Great Western- the Next Big Biz in Saskatchewan?

[franko10]

Attention Business Editors:

Today on Canada's Business Report...Could Rare Earth Elements be the Next Big Biz in Saskatchewan?

TORONTO, May 27 /CNW/ - Today's edition of Canada's Business Report
profiles a Saskatoon headquartered company that has property it believes could
possibly lead to the creation of a new industry in Saskatchewan.
CBR host Robert Graham speaks with Gary Billingsley, President of
Great Western Minerals Group Ltd. Great Western Minerals has property in
northern Saskatchewan that Billingsley believes "is one of the world's
significant, primary rare earth deposits."
Rare earth elements are used as catalysts in the petroleum and automotive
industries, along with high-tech applications such as fuel cells, rechargeable
batteries, and magnets used in many types of motors.
It will be another 24 to 36-months before the company is able to
determine whether the property can support a working mine. If it can,
Billingsley says: "We're not interested in just putting a mine into
production. We are interested in creating a rare earth industry in
Saskatchewan that we feel could rival uranium and potash."
Billingsley says industries using rare earth elements are keen on
securing a new source. He says: "China supplies in excess of 90% (of the
world's) rare earth resources and most of it comes from one mine."

Executive produced by CNW Group, Canada's Business Report is the most
comprehensive daily business news program on radio in Canada. With a focus on
the stock markets, investing strategies, corporate developments, and the
health of our economy, the nationally syndicated half-hour program is heard
Monday through Friday, live at 5:06 p.m. ET at
www.newswire.ca/en/cbr/index.cgi and on the following stations.

ONTARIO
Hamilton CHML AM 900 - 10:00 p.m. ET
London CFPL AM (Radio 98) - 5:30 p.m. ET
Owen Sound - CFOS 560 - 5:30 p.m. ET
Sarnia - CHOK AM 1070 - 5:30 p.m. ET, Repeat @ 5:00 a.m. ET

MANITOBA
Winnipeg - CJOB 680 - 6:30 p.m. CT, Repeat @ 5:00 a.m. CT

SASKATCHEWAN
Regina - CJME 980 - 7:00 p.m. CT, Repeat @ 5:00 a.m. CT
Saskatoon - CKOM 650 - 7:00 p.m. CT, Repeat @ 5:00 a.m. CT

ALBERTA
Calgary - CHQR AM 770 - 6:30 p.m. MT
Edmonton - 630 CHED - 5:00 a.m. MT

BRITISH COLUMBIA
Kelowna - CKOV 63 AM Radio - 6:05 p.m. PT.





For further information: contact Robert Graham, Host, Canada's Business
Report, [phone], [e-mail];
Archived images on this organization are searchable through CNW Photo Archive
website at photos.newswire.ca. Images are free to accredited members of
the media.

MasterBlaster2u said:

Nice find Franko! We can always count on you!

NP it is a company I watch anyways,.. for another reason,.. lol if you know what I mean8-)

Gary L. Billingsley> President, Director of the Board

Great Western Minerals Group Ltd.
Shore Gold Inc.
War Eagle Mining Company Inc.
*Great Canadian Gaming Corporation
*Great Western Gold Corp.
*Claude Resources Inc.
*Tusk Minerals Inc.


Harvey Lawson> Director of the Board

Alinghi Minerals Inc.
Great Western Minerals Group Ltd.
Habanero Resources Inc.
Resolve Ventures Inc.
Trade Winds Ventures Inc.
*Sunorca Development Corp.
*Golden Fortune Investments Limited
*Lorex Minerals Inc.
*Mira Properties Ltd.
*FutureFund Capital (VCC) Corp.
*Ameridian Ventures Inc.
*Great Western Gold Corp.
*SRR Mercantile Inc.
*Trade Winds Resources Ltd.
*Dimensions West Energy Inc.
*First Telecom Corporation
*Regeena Resources Inc.
*Lorex Minerals Inc.
*Dimensions West Marketing Inc.
*Coronado Resources Inc.
*Positive Energy Products Inc.

Jeff Austin>Director of the Board

Great Western Minerals Group Ltd.
*side note on name hits I got this one as well,...
Gregory Austin
J-Pacific Gold Inc.
*Claimstaker Resources Ltd.

Leonard Willetts> Director of the Board

Great Western Minerals Group Ltd.

Company
Great Western Minerals Group Ltd. (formerly Great Western Gold Corp.) was incorporated in 1983 in the Province of British Columbia, Canada. It has been trading publicly since 1984, and is currently trading on the TSX Venture Exchange (TSX) under the symbol "GWG".

In 1999, under the direction of new management, the Company redefined its resource exploration objectives to actively expand its project portfolio to include strategic metals as well as diamonds. This resulted in the Company optioning the Hoidas Lake rare earth property, and increasing its interest in, and taking over operational control of, the Candle Lake diamond-bearing kimberlite properties.

In implementing this aggressive exploration strategy, the Company was successful in making a major rare earth discovery at Hoidas Lake, in northern Saskatchewan, and in greatly expanding the target area of the existing kimberlites at Candle Lake, in central Saskatchewan. The Company has now identified 26 rare earth showings at Hoidas Lake situated along a major fault structure 6 miles in length. In 2001, the JAK Zone was drill-tested with 16 holes collared along a 475 metre strike-length. Each hole intersected high-grade rare earth mineralization verified at the Saskatchewan Research Council laboratory where samples from the split core were assayed. Initial metallurgical work was completed on a composite sample of the JAK Zone mineralization at Lakefield Research in Ontario under the supervision of Melis Engineering Ltd. The Phase I metallurgical work showed that up to 98.6% of the rare earths present in the JAK Zone could be recovered by simple acid leaching. Phase II metallurgical testwork, carried out in early 2002, and still in progress, determined that high recoveries could be achieved using heap leach techniques with a non-toxic alkaline reagent. Final metallurgical testwork will evaluate the various options available and design a pilot plant based on that evaluation. The location of this discovery is considered to be of strategic significance to the western world and specifically to North America. The Company's immediate goal is to proceed to production at Hoidas Lake in as short a time frame as possible. The next phase of exploration and development work is designed to prove up sufficient ore reserves to commence a full feasibility study and to construct a pilot plant on or near the site to fine tune the milling and separating process. Great Western holds a 100% working interest in the property.

While the priority has been on rare earths, the Company nevertheless has continued to advance its diamond interests at Candle Lake. Great Western now retains an 100% interest in the project which has an estimated reserve of 65 to 70 million tonnes of diamond-bearing kimberlite. Two drill holes completed in July 2002 produced the highest diamond count per kg of sample yet on the property. Recent indicator mineral analysis by Saskatchewan Energy and Mines placed Candle Lake at the top of the list of potentially economic kimberlites in the province. Assays from previous small diameter drilling show projected grades of up to 27 carats per 100 tonnes with a very high percentage of gem quality diamonds.

The share structure as of June 30, 2004 is as follows:

Common shares issued and outstanding: 32,808,454
Unexercised warrants: 6,433,782
Unexercised share options 2,390,000
Fully diluted common shares 41,632,236

Great Western Minerals Group Ltd. can be contacted at:

Great Western Minerals Group Ltd.
119A Cardinal Crescent
Saskatoon, SK Canada S7L 6H5
Tel: [phone] Fax: [phone]
or Tel: [phone]
email: [e-mail]

Back to top | Back to Home

© 2004 Great Western Minerals Group Ltd.


fbruhm.proboards3.com/index.cgi?board=PR23