Great Western Minerals awaits economic assessment to discuss forecast

By Sahara Marte

New York, Aug. 22 - Great Western Minerals Group Ltd. is unable to publically discuss its financial projections until its preliminary economic assessment is completed, Jim Engdahl, president and chief executive officer, said during the company's investor meeting.

The preliminary economic assessment was launched on July 26 and is expected to be completed early in the fourth quarter of this year.

"As we move forward, we're really waiting for the PEA [Preliminary Economic Assessment] to be completed to get full-scale cash burn," added Engdahl. "I think from an administrative standpoint, we're probably very much in line with what we've historically shown for administrative burn."

Historically, the company has been spending C$700,000 to C$800,000 per month, he said.

On June 7, the company received its second tranche of convertible bond proceeds for a total of C$73 million.

The company is using the proceeds to fund plants for its Steenkampskraal mine, drilling exploration, and modifications for environmental regulations.

Based in Saskatoon, Sask., Great Western Minerals is an integrated rare earths processor.

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