Owner
Post by Franko10 ™ on Sept 20, 2004 15:39:33 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
September 5, 2003
CORPORATE UPDATE
Gary Billingsley, President, is pleased to provide an update on Company activities over the past few weeks:
Financing
While the funds from the convertible note financing approved by the TSX (CDN$675,000-May 28, 2003) have been advanced, the Company does not have complete use of the funds pending certain regulatory clearances related to the cross-border transfer of funds and the Patriot Act. Legal and banking personnel in the US and Canada are working to obtain the necessary clearances and have reported to the Company that these should be received shortly.
The second part of the convertible note financing approved by shareholders at the AGM June 25, 2003, has not been submitted for TSX approval as yet, pending recommendations arising from the clearance of the remainder of the first tranche to ensure a more streamlined process.
The Company is also currently negotiating an equity financing with interested parties.
Hoidas Lake
Despite the complications outlined above, the Company has steadily been working on the Hoidas Lake rare earth project, in particular on metallurgy and the environmental program.
A major independent US metallurgical facility has reviewed all the data generated by work completed at Hoidas to date and is currently completing their initial report with conclusions and recommendations. They have verbally reported to us that the project has overcome the biggest single hurdle in that the rare earth elements present in the Hoidas Lake samples leach easily, with very high recovery, using any one of several different reagents and a simple process, all of which have the potential to be economic. The written report will include the final metallurgical testwork to be undertaken in order to design and build a pilot plant for processing a bulk sample. Further details will be reported once the formal report is received.
Golder Associates have completed assembling the consulting team that will be responsible for designing and implementing the environmental work necessary for input into the feasibility study and the Environmental Assessment Report required for production permitting. Members of the Golder team are highly qualified and have access to an enormous environmental and technical database relating not only to rare earth elements but to northern Saskatchewan and this type of expertise is critical in a successful environmental management program.
Permits and crews are in place to complete the stripping of the JAK Zone for a mini-bulk sample to complete metallurgical testing once the regulatory hurdles described above are cleared.
Diamonds, Gold
Other than continued work on the Candle Lake core and the diamond subsidiary, these projects have been dormant through the summer while the focus has been on Hoidas Lake and financing. Winter plans will be announced when they are finalized.
Management appreciates the patience and support of the shareholders as we work through the various glitches and roadblocks that inevitably get thrown up in a junior mining situation, but the quality of the projects keep us encouraged and highly optimistic about their eventual success.
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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
September 5, 2003
CORPORATE UPDATE
Gary Billingsley, President, is pleased to provide an update on Company activities over the past few weeks:
Financing
While the funds from the convertible note financing approved by the TSX (CDN$675,000-May 28, 2003) have been advanced, the Company does not have complete use of the funds pending certain regulatory clearances related to the cross-border transfer of funds and the Patriot Act. Legal and banking personnel in the US and Canada are working to obtain the necessary clearances and have reported to the Company that these should be received shortly.
The second part of the convertible note financing approved by shareholders at the AGM June 25, 2003, has not been submitted for TSX approval as yet, pending recommendations arising from the clearance of the remainder of the first tranche to ensure a more streamlined process.
The Company is also currently negotiating an equity financing with interested parties.
Hoidas Lake
Despite the complications outlined above, the Company has steadily been working on the Hoidas Lake rare earth project, in particular on metallurgy and the environmental program.
A major independent US metallurgical facility has reviewed all the data generated by work completed at Hoidas to date and is currently completing their initial report with conclusions and recommendations. They have verbally reported to us that the project has overcome the biggest single hurdle in that the rare earth elements present in the Hoidas Lake samples leach easily, with very high recovery, using any one of several different reagents and a simple process, all of which have the potential to be economic. The written report will include the final metallurgical testwork to be undertaken in order to design and build a pilot plant for processing a bulk sample. Further details will be reported once the formal report is received.
Golder Associates have completed assembling the consulting team that will be responsible for designing and implementing the environmental work necessary for input into the feasibility study and the Environmental Assessment Report required for production permitting. Members of the Golder team are highly qualified and have access to an enormous environmental and technical database relating not only to rare earth elements but to northern Saskatchewan and this type of expertise is critical in a successful environmental management program.
Permits and crews are in place to complete the stripping of the JAK Zone for a mini-bulk sample to complete metallurgical testing once the regulatory hurdles described above are cleared.
Diamonds, Gold
Other than continued work on the Candle Lake core and the diamond subsidiary, these projects have been dormant through the summer while the focus has been on Hoidas Lake and financing. Winter plans will be announced when they are finalized.
Management appreciates the patience and support of the shareholders as we work through the various glitches and roadblocks that inevitably get thrown up in a junior mining situation, but the quality of the projects keep us encouraged and highly optimistic about their eventual success.
--------------------------------------------------------------------------------
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.
