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GREAT WESTERN MINERALS GROUP SATISFIES ESCROW CONDITIONS FOR RELEASE OF OFFERING FUNDS
GREAT WESTERN MINERALS GROUP SATISFIES ESCROW CONDITIONS FOR RELEASE OF OFFERING FUNDS.
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 SATISFIES ESCROW CONDITIONS FOR RELEASE OF OFFERING FUNDS (May 10, 2012) – Saskatoon, Canada: Great Western Minerals Group Ltd. (“GWMG” or the “Company”, TSX:V – GWG) is pleased to report that it has satisfied the escrow release condition of the convertible bond financing (the “Offering”) (See GWMG April 5, 2012 media release: GWMG Announces Closing of US$90 Million Convertible Bond Financing). The remaining funds, net of US$10.8 million that will remain in escrow to satisfy interest payments, will be released immediately to the Company. In order to satisfy the escrow release condition, GWMG was obligated to have Caracle Creek International Consulting Inc. (“CCIC”) provide the escrow agent with a letter (“Confirmation Letter”) confirming that at least 20,000 metric tonnes of Total Rare Earth Oxides (“TREO”), in the sum of the Measured, Indicated, and Inferred resource categories using a one per cent cut-off grade, are present at the Steenkampskraal property. The Confirmation Letter indicates the presence of at least 26,600 metric tonnes of TREO under the Inferred resource category. The Company expects to file the compliant resource estimate on the Steenkampskraal property (the “NI 43-101 Report”) on or before May 31, 2012. The Confirmation Letter is based on geological and assay information limited to the immediate area of the historic mine developments at Steenkampskraal including: recent resource confirmation drilling; the first phase of underground channel sampling; structural mapping; and underground mapping of mineralization. Not included in the Confirmation Letter, but anticipated to be incorporated into the NI 43-101 Report, are results from recent sampling of mineralization in the up-dip and down-dip ex...