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GREAT WESTERN MINERALS GROUP SIGNS AGREEMENT TO PURCHASE 100% OF RARE EARTHS PRODUCTION FROM STEENKAMPSKRAAL MINE
GREAT WESTERN MINERALS GROUP SIGNS AGREEMENT TO PURCHASE 100% OF RARE EARTHS PRODUCTION FROM STEENKAMPSKRAAL MINE.
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: GWMGFGREAT WESTERN MINERALS GROUP SIGNS AGREEMENT TO PURCHASE 100% OF RARE EARTHS PRODUCTION FROM STEENKAMPSKRAAL MINE August 10, 2010 - Saskatoon, Canada. Great Western Minerals Group Ltd. (“GWMG”) or the “Company”, TSX:V - GWG) is very pleased to announce that it has signed an off-take agreement (the “Agreement”) with Rare Earth Extraction Co. Limited (“RareCo”) of Stellenbosch, South Africa. Under the terms of the Agreement, RareCo has agreed to sell and deliver, and GWMG has agreed to purchase, 100% (one hundred percent) of the Rare Earth Products produced by RareCo and its subsidiaries (the “RareCo Group”) from ore mined at RareCo’s Steenkampskraal Mine. In addition, GWMG can purchase 100% of Rare Earths mined or obtained by the RareCo Group from any other source of Rare Earth products that is owned, controlled and/or acquired by the RareCo Group, subject to the terms and conditions set out in the Agreement. “This is an exceptionally important step forward for Great Western Minerals Group,” stated GWMG President and CEO Jim Engdahl. “The Agreement propels our company toward becoming the first fully integrated Rare Earths producer outside of China, just as our corporate strategy envisages. With the Agreement in place, and as we meet its terms and conditions, GWMG will be positioned to supply its own Rare Earth chloride for further separation and use in its own processing, providing downstream margins. Moreover, the Agreement creates the potential for GWMG to expand production beyond its own processing requirements.” “Supply certainty of Rare Earths is becoming a highly valuable commodity,” added Jim Engdahl. “The ability for GWMG to purchase 100% of the output of the Steenkampskraal mine at m...