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GREAT WESTERN MINERALS AND TRUE NORTH GEMS TO EXPLORE YUKON RARE EARTH ELEMENT DISCOVERY
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 5, 2010 - Saskatoon Saskatchewan. Great Western Minerals Group Ltd. (“GWMG”) and True North Gems Ltd. (\"TGX\") are pleased to announce that GWMG has entered into an option 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 kilometres south of Ross River, Yukon and is accessible via 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 Nov.24, 2009). Under the terms of the agreement GWMG can earn 51% interest in the property 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 GWGM will issue TGX 300,000 GWGM shares on signing, followed by an additional 900,000 shares on or before January 30, 2012. In order to earn an initial 51% interest GWMG has the option to complete a total of C$5.0 million in exploration costs on or before December 31, 2013 with a commitment to incur of C$1 million in exploration during 2010. Once GWMG earns its 51%, GWMG is also granted a Second Option that will allow GWMG to acquire a further 14% interest (total 65%) by completing all expenditures through completion of a Bank...