Great Western Minerals Group Ltd. ("GWMG" or the “Company”) Corporate Holdings:
1 Rare Earth former producer: Steenkampskraal mine in South Africa. GWMG holds controlling interest in the mine through its 100% shareholding of Rare Earth Extraction Co. Limited ("Rareco"). 2 Rare Earth processing plants: Less Common Metals Limited ("LCM") in Birkenhead, U.K. and Great Western Technologies Inc. ("GWTI") in Troy, Michigan. 5 active Rare Earth exploration projects: 1 at the Steenkampskraal site, 4 in North America. GWMG Corporate Focus: GWMG continues to execute its strategic plan to become a "first mover", as a fully integrated rare earth producer supplying its own rare earth inputs into its production cycle. Management discusses the strategy on the Company’s website at http://www.gwmg.ca/html/news/corporate_videos/index.cfm.
GWMG Corporate Coverage: Three analysts cover GWMG:
Byron Capital Markets: Analyst – Jon Hykawy, Contact points: jhykawy@byroncapitalmarkets.com, 647-426-1656
Euro Pacific Canada: Analyst – Tony Hayes, Contact points: tony.hayes@europac.ca, 416-933-3357
Note: GWMG does not recommend nor endorse any research reports.
GQD / GWMG Joint Venture Agreement: After negotiating a Heads of Terms with Ganzhou Qiandong Rare Earth Group Ltd. ("GQD") of China to build a rare earth separation plant in South Africa, located in proximity to GWMG’s Steenkampskraal operation, GWMG continues to discuss and negotiate the terms of the shareholders agreement and an operating agreement. GWMG and GQD have generally settled issues that include the joint venture's corporate structure, ownership and compensation issues and are working on detailed plant design that ensures LCM customer requirements will be met. Representatives from GQD have been to South Africa to inspect the proposed site of the separation plant, and technical personnel from GWMG have visited GQD operations in Ganzhou, China. Both management teams are working to finalize details as rapidly as possible.
Steenkampskraal Mine Site Refurbishment Project: GWMG's refurbishment of the Steenkampskraal mine shaft and ancillary facilities continues to move ahead on schedule with an expected completion date of December 2011. East Rand Engineering Services has been contracted for the refurbishment of the mine access decline, construction of a head gear and winding house, and the installation of underground infrastructure services such as ventilation fans and underground stores. The significant progress of the refurbishment project can be seen on GWMG’s website at http://www.gwmg.ca/html/projects/mining/steenkampsraal_update/index.cfm where photographs of the project for August, September and October, 2011 are available.
GWMG Financing: GWMG closed an equity financing on November 10, 2011 as part of the Company's overall funding requirements for the Steenkampskraal project. The Company continues to pursue its top two financing priorities — off-take agreements and a debt instrument. GWMG is discussing off-take opportunities with customers with the intent of having them provide some of the funding required for the Steenkampskraal project. The Company also plans to submit applications to government and private financial institutions for debt facilities that will have the potential to provide the remainder of the financing for the Steenkampskraal project.
Less Common Metals Expansion: LCM, located in Birkenhead U.K., is undertaking a significant expansion of its alloy processing capacity. In December, 2011 LCM staff will begin the commissioning of a new furnace that will produce "flakes", a format preferred by customers, rather than the tradition ingots. The new furnace is expected to increase production by approximately 50% once it is in production very early in 2012.
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