Owner
Post by Franko10 ™ on Sept 20, 2004 15:06:05 GMT -5
Great Western Gold Corp. 679 Kentons Run Avenue Henderson, Nevada USA 89052-2823 CDNX: GWG
CUSIP: 39144H107
November 22, 2001
FINANCING TALKS UNDERWAY WITH PRIVATE GROUPS
For informational purposes Neil Yingling, President, announces that the Company has entered into serious discussion with both private industrial users of rare earth oxides and private investment and asset management entities in the U. S., Canada and Europe, each of whom has expressed intent to take an equity position in the Company. All parties understand at this time the Company invites funding subscriptions to a series of four (4) separate private placements of US$150,000 each, on a scheduled basis, based on progress milestones to cover it's intended US$600,000 engineering work programs. We are also entertaining negotiations for a flow-through financing for completion prior to the end of 2001. The Company has left the door open on all discussions until it determines which avenue, based on funding availability, will enhance shareholder value.
One company has communicated a conditional letter of intent to GWG that could result in funding the first increment of US$150,000 by early in the new year, in four tranches of equal amounts placed every 45 days, until a total of US$600,000 has been invested. That company, however, asked GWG to accept its request for a pre-emptive right until that time. In that regard, GWG opts not to award such exclusivity until it is fully assured of a bank guarantee of such funding preceded by a due diligence investigation. A private asset management group in Europe has expressed interest in acquiring a large equity position in the Company. Mutual due diligence is now underway in this regard.
All parties have been informed that any funding must coincide with previously announced plans to commence a winter work program at Hoidas Lake after mid-January. The program would include infill drilling of Zone 1 (JAK Zone) to a depth of 300 metres; ground geophysics over all showings along the entire strike area to the south of Zone I and completion of Phase II metallurgical testing and related engineering. The objective of this work is to establish an ore reserve base suitable for a feasibility study leading to a production decision.
Due to the fact that several such discussions are now taking place with management in three separate quarters, it is necessary that this information be disclosed at this time to comply with regulatory policy. Therefore this news release is for informational purposes only.
GWG management is very encouraged by the recognition of these parties that the Hoidas Lake rare earth discovery has the potential to become a world-class ore body and recognizing that a secure North American supply of rare earths is of utmost strategic importance in a global context.
As previously announced GWG's metallurgical testing program has shown that 98.6% of the rare earth oxides present in the rock can be recovered using simple cold acid leaching.
Additional information will be made available at appropriate intervals as negotiations progress.
Rare earths are a high-value commodity used in high-technology applications. Those applications include the use of rare earth minerals in new state-of-the-art magnetics, new hybrid automobiles, fuel cells, auxiliary power units, computers, rechargeable batteries, many applications in aerospace reflective coatings, missiles, anti-reflective coatings, and in Electromagnetic Interference (EMI) and Radio Frequency Interference (RFI) shielding, semiconductors, circuit boards, MRI's and more.
A review of the Hoidas Lake discovery is also contained in a feature story in the November-December, 2001 edition of “Elements, High-Tech Metals”. www.RareEarthsMarketPlace.com
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Great Western Gold Corp. is a diversified, Saskatchewan-based, Canadian mining exploration and development company exploring for diamonds and rare earth elements in the Province of Saskatchewan.
For further information, call Neil Yingling at 1 702 896 6724 or Gary Billingsley at 1 306 220 5377.
GREAT WESTERN GOLD CORP.
Neil Yingling
President
The Canadian Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the forgoing.
© 2004 Great Western Minerals Group Ltd.
CUSIP: 39144H107
November 22, 2001
FINANCING TALKS UNDERWAY WITH PRIVATE GROUPS
For informational purposes Neil Yingling, President, announces that the Company has entered into serious discussion with both private industrial users of rare earth oxides and private investment and asset management entities in the U. S., Canada and Europe, each of whom has expressed intent to take an equity position in the Company. All parties understand at this time the Company invites funding subscriptions to a series of four (4) separate private placements of US$150,000 each, on a scheduled basis, based on progress milestones to cover it's intended US$600,000 engineering work programs. We are also entertaining negotiations for a flow-through financing for completion prior to the end of 2001. The Company has left the door open on all discussions until it determines which avenue, based on funding availability, will enhance shareholder value.
One company has communicated a conditional letter of intent to GWG that could result in funding the first increment of US$150,000 by early in the new year, in four tranches of equal amounts placed every 45 days, until a total of US$600,000 has been invested. That company, however, asked GWG to accept its request for a pre-emptive right until that time. In that regard, GWG opts not to award such exclusivity until it is fully assured of a bank guarantee of such funding preceded by a due diligence investigation. A private asset management group in Europe has expressed interest in acquiring a large equity position in the Company. Mutual due diligence is now underway in this regard.
All parties have been informed that any funding must coincide with previously announced plans to commence a winter work program at Hoidas Lake after mid-January. The program would include infill drilling of Zone 1 (JAK Zone) to a depth of 300 metres; ground geophysics over all showings along the entire strike area to the south of Zone I and completion of Phase II metallurgical testing and related engineering. The objective of this work is to establish an ore reserve base suitable for a feasibility study leading to a production decision.
Due to the fact that several such discussions are now taking place with management in three separate quarters, it is necessary that this information be disclosed at this time to comply with regulatory policy. Therefore this news release is for informational purposes only.
GWG management is very encouraged by the recognition of these parties that the Hoidas Lake rare earth discovery has the potential to become a world-class ore body and recognizing that a secure North American supply of rare earths is of utmost strategic importance in a global context.
As previously announced GWG's metallurgical testing program has shown that 98.6% of the rare earth oxides present in the rock can be recovered using simple cold acid leaching.
Additional information will be made available at appropriate intervals as negotiations progress.
Rare earths are a high-value commodity used in high-technology applications. Those applications include the use of rare earth minerals in new state-of-the-art magnetics, new hybrid automobiles, fuel cells, auxiliary power units, computers, rechargeable batteries, many applications in aerospace reflective coatings, missiles, anti-reflective coatings, and in Electromagnetic Interference (EMI) and Radio Frequency Interference (RFI) shielding, semiconductors, circuit boards, MRI's and more.
A review of the Hoidas Lake discovery is also contained in a feature story in the November-December, 2001 edition of “Elements, High-Tech Metals”. www.RareEarthsMarketPlace.com
--------------------------------------------------------------------------------
Great Western Gold Corp. is a diversified, Saskatchewan-based, Canadian mining exploration and development company exploring for diamonds and rare earth elements in the Province of Saskatchewan.
For further information, call Neil Yingling at 1 702 896 6724 or Gary Billingsley at 1 306 220 5377.
GREAT WESTERN GOLD CORP.
Neil Yingling
President
The Canadian Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the forgoing.
© 2004 Great Western Minerals Group Ltd.
