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GREAT WESTERN MINERALS GROUP ANNOUNCES INTENT TO COMPLETE JOINT VENTURE AGREEMENT WITH SEARCH MINERALS AT RED WINE REE PROPERTY
GREAT WESTERN MINERALS GROUP ANNOUNCES INTENT TO COMPLETE JOINT VENTURE AGREEMENT WITH SEARCH MINERALS AT RED WINE REE PROPERTY.
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 GROUP ANNOUNCES INTENT TO COMPLETE JOINT VENTURE AGREEMENT WITH SEARCH MINERALS AT RED WINE REE PROPERTY June 28, 2011 – Saskatoon, Canada: Great Western Minerals Group Ltd. (“GWMG” or the “Company”, TSX:V – GWG) is pleased to announce its intention to accelerate the exercise of its option to earn-in to 50% of the Red Wine Property controlled by Search Minerals Inc. (“Search”) in order to create the Joint Venture as detailed in the Option Agreement (“the Agreement”) signed on July 23, 2010. Under the terms of the Agreement, GWMG has undertaken all of its commitments including share and cash payments for the first two periods (550,000 shares and $125,000) and have funded expenditures of $1.45 million for the work commitment. Additionally GWMG has carried out a metallurgical program of approximately $50,000 and has therefore met all of the Work Commitment obligations under the terms of the Option Agreement. In order to complete its obligations and earn a 50% interest in the property, GWGM will issue to Search an additional 500,000 shares and make a $100,000 cash payment. Once this has been completed, and under the terms of the Agreement, a 50-50 Joint Venture will have been formed between Search and GWMG and will proceed under the terms detailed in the Agreement. Jim Engdahl, President and Chief Executive Officer of GWMG stated: “The 2010 exploration program discovered a number of new Rare Earth showings with a high percentage of Heavy Rare Earth Elements. That, plus the encouraging drill results from the Cabernet drilling program (see: GWMG News Release of March 7, 2011), has encouraged GWMG to move ahead with the formation of the Joint Venture.” Great Western Minerals Group Ltd. is an i...