Post by Franko10 ™ on Feb 4, 2008 10:27:44 GMT -5
Great Western Minerals Group Ltd.: Drilling Commences at Hoidas Lake (ccnm)
SASKATOON, SASKATOON--(Marketwire - Feb. 4, 2008) - Great Western Minerals Group Ltd. (TSX VENTURE:GWG) (PINK SHEETS:GWMGF) ("GWMG" or "the Company") is pleased to announce the commencement of drilling at its 100%-owned Hoidas Lake Rare Earth Elements ("REE") property located 50 km northeast of Uranium City in Northern Saskatchewan. The purpose of this program is to test the zone along strike and at depth, toward an objective of significantly increasing the measured, indicated, and inferred resource on the property to a level that could support a 1,000 tonne per day operation from the current 500 tonne per day base case for the JAK Zone alone.
This program will include a minimum of 8,000 m of drilling, stepping out along the previously identified VLF conductor as well as extending the JAK Zone to depth. Two drills are operating on the property and results are expected by late summer 2008. The anticipated cost of this program is $2.5MM, funded by the proceeds of the recent financing.
Previous drilling of the JAK Zone tested a strike length of 750 m to an average depth of 150 m. Continuity of the zone has been established to the full depth of 150 m and over widths of 3 m to 16 m along multiple vein sets. The zone remains open at depth and along strike and has been identified by geophysics (VLF-EM and Magnetics) for a further 250 m to the north and 1000 m to the south. Wardrop Engineering, in a 2006 Resource Model, indicated a resource of 80,000 tonnes measured, 1,070,000 tonnes indicated and 371,000 tonnes inferred at a cut-off grade of 1.5% Total REE.
Jim Engdahl, President and CEO of Great Western Minerals Group said, "We are excited about accelerating our program at Hoidas Lake. With only 750 metres explored so far, of a 10 kilometre strike length, we see tremendous potential for significantly increasing our resource base on this property beyond the initial 750 m strike and 150 m depth. Engdahl adds, "Our first objective with this program is to increase the resource within the JAK Zone. Since recent reports continue to emphasize the impending shortfall in supply to meet the global demand, we want to aggressively position ourselves to meet that projected demand."
Gary L. Billingsley, P.Eng., P.Geo., is the Qualified Person responsible for reviewing the contents of this release.
Great Western Minerals Group Ltd. is a Canadian based company exploring for, and developing, strategic metal resources in North America. Pursuing a vertically-integrated business model, the Company's wholly-owned subsidiary Great Western Technologies Inc., located in Troy, Michigan, produces a variety of specialty alloys for use in the battery, magnet and aerospace industries. These "designer" alloys include those containing copper, nickel, cobalt and the rare earth elements.
Jim Engdahl, President
Cautionary Statement on Forward-Looking Information: The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.
CUSIP: 39141Y 10 3
FOR FURTHER INFORMATION PLEASE CONTACT:
Great Western Minerals Group Ltd.
Ron Malashewski
Manager of Investor Relations
(306) 659-4500
Email: info@gwmg.ca
Website: www.gwmg.ca
or
Great Western Minerals Group Ltd.
226 Cardinal Crescent
Saskatoon, SK S7L 6H8
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
SASKATOON, SASKATOON--(Marketwire - Feb. 4, 2008) - Great Western Minerals Group Ltd. (TSX VENTURE:GWG) (PINK SHEETS:GWMGF) ("GWMG" or "the Company") is pleased to announce the commencement of drilling at its 100%-owned Hoidas Lake Rare Earth Elements ("REE") property located 50 km northeast of Uranium City in Northern Saskatchewan. The purpose of this program is to test the zone along strike and at depth, toward an objective of significantly increasing the measured, indicated, and inferred resource on the property to a level that could support a 1,000 tonne per day operation from the current 500 tonne per day base case for the JAK Zone alone.
This program will include a minimum of 8,000 m of drilling, stepping out along the previously identified VLF conductor as well as extending the JAK Zone to depth. Two drills are operating on the property and results are expected by late summer 2008. The anticipated cost of this program is $2.5MM, funded by the proceeds of the recent financing.
Previous drilling of the JAK Zone tested a strike length of 750 m to an average depth of 150 m. Continuity of the zone has been established to the full depth of 150 m and over widths of 3 m to 16 m along multiple vein sets. The zone remains open at depth and along strike and has been identified by geophysics (VLF-EM and Magnetics) for a further 250 m to the north and 1000 m to the south. Wardrop Engineering, in a 2006 Resource Model, indicated a resource of 80,000 tonnes measured, 1,070,000 tonnes indicated and 371,000 tonnes inferred at a cut-off grade of 1.5% Total REE.
Jim Engdahl, President and CEO of Great Western Minerals Group said, "We are excited about accelerating our program at Hoidas Lake. With only 750 metres explored so far, of a 10 kilometre strike length, we see tremendous potential for significantly increasing our resource base on this property beyond the initial 750 m strike and 150 m depth. Engdahl adds, "Our first objective with this program is to increase the resource within the JAK Zone. Since recent reports continue to emphasize the impending shortfall in supply to meet the global demand, we want to aggressively position ourselves to meet that projected demand."
Gary L. Billingsley, P.Eng., P.Geo., is the Qualified Person responsible for reviewing the contents of this release.
Great Western Minerals Group Ltd. is a Canadian based company exploring for, and developing, strategic metal resources in North America. Pursuing a vertically-integrated business model, the Company's wholly-owned subsidiary Great Western Technologies Inc., located in Troy, Michigan, produces a variety of specialty alloys for use in the battery, magnet and aerospace industries. These "designer" alloys include those containing copper, nickel, cobalt and the rare earth elements.
Jim Engdahl, President
Cautionary Statement on Forward-Looking Information: The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.
CUSIP: 39141Y 10 3
FOR FURTHER INFORMATION PLEASE CONTACT:
Great Western Minerals Group Ltd.
Ron Malashewski
Manager of Investor Relations
(306) 659-4500
Email: info@gwmg.ca
Website: www.gwmg.ca
or
Great Western Minerals Group Ltd.
226 Cardinal Crescent
Saskatoon, SK S7L 6H8
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.