Great Western Minerals Group Ltd.
("GWMG" or the "Company") (TSX-V:GWG - News) (Pinksheets:GWMGF
- News) today confirmed that
GWMG and Rare Earth Extraction Co. Limited ("Rareco")
have officially delivered the formal offer document (the "Offer
Circular") to the Rareco shareholders.
As previously announced (see GWMG Media
Release of December 15, 2010: "Great Western Minerals Group Delivers
Offer To Purchase All Rareco Shares; Rareco Board Recommends Acceptance"), the Rareco Board of Directors has recommended acceptance of
GWMG's all-cash offer (the "Offer") for the remaining 37,764,700
issued ordinary shares in Rareco (the "Rareco Shares") that GWMG does not already own. The
Offer will remain open until February 28, 2011.
GWMG reports that, to date, Rareco shareholders have tendered for sale a total of
4,614,977 Rareco Shares in addition to the 10
million Rareco Shares already held by GWMG.
GWMG purchased 10 million Rareco Shares on September 7, 2010 and thereby became Rareco's largest single shareholder, holding 20.8% of all
outstanding Rareco Shares. Pursuant to the Offer
Circular, GWMG has offered R3.00 (three Rand) per Rareco
Share in cash to purchase all of the remaining Rareco
Shares.
Jim Engdahl,
President and CEO
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 has signed an
Off-take Agreement for 100% of the Rare Earth Elements produced at the former
producing Steenkampskraal mine in South Africa and
holds 20.8% ownership in Rare Earth Extraction Co. Ltd., the owner of the Steenkampskraal mine. GWMG also holds interests in seven
Rare Earth exploration and development properties in North America.
CUSIP: 39141Y 10 3
Contact:
Contacts:
Great Western Minerals Group Ltd.
Dwight Percy
Manager of Investor Relations
(306) 659-4500
info@gwmg.ca
www.gwmg.ca
Great Western Minerals Group Ltd.
219 Robin Crescent
Saskatoon, SK S7L 6M8
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