"The updated NI 43-101 Report, which has been prepared by Snowden Mining Industry Consultants Inc. ("Snowden") for the Company’s Steenkampskraal rare earth property located in the Western Cape of South Africa, is dated effective December 15, 2012"
"Preliminary Economic Assessment ("PEA"): GWMG had previously set January 2013 as a target date to issue a news release highlighting the results of a PEA as well as an updated National Instrument 43-101 Resource Estimate (the "Resource Estimate"). The Resource Estimate was issued in January (see GWMG news release January 21, 2013).
The Company now estimates that the PEA will be completed and the results released prior to the end of the 1st Quarter of 2013,"
The press release implies that the management team was only made aware of the information this January 21st. This is factually incorrect. As per the first press release the firm was given the official results from snowden back on december 15th. They likely were given preliminary results well before this.
The fact that the CO has chosen to blame this late breaking news for this delay...when they have know about it for well over a month.. is very disappointing.
The CEO has now been on the job for exactly three weeks I will cut him some slack. But this is a knock against his reputation and the firms. He is still new but this should be the last freebee he gets.