TSX Venture Symbol: GWG
CUSIP: 39141Y 10 3
OTCQX: GWMGF
CALGARY, Nov. 26, 2012 /PRNewswire/ - Great Western Minerals Group Ltd. ("GWMG"
or the "Company") has filed amended and restated consolidated unaudited
interim financial statements for the three and six months ended June
30, 2012.
The financial statements have been restated in connection with the
reporting of the embedded conversion option transactions associated
with the Company's convertible bond offering (see GWMG news release April 5, 2012). In preparing the Company's financial statements in the second quarter
of 2012, the financial statements did not reflect the bonds with an
embedded conversion option that is required to be bifurcated into a
debt component and an embedded conversion component. The embedded
conversion option is fair valued and the amount related to the embedded
conversion option is removed from the carrying value of the debt. The
debt component is then carried at amortized cost with the discount
being amortized over the life of the bonds until the carrying value
matches the face value. The embedded conversion option is carried at
fair value and remeasured every reporting period. The Company also made
other less consequential changes, all of which are identified in the
notes to the restated financial statements. The revised financial
statements and Management's Discussion and Analysis are available on
the Company's website at www.gwmg.com and www.sedar.com.
Great Western Minerals Group Ltd. intends to be an integrated rare earth
producer. The Company currently produces specialty alloys which are
used in the battery, magnet and aerospace industries. Produced at the
Company's wholly owned subsidiaries Less Common Metals Limited in
Birkenhead, U.K. and Great Western Technologies Inc. in Troy, Michigan,
these alloys contain aluminum, nickel, cobalt and rare earth elements.
As part of the Company's vertical integration strategy, GWMG also holds
100% equity ownership in Rare Earth Extraction Co. Limited, which owns
a 74% equity interest in the Steenkampskraal Mine in South Africa. In
addition to an exploration program at Steenkampskraal, GWMG also holds
interests in four active rare earth exploration and development
properties in North America.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Certain information set out in this News Release constitutes
forward-looking information. Forward-looking statements (often, but not
always, identified by the use of words such as "expect", "may",
"could", "anticipate" or "will" and similar expressions) may describe
expectations, opinions or guidance that are not statements of fact and
which may be based upon information provided by third parties.
Forward-looking statements are based upon the opinions, expectations
and estimates of management of GWMG as at the date the statements are
made and are subject to a variety of known and unknown risks and
uncertainties and other factors that could cause actual events or
outcomes to differ materially from those anticipated or implied by such
forward-looking statements. Those factors include, but are not limited
to, the successful and timely completion of its preliminary economic
assessment at Hoidas Lake; the successful and timely completion and the
results of its preliminary economic assessment of the Steenkampskraal
project, the construction, commissioning and operation of the proposed
monazite processing facility and separation facility, mine
refurbishment activities, reliance on third parties to meet projected
timelines and commencement of production at Steenkampskraal; risks
related to the receipt of all required approvals including those
relating to the commencement of production at the Steenkampskraal mine,
delays in obtaining permits, licenses and operating authorities in
Canada, South Africa and China, environmental matters, water and land
use risks; risks associated with the industry in general, commodity
prices and exchange rate changes, operational risks associated with
exploration, development and production operations, delays or changes
in plans; risks associated with the uncertainty of resource estimates;
health and safety risks; uncertainty of estimates and projections of
production, costs and expenses; risks that future Hoidas Lake or
Steenkampskraal and region exploration results may not meet exploration
or corporate objectives; the adequacy of the Company's financial
resources and the availability of additional cash from operations or
from financing on reasonable terms or at all; political risks inherent
in South Africa and China; risks associated with the relationship
between GWMG and/or its subsidiaries and communities and governments in
Canada and South Africa, radioactivity and related issues, dependence
on one mineral project; loss of, and the inability to attract, key
personnel; the factors discussed in the Company's public disclosure
record; and other factors that could cause actions, events or results
not to be as anticipated. In light of the risks and uncertainties
associated with forward-looking statements, readers are cautioned not
to place undue reliance upon forward-looking information. Although GWMG
believes that the expectations reflected in the forward-looking
statements set out in this press release or incorporated herein by
reference are reasonable, it can give no assurance that such
expectations will prove to have been correct. Except as required by
law, GWMG does not assume any obligation to update forward looking
statements as set out in this news release. The forward-looking
statements of GWMG contained in this News Release, or incorporated
herein by reference, are expressly qualified, in their entirety, by
this cautionary statement and the risk factors contained in GWMG's
Professional Securities Market listing particulars available at www.sedar.com.
SOURCE Great Western Minerals Group Ltd.