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GREAT WESTERN MINERALS GROUP DEFERS SPECIAL MEETING OF SHAREHOLDERS
GREAT WESTERN MINERALS GROUP DEFERS SPECIAL MEETING OF SHAREHOLDERS.
About this update from Great Western Minerals Group Ltd
[{"type":"text","content":"GREAT WESTERN MINERALS GROUP LTD. TSX Venture Symbol: GWG CUSIP: 39141Y 10 3OTCQX: GWMGF GREAT WESTERN MINERALS GROUP DEFERS SPECIAL MEETING OF SHAREHOLDERS October 27, 2011 - Saskatoon, Canada: Great Western Minerals Group (“GWMG” or the “Company”) announces that it has deferred the planned Special Meeting of shareholders originally scheduled for November 22, 2011. The Company had contemplated a re-confirmation of shareholder approval for undertaking a share consolidation, as shareholders had approved at the Company’s Annual General Meeting of August 11, 2010. Given current global financial market conditions, the Company has concluded that a share consolidation would not be in the best interests of its shareholders at this time. GWMG President and Chief Executive Officer Jim Engdahl said, “Our Company evaluated this strategic decision very carefully. A share consolidation can be a catalyst that enables GMWG to fully access a broader capital markets strategy, and on that basis, could be of benefit to shareholders. The current financial market conditions, however, intervened and the Company’s assessment was that shareholders’ interests would not be served by proceeding at this point.” Great Western Minerals Group Ltd. is an integrated Rare Earths processor. Its specialty alloys are used in the battery, magnet and aerospace industries. Produced at the Company's wholly owned subsidiaries Less Common Metals Limited in Birkenhead, U.K. and Great Western Technologies Inc. in Troy, Michigan, these alloys contain aluminium, nickel, cobalt and Rare Earth Elements. As part of the Company's vertical integration strategy, GWMG also holds 100% equity ownership in Rare Earth Extraction Co. Limited, which owns a 74% equity interest in the Steenkampskraal Mine. In addition to an exploration program at Steenkampskraal, GWMG also holds interests in four active Rare Earth exploration and development properties in North America. F...