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09/06/2011

Great Western Minerals' Jim Engdahl updates Proactive on the company's "mines to metals" strategy

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Additional Information
Market: TSX-V
Sector: General Mining - Rare Earth Minerals
EPIC: GWG
Latest Price: C$0.62  (-4.62% Descending)
52-week High: C$1.01
52-week Low: C$0.40
Market Cap: C$237.66M
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Great Western Minerals Group
www.gwmg.ca

Great Western Minerals Group Ltd. is a Canadian-based company with six rare earth exploration and development properties in North America with an option on a sizable additional property in South Africa. In addition, as part of the Company’s strategy to pursue a vertically-integrated business model, the Company's wholly-owned subsidiaries of Less Common Metals Limited located in Birkenhead UK, and Great Western Technologies Inc., located in Troy, Michigan, produce a variety of specialty alloys for use in the battery, magnet and aerospace industries. These "designer" alloys include those containing copper, nickel, cobalt and the rare earth elements.

Full Great Western Minerals Group profile here
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Great Western Minerals inks letter of intent with Cornerstone Capital for Chaleur East property

19th May 2010, 4:15 pm

Great Western Minerals Group (TSX: GWG) (OTCQX:GWMGF) has signed a letter of intent (LOI) with Cornerstone Capital Resources (TSXV-CGP) to acquire the Chaleur East property in New Brunswick.


The LOI envisages Great Western making an initial payment of 25,000 shares and meeting the minimum required 2010 expenditure on the property of CDN$50,000.


Thereafter, the rare earth minerals mining group can elect to make further payments of cash and shares totalling CDN$100,000 and CND$200,000 respectively over three years, and will incur additional exploration expenditures totalling $950,000,  to earn a 51% interest in the property.


The LOI also provides that Great Western and Cornerstone will enter into a formal joint venture agreement.


Under the agreement, Great Western will act as operator of the project during the option period, and will conduct exploration in conjunction with plans on its neighbouring Benjamin River REE project.


Jim Engdahl, President and CEO of Great Western Minerals Group said, "The strategic plan of Great Western Minerals Group is enhanced through the signing of this letter of intent on a property that is in close proximity to the Benjamin River joint venture into which the company recently entered. GWMG continues to move toward being a fully integrated 'mines to markets' rare earths producer."

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