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Great Western Minerals Reports Third Quarter 2014 Results
SASKATOON, SK, Canada, November 13, 2014 – Great Western Minerals Group Ltd. (“GWMG” or the “Company”) (TSX.V: GWG / OTCQX: GWMGF), a leader in the manufacture and supply of rare earth element-based metal alloys and developer of a low cost, high-grade critical rare earth element mineral property in the Western Cape province of South Africa (“Steenkampskraal“ or “SKK”), today reported its financial results for the third quarter ended September 30, 2014, and provided an update on the Company’s activities. All amounts are presented in Canadian dollars unless indicated otherwise.

Highlights and Results:
  • Third quarter revenue increased 53% to $6.1 million over the prior-year period on strong alloy sales. Growth was driven by the Company’s enhanced production capabilities at its production subsidiary Less Common Metals Limited (“LCM”) and increased customer demand.
  • Regulatory filings are progressing and site preparation and site establishment planning has commenced at the SKK project.
  • Confidential discussions with the Company’s bondholders regarding the potential restructuring of the convertible bonds and financing for the SKK project are continuing.
  • Cash balance improved to $13.5 million as of September 30, 2014, which reflects a significantly lower burn rate and favorable exchange rates.


  • Marc LeVier, Company President and CEO, commented, “We have curtailed all non-essential activities and are only advancing initiatives that are required or will reduce capital and operating costs for the Steenkampskraal project. We believe our current financial position is sufficient to meet our near-term objectives and by the end of 2014 we expect to have approximately $6 million to $7 million in cash. Discussions with our bondholders surrounding the potential restructuring of our convertible bonds are continuing, but the possible outcome and timing for completion of these discussions is not currently known.”

    Read the rest of the press release in PDF format: GWMG Q3 2014




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