Great Western Minerals Releases 2013 Results; Will Close Subsidiary

Great Western Minerals Group Ltd. (TSXV:GWG,OTCQX:GWMGF) announced its results for the fourth quarter of 2013 as well as for 2013 as a whole, commenting that for the full year, its revenue rose 10.8 percent, to $17.4 million.

Other highlights include:

• SKK Feasibility Study progressing well: Company plans to take a few extra weeks to perform value engineering to optimize capital expenditure requirements for the SKK project. Expect to report results of the study by May 1, 2014.
• Advanced corporate-wide objectives and strategy: monthly cash outlays were significantly reduced with aggressive expense management and a continued focus on core assets, which was further supported with the executed joint venture agreement on the Hoidas Lake project and the planned closing of Great Western Technologies Inc. (‘GWTI’).

Marc LeVier, president and CEO of Great Western, commented:

2013 and the start of this year can be described as a period of measurable change and progress. We have reduced costs and focused our efforts and resources on the work that will support our mine to metals strategy. Our efforts have put the work process in proper sequence to advance the project and provide for long term success.

We are starting to see the benefits of our capacity and capability enhancements at LCM with increased customer orders. At SKK, we laid out an aggressive plan to get us on the path toward production and have been successful in advancing our objectives. We completed a new NI 43-101 compliant technical report and upgraded mineral resource estimate, optimized the metallurgical process, completed a successful mini-pilot plant test, and the SKK Feasibility Study is in the final stages of review efforts. We believe we have the right-sized operation and right-sized business model to succeed.

Click here to read the full Great Western Minerals Group Ltd. (TSXV:GWG,OTCQX:GWMGF) press release.