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Last updated on April 16, 2014 at 21:24 EDT

Great Western Minerals Group announces director resignations

November 21, 2012

TSX Venture Symbol: GWG
OTCQX: GWMGF

CUSIP: 39141Y 10 3

SASKATOON, Nov. 21, 2012 /PRNewswire/ – Great Western Minerals Group Ltd.
(“GWMG” or the “Company”, TSX:V – GWG) today announced the resignations
of three long-standing Company directors, Gary Billingsley, Jim Engdahl
and Bill McKnight. Mr. Billingsley and Mr. Engdahl remain available to
the Company on an “as required” consulting basis to ensure their
expertise can be accessed by GWMG through the transition.

Interim President and Chief Executive Officer Robert Quinn said, “We had
indicated that as GWMG reaches a new phase, moving toward production at
Steenkampskraal, our Company will be best served with a new CEO.
Similarly, it was determined that a transition should also take place
at the Board level. The resignations of the three directors will take
place on an immediate basis and will pave the way for the addition of
directors with significant experience in the development phases
upcoming for our company.”

Outgoing Executive Chairman Gary Billingsley stated, “It has been my
great pleasure over the past 14 years to watch GWMG develop into the
company it is today, poised for significant growth as a
vertically-integrated enterprise in the global rare earth market.  I
want to thank Jim Engdahl, specifically, for helping to build on that
vision. I would also like to thank Bill McKnight for his guidance as a
director as well as all of the employees and board members, past and
present, for their effort and dedication.  I eagerly look forward to
watching GWMG fulfil its potential under new leadership.”

The Company continues to make steady progress with its CEO search
process that has attracted highly qualified candidates and remains on
track for the completion and release of its Preliminary Economic
Assessment scheduled for the 4(th) Quarter of 2012.

Great Western Minerals Group Ltd. is an integrated rare earth processor.
The Company currently produces specialty alloys which 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 South Africa. 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 at Hoidas Lake; the successful and timely completion and the
results of its preliminary economic assessment of the Steenkampskraal
project, 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 and 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
Canada, 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 Hoidas
Lake or 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 Canada and South Africa, radioactivity and related
issues, dependence on one mineral project; loss of, and the inability
to attract, 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 Professional Securities Market listing particulars available
at www.sedar.com.

SOURCE Great Western Minerals Group Ltd.


Source: PR Newswire