Business
Great Western Minerals Reports Second Quarter 2014 Results
Great Western Minerals Reports Second Quarter 2014 Results.
About this update from Great Western Minerals Group Ltd
[{"type":"text","content":"\n \n \n Great Western Minerals Reports Second Quarter 2014 Results\n \n \nGreat Western Minerals Reports Second Quarter 2014 Results\n \n SASKATOON, SK--(Marketwired - Aug 13, 2014) - Great Western Minerals Group Ltd. (\"GWMG\" or the \"Company\") (TSX VENTURE: GWG) (OTCQX: GWMGF), a leader in the manufacture and supply of rare earth element-based metal alloys and holder of a low cost, high-grade critical rare earth element mineral property in the Western Cape province of South Africa (\"Steenkampskraal\" or \"SKK\"), today reported its second quarter financial results through June 30, 2014, and provided an update on the Company's activities. All amounts are presented in Canadian dollars unless indicated otherwise. \n Highlights and Results:\n \n \n Second quarter revenue increased 31% to $5.6 million over the prior-year period on strong alloy sales as a result of enhanced capabilities and increased customer demand. Revenue was generated by the Company's production subsidiary Less Common Metals Limited (\"LCM\")\n \nReleased the Steenkampskraal project's feasibility study results during the quarter; Company moving permit process forward and focused on securing financing to develop the project\n \nCompany had $13.1 million in cash as of June 30, 2014 \n \n \n Marc LeVier, Company President and CEO, commented, \"During the first half of this year, we successfully advanced our mine to metals strategy. We completed and published the Steenkampskraal feasibility study, which reinforced our belief that we have the industry's best sized, most economically viable, high grade critical rare earth asset that can be produced in a cost effective manner. We also focused much time and energy on implementing efficiencies throughout the organization as we build a foundation to support future progress at SKK and LCM.\" \n Mr. LeVier added, \"Since the conclusion of the feasibility study, we have continued to progress permit applications for the SKK operation and have been actively targeting sources of additional financing which would allow continuation of the Company's operations and for the development of the Steenkampskraal project. We have also had very preliminary discussions with the Company's bondholders surrounding the potential restructuring of our current debt.\" \n Manufacturing Services\n Manufacturing services revenue was $5.6 million...