Great Western Minerals Group Announces Director Changes
March 3, 2014 (Source: Marketwired) — Bruce Higson-Smith Appointed to the Board of Directors; Replacing Ron Hochstein Who Is Resigning to Devote More Time to His Other Professional Responsibilities
Great Western Minerals Group Ltd. (“GWMG” or the “Company”) (TSX VENTURE: GWG) (OTCQX: GWMGF), a leader in the manufacture and supply of rare earth element-based metals and metal alloys and holder of a low cost, high-grade critical rare earth asset (the “Steenkampskraal Project” or “SKK”), announced that effective March 3, 2014, Bruce Higson-Smith was appointed as an independent director of GWMG and that Ron Hochstein has resigned from the Board.
Robert Quinn, Chairman of the Board of GWMG, commented, “Bruce is an exceptional leader with a proven track record of success in key disciplines, and we look forward to drawing on his deep industry experience as we continue to execute on our mine-to-market strategy.”
Mr. Higson-Smith is a mining engineer with more than 30 years of experience in the mining industry. He joined Golden Star Resources Ltd., a TSX and NYSE MKT listed company, in 2003 and is currently their Senior Vice President of Corporate Strategy with responsibility for evaluating and executing M&A opportunities. Previously, he spent ten years reviewing projects, conducting due diligence, negotiating and structuring mining transactions around the world, initially with the Castle Group, a mining investment management company, and then with Resource Capital Funds. Mr. Higson-Smith has previously served on the boards of two Canadian public companies, is a member of the Society of Mining Engineers and received an MBA in Finance from Baruch College, City University of New York.
The Company has granted Mr. Higson-Smith 400,000 options to acquire common shares of GWMG. The options are exercisable into common shares of the Company at a price of $0.095 per share for a period of five years from the date of grant and will vest in accordance with the Company’s stock option plan.
Mr. Hochstein had served as a director since January 2013 and as lead independent director since May 2013. The Company’s Board continues to consist of six directors, including four independent directors. A new lead independent director will be determined at a future date.
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Mr. Quinn added, “We understand Ron’s decision and thank him for his commitment to Great Western and the many contributions in helping lead the company forward. His extensive experience and skill were invaluable to our ongoing efforts.”
Mr. Hochstein stated, “I am proud to have worked with the Great Western Board and its employees and believe they are on the right strategic path.”
Great Western Minerals Group Ltd. is a leader in the manufacture and supply of rare earth element-based metals and metal alloys. Its specialty alloys are used in the battery, magnet and aerospace industries. Produced at the Company’s wholly-owned subsidiary, Less Common Metals Limited in Ellesmere Port, U.K., these alloys contain transition metals, including nickel, cobalt, iron and other 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 controls the Steenkampskraal monazite mine in South Africa. The Company also holds interests in three rare earth exploration properties in North America that are not active.
Neither the 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 assumptions and estimates in the October 2013 resource estimate and the preliminary economic assessment of the Steenkampskraal project proving to be accurate over time; the construction, commissioning and operation of the proposed monazite processing facility and separation facility within estimated parameters; 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, including those estimated in the preliminary economic assessment of the Steenkampskraal project; risks associated with the uncertainty of 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 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 Annual Information Form available at www.sedar.com.
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