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CORRECTION: GREAT WESTERN MINERALS AND TRUE NORTH GEMS TO EXPLORE YUKON RARE EARTH ELEMENT DISCOVERY
CORRECTION: GREAT WESTERN MINERALS AND TRUE NORTH GEMS TO EXPLORE YUKON RARE EARTH ELEMENT DISCOVERY.
About this update from Great Western Minerals Group Ltd
[{"type":"text","content":"GREAT WESTERN MINERALS GROUP LTD. NEWS RELEASE TSX Venture Symbol: GWG CUSIP: 39141Y 10 3OTCQX: GWMGF GREAT WESTERN MINERALS AND TRUE NORTH GEMS TO EXPLORE YUKON RARE EARTH ELEMENT DISCOVERY March 31, 2010 - Saskatoon, Saskatchewan. Great Western Minerals Group Ltd. (\"GWMG\" or the \"Company\") and True North Gems Ltd. (\"TGX\") are pleased to announce that GWMG has entered into an option agreement (the \"Agreement\") whereby GWMG can acquire up to a 65% working interest in TGX's True Blue property in the Yukon. The True Blue property is located 55 kilometers south of Ross River, Yukon and is accessible via an all-weather road to the Ketza River gold mine, followed by 10 kilometers of summer-only road to the property.The property covers a batholith of Mississippian-age syenite, coeval felsic volcanic rocks and lower Paleozoic clastic and carbonate rocks of Silurian age. During a 2009 exploration program on the property, TGX discovered three new Rare Earth Element (REE) showings which returned assays of up 6.02% Total Rare Earth Oxides + Yttrium (TREO) and 2.52% Niobium Oxide (Nb2O5) with a high proportion of Neodymium and Heavy Rare Earth Elements (see True North Gems News Release dated Nov. 24, 2009). Under the terms of the Agreement, GWMG can earn a 51% interest in the property (the \"First Option\") with an initial cash payment of C$50,000 on signing, followed by additional cash payments totaling C$350,000 on or before January 30, 2013. In addition, to exercise the First Option GWMG will be required to issue TGX 300,000 GWMG common shares on signing the Agreement, followed by an additional 900,000 GWMG common shares on or before January 30, 2012. In addition, to exercise the First Option GWMG will be required to complete a total of C$5.0 million in exploration costs on or before December 31, 2013 with a commitment to incur C$1.0 million of such explora...