Owner
Post by Franko10 ™ on Sept 21, 2005 12:50:39 GMT -5
Great Western Minerals Group Ltd.: Due Diligence Complete on Specialty Metal Plant Purchase
13:44 EDT Wednesday, September 21, 2005
SASKATOON, SASKATCHEWAN--(CCNMatthews - Sept. 21, 2005) - Great Western Minerals Group Ltd. (TSX VENTURE:GWG) (OTCBB:GWMGF) ("GWMG") announces that, further to the news release of July 20, 2005, it has completed the due diligence related to the proposed purchase of specialty metal production assets located in the USA. The production equipment is capable of producing nickel metal hydride (NiMH) powder, used in hydrogen storage materials and NiMH rechargeable batteries, as well as a range of specialty metals and superalloys. The plants are currently in operation.
The due diligence was completed through the services of Windy Point Capital Inc., the Company's acquisition consultants. A formal purchase agreement is now being prepared for execution by the various parties involved, and further announcements will be made at that time.
Two of the key rare earth elements present at the Company's 100%-owned Hoidas Lake project are cerium and lanthanum, which are used to make mischmetal - a critical component of NiMH powder used in rechargeable batteries. NiMH rechargeable batteries are used in a variety of applications including electric and hybrid vehicles. The Hoidas Lake project is currently in the development stage and management believes the timing is right to take advantage of increased demand for rare earth elements related to the hybrid vehicle market. Hybrids have experienced a dramatic increase in demand recently with North American unit sales projected to increase 500% over the next five years (source: J.D. Power and Associates in the Detroit News).
Gary L. Billingsley, C.A., P.Eng., P.Geo.
President
CUSIP: 39141Y 10 3
FOR FURTHER INFORMATION PLEASE CONTACT:
Great Western Minerals Group Ltd.
Gord Dent
(306) 668-0701
or
Great Western Minerals Group Ltd.
Leonard Willetts
(905) 544-8502
Email: info@gwmg.ca
Website: www.gwmg.ca
or
Direct mail: Great Western Minerals Group Ltd.
119A Cardinal Crescent, Saskatoon, SK S7L 6H5
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the foregoing contents.
13:44 EDT Wednesday, September 21, 2005
SASKATOON, SASKATCHEWAN--(CCNMatthews - Sept. 21, 2005) - Great Western Minerals Group Ltd. (TSX VENTURE:GWG) (OTCBB:GWMGF) ("GWMG") announces that, further to the news release of July 20, 2005, it has completed the due diligence related to the proposed purchase of specialty metal production assets located in the USA. The production equipment is capable of producing nickel metal hydride (NiMH) powder, used in hydrogen storage materials and NiMH rechargeable batteries, as well as a range of specialty metals and superalloys. The plants are currently in operation.
The due diligence was completed through the services of Windy Point Capital Inc., the Company's acquisition consultants. A formal purchase agreement is now being prepared for execution by the various parties involved, and further announcements will be made at that time.
Two of the key rare earth elements present at the Company's 100%-owned Hoidas Lake project are cerium and lanthanum, which are used to make mischmetal - a critical component of NiMH powder used in rechargeable batteries. NiMH rechargeable batteries are used in a variety of applications including electric and hybrid vehicles. The Hoidas Lake project is currently in the development stage and management believes the timing is right to take advantage of increased demand for rare earth elements related to the hybrid vehicle market. Hybrids have experienced a dramatic increase in demand recently with North American unit sales projected to increase 500% over the next five years (source: J.D. Power and Associates in the Detroit News).
Gary L. Billingsley, C.A., P.Eng., P.Geo.
President
CUSIP: 39141Y 10 3
FOR FURTHER INFORMATION PLEASE CONTACT:
Great Western Minerals Group Ltd.
Gord Dent
(306) 668-0701
or
Great Western Minerals Group Ltd.
Leonard Willetts
(905) 544-8502
Email: info@gwmg.ca
Website: www.gwmg.ca
or
Direct mail: Great Western Minerals Group Ltd.
119A Cardinal Crescent, Saskatoon, SK S7L 6H5
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the foregoing contents.
