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SASKATOON, SASKATCHEWAN–(Marketwire – Jan. 31, 2012) – Great Western Minerals Group Ltd. (“GWMG” or the “Company”) (TSX VENTURE:GWG) (OTCQX:GWMGF) is pleased to announce that its wholly owned subsidiary, Less Common Metals (“LCM”), has successfully carried out the first full-scale melt with LCM’s newly acquired furnace. The first pour was undertaken on Friday, January 27, 2012 at LCM’s new plant located in Hooton Park in Birkenhead, United Kingdom.
The installation of the new furnace, which began in November, 2011 and was completed by mid-January, 2012, was undertaken by a team comprised of engineers from the furnace supplier alongside LCM personnel. After extensive testing of the power, water, vacuum and control systems, the furnace was approved to commence melting trials of Neodymium-Iron-Boron alloys for permanent magnet applications.
The subsequent trials, which will continue into February, will focus on the production of alloys that fully conform to detailed customer specifications.
GWMG President and Chief Executive Officer Jim Engdahl said, “The success of the first round of testing with LCM’s new furnace speaks highly of the level of expertise that resides within the team at LCM. The first pour with the new furnace is a significant step forward in the continued advancement of our “mines to markets” strategy as it increases our alloy production capacity by almost 50%. The newly acquired furnace positions our Company to further satisfy the requirements of our global customer base and, in the process, solidify the position of GWMG as a pre-eminent global supplier of rare earth products.”
Photos and a brief video of the first pour with LCM’s new furnace can be seen on the GWMG website at www.gwmg.ca/lcm-first-pour.
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 also holds 100% equity ownership in Rare Earth Extraction Co. Limited, which owns a 74% equity interest in the Steenkampskraal 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.
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 construction, commissioning and operation of the separation facility, refurbishment activities and reliance on third parties to meet projected timelines, the results of the exploration program at Steenkampskraal, 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 www.sedar.com.
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.
