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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$0.39  (0,00%)
52-week High: C$0.98
52-week Low: C$0.30
Market Cap: C$162.44M
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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 completes purchase of over 92% of Rare Earth Extraction Co

3rd Mar 2011, 11:56 am

Great Western Minerals Group (CVE: GWG) (OTCQX: GWMGF) said Wednesday that it has completed the purchase of more than 92% of Rare Earth Extraction Co. (Rareco), the owner of the Steenkampskraal mine in South Africa.

On February 28th, the conclusion of the offer period, Great Western purchased roughly 44.2 million shares for a 92.6% stake.

"Holding in excess of 90% of the outstanding shares of Rareco is highly important because it enables GWMG to acquire the remaining shares and achieve 100% ownership. We will take the required steps immediately," said president and CEO Jim Engdahl.

In December, the company announced it made an all-cash offer for Rareco's remaining shares at a price of 3.00 South African Rand (US$0.44) per share.

Great Western first purchased 10 million shares of Rareco in September, becoming the company's largest shareholder with a 20.8% stake, later increasing its holding. Great Western also signed an off-take agreement for 100% of the rare earth elements produced at the Steenkampskraal mine.

"Today's announcement that GWMG now owns such a strong controlling interest in Rareco is a crucial step forward in becoming a fully integrated, global Rare Earth producer," added Engdahl.

Great Western's specialty alloys are used in the battery, magnet and aerospace industries. The company also holds interests in seven rare earth exploration and development properties in North America.

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