this article on www.plusmarketsgroup.com The Directors of Great Western Mining Corporation Plc ("the Company") are
pleased to announce that trading in the Company's entire Ordinary Shares
commenced today on the Ofex market (PLUS).
Great Western Mining Corporation Plc is a Gold, Silver and Uranium
exploration and development company which commenced trading in 2006 to
acquire and file claim stake documentation in relation to a large
exploration acreage in Mineral County, Nevada, USA.
Through its wholly owned subsidiary, Great Western Mining Corporation of
Nevada, USA, holds 11 Gold and Silver lode claims and 10 Uranium lode
claims.
Great Western Mining Corporation plc will carry out a drilling and sampling
campaign to validate a 1980 Geological Report and Assay Values. It is
expected to confirm early exploitation potential.
In addition, the Company will explore the 10 further lode claims for
Uranium potential in the same area.
APPLICATION DETAILS Admission Price 5 pence
Ordinary Shares in Issue 25,002,000
Market Capitalisation on Admission GBP 1,250,100
Sector Classification Mining
Corporate Adviser St Helen's Capital
GENERAL BACKGROUND
IF THE STATE OF NEVADA WAS AN INDEPENDENT COUNTRY IT WOULD RANK AS THE
WORLD'S THIRD LARGEST GOLD PRODUCER.
"Through 2004, cumulative gold production in Nevada (since mining on the
Comstock lode in 1859) stands at 4,867 metric tons (156.47 million ounces).
Remarkably, 84% of this total has been produced during the current boom
(since the Carlin mine began production in 1965), and 49% of this total has
been produced in the decade from 1995 to 2004. As a result of its favourable
geology, Nevada has tremendous potential for the discovery of additional
mineral deposits. Areas where prospective rocks are beneath a cover of
young, valley-filling sediments and volcanic rocks have only been explored
to a limited extent, and ore deposits continue to be discovered in and near
Nevada's 526 historical mining districts" - Source: Nevada Bureau of Mines
and Geology, University of Nevada, Reno.
NEVADA CONSISTENTLY RANKS AS ONE OF THE LEADING GEOLOGICALLY PROSPECTIVE AND
PRO-MINING LEGAL JURISDICTIONS IN THE WORLD TODAY.
COMPANY BACKGROUND.
Great Western Mining Corporation plc commenced trading in 2006 and has
acquired 21 lode claims located in Mineral County, Nevada. Eleven of these
claims were the subject of an extensive geological report carried out on the
claim area in 1980. A further 10 prospective Uranium claims were acquired
independently and are located in the same region.
The area in general is the subject of some interesting stories and legends
dating back to the 1870's, none of which can be confirmed or verified.
However, the contents of the geological report can be confirmed and
verified. This is what Great Western Mining Corporation plc intends to do.
CORPORATE STRATEGY
Great Western Mining Corporation plc plans to become an emerging Gold and
Silver producer, and Uranium prospector through a defined strategy of:
* Confirming the 1980 report.
* Exploration of the Uranium potential of the 10 additional lode claims
acquired.
* Leveraging its position in the public markets to acquire high impact
projects in a safe political climate.
* Developing Gold, Silver and Uranium resources through acquisition,
exploration and development.
* Continuing to increase its resource base through further study and
exploitation of existing private and public databases.
* Ensuring adequate resources including funding, management and
technological resources.
DEVELOPMENT PROGRAMME
* The future business plans for Great Western Mining Corporation plc are
developed with a view to securing the necessary finance to allow the
company to grow, develop and maximise its potential.
* By combining the latest satellite reconnaissance and computer imaging
technology, the company intends to immediately initiate a drilling
programme over those sections of the Gold and Silver claims that might
lend themselves to early development. Obviously, the eleven claims
covered under the Ming Toy report will be subject to the initial appraisal
drilling programme to verify previous results.
* A drilling and coring programme would seek to outline those veins
containing high values and the possible tonnage of ore recoverable.
* Upon completion of the drilling and coring programme, a plan will be
outlined regarding excavation and milling operations. Initial sampling
will begin in October 2006 and continued analytical testing and geological
studies will be carried out in tandem.
