Great Western Minerals Group Ltd.
("GWMG" or the "Company") (TSX-V:GWG - News) (Pinksheets:GWMGF
- News) announces that it
has, to date, acquired 70.2% of all outstanding shares (the "Rareco Shares") of Rare Earth Extraction Co. Limited
("Rareco").
As at today, GWMG has received and paid
for 33,528,308 of the 47,764,700 Rareco shares
outstanding. The offer for the remaining shares is open until February 28,
2011.
As previously announced (see GWMG Media
Release of December 21, 2010: "Great Western Minerals Group Delivers
Offer Circular To Rareco Shareholders"), GWMG
made an all-cash offer for all remaining ordinary shares in Rareco that GWMG did not already own.
"This is a pivotal moment in the
execution of GWMG's corporate strategy to become a fully integrated, global
Rare Earth producer," said GWMG President and Chief Executive Officer
Jim Engdahl. "We are extremely pleased to see
this level of interest in tendering Rareco shares
to Great Western Minerals Group."
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 70.2% 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.
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
Great Western Minerals Group Ltd.
219 Robin Crescent
Saskatoon, SK S7L 6M8
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