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Great Western Minerals Group Ltd.
("GWMG" or the "Company") (TSX-V:GWG - News)(Pinksheets:GWMGF
- News) announces that it
has entered into an advisory agreement (the "Agreement") with Byron
Securities Limited ("Byron").
Byron will, on a non-exclusive basis,
facilitate GWMG's access to capital markets and identify potential
acquisition, divestiture or merger targets. In addition, Byron will provide
strategic advice intended to maximize shareholder value, assist in strategic
marketing initiatives and assist GWMG in structuring future transactions.
GWMG will pay Byron a total fee of
$360,000, payable in common shares of the Corporation (the
"Shares") in six equal monthly installments of $60,000, beginning
December 15, 2010. The issue price of the Shares will be determined by the
10-day VWAP on the last trading day of each month.
Jim Engdahl,
President and Chief Executive Officer of GWMG said, "Engaging Byron to
provide strategic advisory services will be valuable to our Company, given
Byron's knowledge of the Rare Earths industry and the wide array of
development options available, as our Company moves toward becoming a fully
integrated Rare Earths producer. We anticipate significant activity in this
sector over the next year and Byron will be able to assist GWMG in
understanding the opportunities and challenges during this time."
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.
Inquiries by direct mail should be
addressed to Great Western Minerals Group Ltd., 219 Robin Crescent,
Saskatoon, SK S7L 6M8.
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 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.
CUSIP: 39141Y 10 3
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.
Contact:
Contacts:
Great Western Minerals Group Ltd.
Dwight Percy
Manager of Investor Relations
(306) 659-4500
info@gwmg.ca
www.gwmg.ca
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