* As nuclear power usage continues to rise, the demand on limited world
inventories of Uranium will make itself felt in the market price of
Uranium Ore. Therefore, the company will continue to examine prospective
areas with the intention of building a substantial portfolio of Uranium
Claims, as well as appraising the current ten lode claims held.
DIRECTORS OF THE COMPANY
The team, led by Emmett O'Connell, Chairman and CEO, has the key skills
and experiences necessary to make a success of this business, and in
particular their combined expertise in the mining and technology sector
will be essential. The existing management team will be expanded as the
business develops.
EMMETT O'CONNELL, K.ST.G. CHAIRMAN AND CEO
Emmett O'Connell has over 30 years experience as Chairman and Founding
Director of a number of public companies in Canada, United States, UK and
Ireland. In the last ten years he has travelled widely in Russia and the
United States pursuing opportunities in the natural resource and high-
tech areas. He believes Nevada has massive potential for mineral
exploration in a politically secure environment.
MELVYN QUILLER, EXECUTIVE DIRECTOR
Melvyn Quiller is a qualified mechanical engineer and spent a substantial
part of his career working with a major British construction company "600
Group plc" in communication and transport related projects throughout
Eastern Europe and the Middle East. He was appointed Managing Director of
the Overseas Project division of the Group in 1979 and held the position
for 9 years. In 1997 he was appointed to the Board of Russian
Telecommunications Network ("RTN"), a Russian Company operating satellite
and terrestrial networks for national and international voice and data
communications, from which he has now resigned. Melvyn joined Great
Western Mining Corporation plc at its inception.
ROBERT O'CONNELL, OPERATIONS DIRECTOR
Robert O'Connell graduated from Texas University (1992) in History and
Geology. He has 10 years experience drilling for oil and gas in Texas,
Oklahoma and Indiana. For the last two years he has lead the research
team in the search for data regarding the Prospect in Nevada.
LIAM MCGRATTAN, INVESTOR RELATIONS DIRECTOR
Liam has a background in sales and finance, and successfully launched
Custom Finance Ltd., a specialist leasing company. He has specialised in
the Small-Cap Equities Market for the last ten years. Liam has been
involved in a number of highly successful private and publicly quoted
companies on the OFEX market and the Alternative Investment Market of the
London Stock Exchange. He is presently Managing Director of Wilhan
Limited, an international private investment company. Liam studied
French and Swedish at University College Dublin.
NIAL RING FCCA, NON-EXECUTIVE INDEPENDENT DIRECTOR
Nial Ring has a background in the financial services industry in Dublin,
London and New York, and held senior banking positions with Allied Irish
Banks plc and Bankgesellschaft, Berlin (Ireland). He was also General
Manager Barrick Capital Corporation, the IFSC operation and wholly owned
subsidiary of Barrick Gold. He is presently involved in a number of
businesses as an executive and investor. He holds a number of other
directorships and is a government appointee on the board of IDA Ireland,
the Irish Government's international industrial development authority.
DIRECTORS AND OTHER INTERESTS
Set out below is a list of the Directors' current and other directorships
and partnerships, in addition to the Company, held in the last five years
(other than dormant companies) are as follows:
EMMETT O'CONNELL
Present Previous
Petroleum Research Associates Ltd Consolidated Communications
Corporation Plc
Woodland Resource Development Ltd
MELVYN QUILLER
Present Previous
Consolidated Communications Corporation PlcNone
Intellcor Limited
Petroleum Research Associates Ltd
RTI Helios Ltd
ROBERT O'CONNELL
Present Previous
Woodland Resource Development Ltd None
LIAM MCGRATTAN
Present Previous
Captive Audience Display Solutions Plc None
Wilhan Limited
NIAL RING
Present Previous
Captive Audience Display Solutions Plc IDA Ireland
The Employment Network Limited Castle Elms Management Limited
North Wall Community Centre Limited Fairlee Properties Limited
Extreme Properties Limited Castleford Construction Limited
Sean O'Casey Community Centre Greencastle Investments Limited
East Wall Limited Norplat Plc (BVI)
N.E.S.E.N. Limited
The Interests of the Directors following admission are as follows:
Name Number of Ordinary SharesPercentage of Ordinary Shares
Emmett O'Connell 6,201,000 24.80%
Robert O' Connell 4,900,001 19.60%
Melvyn Quiller 1,500,995 6.00%
Liam McGrattan 850,000 3.40%
Nial Ring 850,000 3.40%
The interests of other shareholders of over 3% are detailed as follows:
Brian Mc Donnell 1,000,000 4.00%
Lisa Mc Donnall 800,000 3.20%
In August 2006 the Company raised Euros 500,000 by issuing 10,000,000
Ordinary Shares of Euros 0.01 cent at Euro 0.05 cents per share which is
adequate finance to cover the drilling, coring and sampling programmes
over the next financial year.
