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GREAT WESTERN MINERALS GROUP AND TOYOTA TSUSHO CORPORATION SIGN LETTER OF INTENT TO COOPERATE ON EXPLORATION PROJECTS July 21, 2009 - Saskatoon Saskatchewan and Nagoya Japan - Great Western Minerals Group Ltd. (TSX:V - “GWG”) and Toyota Tsusho Corporation (Tokyo Stock Exchange - “8015T”; Nagoya Stock Exchange - “8015NG”) are pleased to announce that both Companies have signed a non-binding letter of intent (the “Letter of Intent) to examine the merits of jointly conducting exploration and development activities on certain of Great Western Minerals’ existing projects (the “Proposed Transactions”).
Under the terms of the Letter of Intent, Toyota Tsusho Corporation (“TTC”) and Great Western Minerals Group (“GWMG”) will discuss possibilities for the Douglas River and Benjamin River exploration projects. TTC will have an exclusivity provision in these discussions for a six month period.
These two projects are of particular interest to TTC since the mineralization of these two properties appears to be significantly enriched in the “heavy” rare earth elements (“HREE”). The HREE are high value products that are critical to the manufacture of high-temperature magnets used in electric motors for a wide range of applications including hybrid vehicles and for phosphors used in LCD and plasma flat panel displays.
As such, the Board determined that GWMG could not move forward with negotiation of a definitive agreement relating to the Proposed Transaction and both GWMG and Molycorp have allowed the Letter of Intent to expire in accordance with its terms.
As reported in the GWMG’s news release dated January 7, 2009, assays from previous sampling of the vein material on the Benjamin River property varied from 0.6% total rare earth oxide (“TREO”) to 1.0 % TREO with over 30% HREE by proportion, including yttrium. Historic trench sampling of the Douglas River property in northern Saskatchewan yielded REE grades of up to 10% yttrium with accompanying high grades of HREE including dysprosium with grades up to 0.89% representing over 99% HREE and yttrium by proportion.
Toyota Tsusho Corporation, headquartered in Nagoya, Japan, is the sole trading company of the Toyota Group. The company's business includes domestic wholesale, exports, imports, overseas trading, contract construction, and insurance agency businesses. Worldwide, the Toyota Tsusho Group employs approximately 28,000 people. Consolidated global sales for the fiscal year ended March 31, 2009 totaled US$64 billion.
Great Western Minerals Group Ltd. is a Canadian-based company exploring for, and developing, strategic metal resources in North America and South Africa. Pursuing a vertically-integrated business model, the Company's wholly-owned subsidiaries of Less Common Metals Limited located in Birkenhead UK, and Great Western Technologies Inc., located in Troy, Michigan, produce a variety of specialty alloys for use in the battery, magnet and aerospace industries. These "designer" alloys include those containing copper, nickel, cobalt and the rare earth elements.
Jim Engdahl, President and CEO of Great Western Minerals Group said, “We believe that the joint participation by both Companies in this exploration and development initiative offers significant potential value for both Parties. We believe that Great Western Minerals Group has a lot to offer a partner such as Toyota Tsusho, not only from the potential of our exploration projects, but from our value added production facilities as well.”
The completion of any Proposed Transaction is subject to several conditions, including the completion of all necessary legal, financial and technical due diligence reviews and receipt of all necessary consents and approvals, including board and regulatory approvals. There is no assurance that a Proposed Transaction will be completed as proposed, or at all.
John Pearson, MSc., P.Geo., Vice-President Exploration for GWMG, is the qualified person responsible for reviewing the contents of this news release.
The TSX Venture Exchange has in no way passed upon the merits of the Proposed Transactions and has neither approved nor disapproved the contents of this press release.
Jim Engdahl, President and CEO of Great Western Minerals Group said, “After careful consideration, we did not feel that the direction in which we were heading with Molycorp was in the best interests of our shareholders or that we would be able to come to arrangements that would preserve our unique mine-to-market strategy. In light of the recent and sudden focus on the rare earth sector by the investment markets and in view of the additional interest we have received during the last several months, we will continue to pursue discussions with other potential strategic partners who share our vision as a vertically integrated developer of rare earth properties and products”.
Mr. Jim Engdahl
President and Chief Executive Officer
Great Western Minerals Group Ltd. -----------
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