TSX Venture Symbol: GWG
CUSIP: 39141Y 10 3
SASKATOON, March 7, 2013 /PRNewswire/ – Great Western Minerals Group Ltd. (“GWMG” or the “Company”, TSX-V: GWG) today announced that has filed its previously announced National Instrument 43-101 resource estimate and technical report (the “NI 43-101 Report”).
The NI 43-101 Report, which has been prepared by Snowden Mining Industry Consultants Inc. (“Snowden”) for the Company’s Steenkampskraal rare earth property located in the Western Cape of South Africa, is dated effective December 15, 2012 and is available under the Company’s SEDAR profile at www.sedar.com.
Highlights (resource estimate unchanged from January 21, 2013 news release):
- A mineral resource estimate of 32,000 metric tonnes of total rare earth oxides plus yttrium oxide (“TREO”) under the Indicated category and 42,100 metric tonnes of TREO under the Inferred category, each using a 1% TREO cut-off grade (the “Resource Estimate”).
- The new results demonstrate the success of GWMG’s exploration programs at Steenkampskraal with a 114% increase in the Indicated Resource and a 219% increase in the Inferred Resource as compared to May of 2012.
- The drilling program at Steenkampskraal supports the goals of: expanding the Resource Estimate; increasing the confidence in the geological model, upgrading the categories of reported resources; providing technical data for mine planning; and to check for mineralisation in those areas of the property where the concentrator and other infrastructure facilities will be located.
- The core logging and assay results of 87 completed drillholes remain to be evaluated and reported in a future update.
The following Table 1 contains the final information relating to the NI 43-101 Report and updates and supersedes the information disclosed on January 21, 2013.
|Table 1: Mineral Resource Estimate for Steenkampskraal at a 1% cut-off grade (as of October 31, 2012)|
|Monazite Mine Area|
|Category Totals for Updated Resource|
|Previous (May 2012) estimate|
|Total (Monazite Mine Area,
Upper and Lower Tailings)
|(1) For the Resource Estimate, “tonnes” and “grades” were rounded to 3 significant figures. Apparent errors in the totals may occur
due to rounding.
|(2) “LREO” means lanthanum (La2O3), cerium (CeO2), praseodymium (Pr6O11), neodymium (Nd2O3) and samarium (Sm2O3). “HREO”
means europium (Eu2O3), gadolinium (Gd2O3), terbium (Tb4O7), dysprosium (Dy2O3), holmium (Ho2O3), thulium (Tm2O3), ytterbium
(Yb2O3) lutetium (Lu2O3) and yttrium (Y2O3). “TREO” includes yttrium.
The NI 43-101 Report was prepared by Mr. Ivor Jones , (BSc. Hons), MSc, FAusIMM, CP Geo., the Group General Manager of Geosciences with Snowden. He contributed to and supervised the Resource Estimate for the main monazite deposit as well as the tailing dams. 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 NI 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.
Snowden was assisted by Dr. John Hancox , Pr.Sci.Nat., of Caracle Creek International Consulting (Pty) Limited of Johannesburg. Dr. Hancox provided geological interpretations and the drillhole and underground channel sampling database for the Resource Estimate. Dr. Hancox has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person as defined under NI 43-101 and supervised the preparation of the contents of the geology, exploration, and data assurance sections of this news release. Dr. Hancox consents to the inclusion in this news release of the matters based on his information in the form and context in which it appears.
Brent C. Jellicoe , B.Sc. (Hon.), P.Geo., Director of International Exploration for GWMG, is the Qualified Person responsible for supervising the preparation of the technical content of this news release.
About Great Western Minerals Group Ltd.
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, risks associated with the uncertainty of resource estimates, in particular those relating to Inferred resources; risks relating to estimating grades, in particular where interpolation is used to estimate grades; the successful and timely completion of its preliminary economic assessment at Hoidas Lake; the successful and timely completion and the results of its preliminary economic assessment of the Steenkampskraal project; the construction, commissioning and operation of the proposed monazite processing facility and separation facility and mine refurbishment activities; 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; 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; 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; 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 Professional Securities Market listing particulars available at www.sedar.com.
Cautionary Note For US Investors Concerning Estimates of Indicated and Inferred Resources
This press release uses the terms “Indicated” and “Inferred” resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred” mineral resources have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred mineral resources may not form the basis of feasibility or other economic studies except in limited circumstances and with specific notification to the reader. United States investors are cautioned not to assume that all or any part of any mineral resources will ever be converted into mineral Reserves (as defined under NI 43-101). United States investors are also cautioned not to assume that all or any part of an Inferred mineral resource exists, or is economically or legally mineable.
SOURCE Great Western Minerals Group Ltd.