RISK FACTORS
The attention of potential investors is drawn to the fact that the
purchase of Ordinary Shares in the Company involves a variety of risks.
Investors should be aware of the risks associated with an investment in a
business in the early stages of development. All potential investors
should carefully consider the factors described below before deciding
whether or not to invest in the Company. The information below does not
purport to be an exhaustive list or summary of the risks affecting the
Company and are not set out in any particular order of priority. There
may be additional risks of which the Directors are not aware.
The Ordinary Shares are not listed or traded on any stock exchange.
Notwithstanding the fact that the Ordinary Shares are traded through
Ofex, this should not be taken as implying that there will be a "liquid"
market in the Ordinary Shares. An investment in the Ordinary Shares may
thus be difficult to realise. The value of the Ordinary Shares may go
down as well as up. Investors may therefore realise less than their
original investment, or sustain a total loss of their investment.
Admission to the Ofex market is entirely at the discretion of Ofex plc.
The operations of the Company may be disrupted by a variety of risks and
hazards which are beyond the control of the Company, including
geological, geotechnical and seismic factors, environmental hazards,
industrial accidents, occupational and health hazards, technical
failures, labour disputes, unusual or unexpected rock formations,
flooding and extended interruptions due to inclement or hazardous
weather conditions, explosions and acts of God. These risks and hazards
could also result in damage to, or destruction of, production
facilities, personal injury, environmental damage, business
interruption, monetary losses and possible legal liability. No assurance
can be given that the Company will be able to obtain insurance coverage
at reasonable rates (or at all), or that any coverage it obtains will be
adequate and available to cover any such claims,
The occurrence of any of these hazards can delay activities of the
Company and may result in liability. The Company may become subject to
pollution or other hazards against which it has not insured or cannot
insure, including those in respect of past activities for which it was
not responsible.
If any of the events described actually occur, the Company's business,
financial conditions, results or future operations could be adversely
affected. In such a case, the price of the Ordinary Shares could decline
and investors may lose all or part of their investment. Additional risks
and uncertainties not presently known to the Directors, or which the
Directors currently deem immaterial, may also have an adverse effect upon
the Company. The Company is considered by the Directors to be a medium
risk proposition.
The success of the Company depends largely upon the expertise of the
current executive Directors and their ability to develop suitable
exploration opportunities for the Company. The loss of one or other of
the executive Directors or their inability to find suitable exploration
opportunities for the Company would have an adverse effect on the Company
and its viability; whilst the company has entered into arrangements with
the aim of securing the services of these personnel, the retention of
their services cannot be guaranteed. Accordingly, the loss of any key
management of the Company may have an adverse effect on the future of its
business.
It is likely that the Company will need to raise further funds in the
future, either to complete a proposed acquisition or investment or to
raise further working or development capital for such an acquisition or
investment. There is no guarantee that the then prevailing market
conditions will allow for such a fundraising or that new investors will
be prepared to subscribe for Ordinary Shares at the same Offer Price, or
higher. Shareholders may be materially diluted by any further issue of
Ordinary Shares by the Company.
The Directors of the Issuer accept responsibility for this announcement.
CONTACT DETAILS:
Company: Emmett O'Connell/Liam McGrattan
Great Western Mining Corporation Plc
6 Northrook Road
Dublin 6
Ireland
Tel: +353 1 8844474
Email:
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Ofex Corporate Advisers: Barry Hocken/Duncan Vasey
St Helen's Capital Plc
15 St Helen's Place
London
EC3A 6DE
Tel: +44 (0) 207 628 5582
Registrars: Computershare Investors Services (Ireland) Limited
Heron House
Corrig Road
Sandyford Industrial Estate
Dublin 18
Tel: + 353 1 216 3100
Fax:+ 353 1 216 3151
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