TSX Venture Symbol: GWG
CUSIP: 39141Y 10 3
SASKATOON, Sept. 12, 2012 /CNW/ - Great Western Minerals Group Ltd.
("GWMG" or the "Company", TSX:V - GWG) today announced that President
and Chief Executive Officer Jim Engdahl will retire as of October 1,
2012. Robert Quinn, who serves on the GWMG Board of Directors, has been
appointed Interim President and Chief Executive Officer effective
October 1, 2012.
Earlier in 2012 (see: GWMG news release March 16, 2012), the Company announced that Jim Engdahl had recommended to the Board
of Directors that a transition process be put in place to recruit and
select a new CEO and that the Board had accepted that recommendation.
The CEO recruitment process has been guided by a search committee
consisting of GWMG Board members Robert Quinn, Bill McKnight, George
Ireland and Ian McNaughton. Strong candidates, with a successful
history of leading integrated companies in complex industries, have
In order to move the selection process to the next phase, GWMG has
contracted Korn/Ferry International, a global executive recruitment
agency with 80 offices in 40 countries, and which has conducted in
excess of 10,000 senior-level searches worldwide.
Robert Quinn has served on the Board of Directors of GWMG since 2006 and
is completely conversant with GWMG operations and strategic development
issues. He has over thirty years of management and legal experience in
the mining sector with extensive experience in transactions,
financings, corporate governance, environmental compliance and
international operations. Mr. Quinn serves on the boards of directors
of North American Palladium Ltd., Formation Metals Inc. and Mercator
Minerals Ltd. where he is the chairman. He holds a Doctor of
Jurisprudence from the University of Denver.
Jim Engdahl said, "The transition process that we have established will
serve the interests of the Company and its shareholders very well.
Given my own health issues, it is advisable that I take a step back at
this time. We are very fortunate to have someone as qualified and
knowledgeable as Robert Quinn to guide the Company through the CEO
selection and transition process while GWMG continues to execute its
plan to be a fully integrated rare earth producer. I remain available
to assist in any capacity required."
Great Western Minerals Group Ltd. is an integrated rare earth 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 aluminum,
nickel, cobalt 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 owns a 74% equity interest in
the Steenkampskraal 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, the successful and timely completion of its preliminary economic
assessment and its results, the construction, commissioning and
operation of the proposed monazite processing facility and separation
facility, mine refurbishment activities, reliance on third parties to
meet projected timelines, 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 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, risks associated with the uncertainty of
reserve or resource estimates, health and safety risks, uncertainty of
estimates and projections of production, costs and expenses, risks that
future Steenkampskraal and region exploration results may not meet
exploration or corporate objectives, 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, political
risks inherent in South Africa and China, risks associated with the
relationship between GWMG and/or its subsidiaries and communities and
governments in South Africa, radioactivity and related issues,
dependence on one mineral project, loss of 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 annual information form available at www.sedar.com.
SOURCE: Great Western Minerals Group Ltd.
For further information:
please contact Dwight Percy, Manager of Investor Relations at (306) 659-4516. Email inquiries should be made to email@example.com and the company website is located at www.gwmg.ca. Inquiries by direct mail should be addressed to Great Western Minerals Group Ltd., 219 Robin Crescent, Saskatoon, SK S7L 6M8.