history of Rare Earth export quotas from China over the past four years:
(i) including a late addition to the 1st half quota of 62 tonnes to Pingyuan Sanxie Rare Earth Smelting Company
Newspaper Article of Interest on Steenkampskraal:
The Saturday, July 16 Globe and Mail carried an extensive story on GWMG and its Steenkampskraal project:
Share Price Performance:
The following chart illustrates the percentage share price changes for eleven Rare Earth companies from June 30, 2010 to July 18, 2011 (Mid-day based on Stockwatch data).
Corporate Summary:
Great Western Minerals Group Ltd. is an integrated Rare Earths processor. 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 Birkenhead, U.K. and Great Western Technologies Inc. in Troy, Michigan, these alloys contain aluminium, nickel, cobalt and Rare Earth Elements. As part of the Company-s vertical integration strategy, GWMG holds 100% equity ownership in Rare Earth Extraction Co. Limited, which owns a 74% equity interest in the Steenkampskraal Mine. In addition to a planned exploration program at Steenkampskraal, GWMG also holds interests in six Rare Earth exploration and development properties in North America.
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 results of the exploration program, a resource estimate and commencement of production at Steenkampskraal, satisfaction of the conditions precedent with respect to GWMG-s offtake agreement, receipt of all required approvals (including those relating to the commencement of production at the Steenkampskraal mine) and risks, uncertainties and other factors that are beyond the control of GWMG, 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, risks associated with the uncertainty of reserve or resource estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. 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. 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 current annual information form available at .
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.
Contacts: Great Western Minerals Group Ltd. Dwight Percy Manager of Investor Relations (306) 659-4500
Great Western Minerals Group Ltd. 219 Robin Crescent Saskatoon, Saskatchewan S7L 6M8
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