Post by Franko10 ™ on Sept 20, 2004 15:37:43 GMT -5
Great Western Minerals Group Ltd.
P.O. Box 69
Saskatoon, SK S7K 3K1
TSX VENTURE: GWG
USA OTC Symbol: GWMGF
CUSIP: 39141Y 10 3
May 28, 2003
FINANCING APPROVED
WORK PLANS UNDERWAY
Gary Billingsley, President, is pleased to report that the TSX has approved the first CDN$675,000 tranche of the two tranches of the debenture financing closed May 16 and announced May 20, 2003. The Company is in receipt of the funds which represent the first half of the approximately CDN$1.5 million being raised through the facilities of SB Globe Alliance Corp. (“SBGA”) of Markham, Ontario. Any common shares issued as a result of conversion of the note is subject to a hold period expiring September 16, 2003. The remainder of the funds will be advanced pending shareholder approval at the Company's Annual General Meeting June 25, 2003, and final regulatory approval.
A term sheet for a separate CDN$500,000 equity financing has also been received by the Company, with a tentative closing date of mid-June 2003. Up to 2,000,000 common shares will be issued at $0.25 per share with warrants attached to purchase an additional 1,000,000 at $0.40 per share for one year.
Work crews are now being readied to commence exploration and development activities on the Company's 100%-owned Hoidas Lake rare earth project in northern Saskatchewan. Initial work will include a ground geophysical survey over rare earth occurrences outside the main JAK zone mineralization; subsequent drilling; and detailed planning for an on-site bulk sample and pilot plant. The rare earth elements are critical to alternate energy applications such as fuel cells, rechargeable batteries, permanent magnets and hydrogen storage. Hoidas Lake is one of the world's major primary rare earth deposits.
Permitting is underway on the Company's 100%-owned Chuckwalla Wash gold/copper project in California. Ground geochemical and geophysical surveys will be completed in conjunction with detailed mapping and sampling followed by drilling. Previous work outlined a target area with the potential to host 26 million tons of high-grade gold and copper mineralization.
Further sampling is in progress on the remaining 2002 drill core from the Candle Lake diamond project in central Saskatchewan. The samples will be sent for analysis by caustic dissolution at the Saskatchewan Research Council's laboratory in Saskatoon coincidentally with the activation of the Company's diamond subsidiary, Great Western Diamonds Corp.
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Great Western Minerals Group Ltd. is a diversified, Saskatchewan-based, Canadian mining exploration and development company exploring for diamonds, gold and rare earth elements.
For further information Gary Billingsley at 1 306 220 5377 or Len Willetts at 1 905 544 8502
GREAT WESTERN MINERALS GROUP LTD.
Gary Billingsley
President
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the foregoing.
© 2004 Great Western Minerals Group Ltd.
P.O. Box 69
Saskatoon, SK S7K 3K1
TSX VENTURE: GWG
USA OTC Symbol: GWMGF
CUSIP: 39141Y 10 3
May 28, 2003
FINANCING APPROVED
WORK PLANS UNDERWAY
Gary Billingsley, President, is pleased to report that the TSX has approved the first CDN$675,000 tranche of the two tranches of the debenture financing closed May 16 and announced May 20, 2003. The Company is in receipt of the funds which represent the first half of the approximately CDN$1.5 million being raised through the facilities of SB Globe Alliance Corp. (“SBGA”) of Markham, Ontario. Any common shares issued as a result of conversion of the note is subject to a hold period expiring September 16, 2003. The remainder of the funds will be advanced pending shareholder approval at the Company's Annual General Meeting June 25, 2003, and final regulatory approval.
A term sheet for a separate CDN$500,000 equity financing has also been received by the Company, with a tentative closing date of mid-June 2003. Up to 2,000,000 common shares will be issued at $0.25 per share with warrants attached to purchase an additional 1,000,000 at $0.40 per share for one year.
Work crews are now being readied to commence exploration and development activities on the Company's 100%-owned Hoidas Lake rare earth project in northern Saskatchewan. Initial work will include a ground geophysical survey over rare earth occurrences outside the main JAK zone mineralization; subsequent drilling; and detailed planning for an on-site bulk sample and pilot plant. The rare earth elements are critical to alternate energy applications such as fuel cells, rechargeable batteries, permanent magnets and hydrogen storage. Hoidas Lake is one of the world's major primary rare earth deposits.
Permitting is underway on the Company's 100%-owned Chuckwalla Wash gold/copper project in California. Ground geochemical and geophysical surveys will be completed in conjunction with detailed mapping and sampling followed by drilling. Previous work outlined a target area with the potential to host 26 million tons of high-grade gold and copper mineralization.
Further sampling is in progress on the remaining 2002 drill core from the Candle Lake diamond project in central Saskatchewan. The samples will be sent for analysis by caustic dissolution at the Saskatchewan Research Council's laboratory in Saskatoon coincidentally with the activation of the Company's diamond subsidiary, Great Western Diamonds Corp.
--------------------------------------------------------------------------------
Great Western Minerals Group Ltd. is a diversified, Saskatchewan-based, Canadian mining exploration and development company exploring for diamonds, gold and rare earth elements.
For further information Gary Billingsley at 1 306 220 5377 or Len Willetts at 1 905 544 8502
GREAT WESTERN MINERALS GROUP LTD.
Gary Billingsley
President
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the foregoing.
© 2004 Great Western Minerals Group Ltd.