December 31, 2012 - Saskatoon, Canada: Great Western Minerals Group Ltd. ("GWMG" or the "Company", TSX:V – GWG) today issued an update on issues pertinent to the Company’s progress and status.
Preliminary Economic Assessment ("PEA"): GWMG plans to issue a media release that contains the results of its PEA in January 2013. While the Company had targeted the issuance of the release for the 4th Quarter of 2012 it was determined that the relative complexity of the PEA, incorporating mining, chloride production, separation, metal making, alloy manufacturing and product sales, meant that additional time would be required in order to integrate all components of the analysis. In addition, during the course of work on the PEA, GWMG made the decision to undertake a revised resource estimate. This extended, yet again, the scope of work to be incorporated into the PEA.
Chief Executive Officer ("CEO") Search: The GWMG search committee is in the final stages of the selection process for a new CEO. The search committee, with the assistance of Korn Ferry International, has been actively engaged in the evaluation of several highly qualified candidates who have the requisite skills with which to lead a complex business operation such as GWMG. The search committee anticipates it will be in a position to announce the selection of the CEO early in 2013.