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GREAT WESTERN MINERALS GROUP RELEASES 2010 FINANCIAL RESULTS
GREAT WESTERN MINERALS GROUP RELEASES 2010 FINANCIAL RESULTS.
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 RELEASES 2010 FINANCIAL RESULTS March 31, 2011 - Saskatoon, Canada: Great Western Minerals Group Ltd. (\"GWMG\" or the \"Company\", TSX:V – GWG) today announced its 2010 financial results. For the year ended December 31, 2010, GWMG’s financial highlights include:· Manufacturing / processing revenues from GWMG’s wholly owned subsidiaries Less Common Metals and Great Western Technologies Inc. were $15.1 million for 2010 representing a 26% revenue increase over 2009.· Gross margins on manufacturing / processing operations were $4.5 million for 2010, representing a 48% increase over 2009.· Net consolidated loss for 2010 of $16.3 million ($.062/share) which includes the write down of mineral properties in the amount of $8.1 million ($.030/share). This compares to a 2009 net loss of $7.0 million ($0.042/share).· The cash loss for 2010 was $5.1 million ($.02/share). This compares to a cash loss of $5.3 ($.03/share) in 2009. GWMG President and Chief Executive Officer Jim Engdahl said, “Great Western Minerals Group had a very strong financial and operating year in 2010. Our Company was able to increase revenues by 26% and margins by 48% for the year from our Rare Earths processing operations. This is of significance given our plans to be a fully integrated producer.” Engdahl added, “GMWG also saw a significant improvement in the Company’s cash position with $9.2 million as at December 31, 2010 compared to $1.2 million as at December 31, 2009. In addition, subsequent to year end, the Company has received and executed 17,492,828 warrants for common shares of the Company. This contrib...