AIM & ESM Rule 26

Business Description

Great Western Mining, incorporated in 2004, is a mineral exploration company focussed on copper, silver, gold and other mineral targets in Mineral County in the US state of Nevada. Since incorporation, the Group has surveyed and staked 896 claims comprising of a total of approximately 7,305 hectares. These claims are split into three groups covering six separate areas:

The Black Mountains Group 198 full claims and 36 fractional claims over an area of approximately 1,848 hectares

The Huntoon Group This area comprises of 164 full claims and 12 fractional claims and covers approximately 1,396 hectares

The Golconda Thrust Group This area contains 486 claims spread over four separate blocks covering approximately 4,061 hectares in total.

Great Western Mining was incorporated in Ireland on 20 October 2004 and its ordinary shares were admitted to trading on PLUS in October 2006 where the company successfully raised €2m. This sum was used to fund the acquisition of claims, the acquisition of data and the preliminary survey work including aero magnetic and ASTER image studies, preliminary sampling, metallurgical testing and general overheads. GWM has also identified eight further sites has the intention to explore them further.

In August of 2011, the Company raised £0.98m (before expenses) through a Placing on Admission to AIM. The net proceeds from this fundraising will be used to explore the previously eight identified sites, the purpose of which is to evaluate and rank the eight targets and advance one or more of them to the drilling stage subject to results, which the Directors believe will enable it to establish a resource estimate and prepare a preliminary feasibility study for the development of a mine.

To date, the area encompassing the claims in the Black Mountains and the Huntoon groups have been extensively prospected. Surface sampling and metallurgical testing has been carried out and available records and data reviewed. Seromagnetic surveys and an ASTER study of high altitude infrared imagery have been completed to identify anomalous areas of hydrothermal alteration. The Golconda Thrust Area has only been recently staked and has not been explored so extensively. work undertaken to date is not sufficient to produce a JORC compliant mineral resource estimate and the Company intends to carry out a drilling and exploration to allow such an estimate to be prepared. This programme is planned to comprise of two phases. The first, mapping drilling and sampling, is expected to identify the key targets for a further more extensive phase of sampling and drilling with a view to producing a resource estimate and producing a preliminary feasibility study for the mine. The Directors consider that the funds being raised in the placing will be used to progress the first phase.

Director Biographies

Chairman – Emmett O’Connell 

Emmett is the founder of the company and organised the restaking of the original eleven IWMM claims in 2006. He has been a promoter and investor in a number of technology and exploration companies for over 30 years. He was founder of Eglington Exploration plc. (now Aminex plc), Bryson Oil & Gas plc, Continental Pacific Resources Ltd. and Vancouver (now Northern Continental Resources Ltd.).

Chief Executive- Melvyn Quiller 

Melvyn is a qualified mechanical engineer and spent a substantial part of his career with 600 Group plc. in communication and transport related projects throughout Eastern Europe and the Middle East. 

Operations Director- Robert O'Connell 

Robert graduated from Texas Christian University and has since gained 10 years experience drilling for oil and gas in the USA. For the last three years he has led the surface exploration effort on Great Western’s properties.

Non- Executive Director- Christopher Hall 

Christopher has worked for over thirty five years in the mining and mining finance and consultancy industries. He is a Chartered Engineer and has a degree in Geology and subsequent MSc in Mining Geology and Mineral Exploration. Mr Hall is currently a Non-Executive Chairman of Stratex International PLC, the AIM-quoted exploration and development company. He is currently a consultant to Grant Thornton LLP (UK), where he vets new resources clients and performs the initial and continuing technical oversight of AIM listed resource clients. He also works as an independent mining finance consultant.

Non- Executive Director- Nial Ring 

Nial has a background in the financial services industry with both Allied Irish Bank plc and Bankgesellschaft Berlin. In 1992 he set up Barrick Capital Corporation, the IFSC subsidiary of Barrick Gold, and was its General Manager until 1995. He is currently involved in several start-up companies both as an investor and in advisory and consultancy roles. He is a government-appointed Director to IDA Ireland and Chairman of its Investment Committee.

 

Corporate Governance

 The Directors acknowledge the importance of good governance and although compliance with the Corporate Governance Code is not compulsory for companies registered in Ireland and admitted to AIM, the Directors intend to apply the principles as far as practicable and appropriate for a company of its nature and size. It is also the intention of the Directors to use their reasonable endeavours to ensure that the Company will comply with the QCA Corporate Governance Guidelines for Smaller Quoted Companies.

The Company has appointed two Non-Executive Directors, Christopher Hall and Nial Ring, to the board. The role of the Non-Executive Directors includes monitoring the performance of the Executive Directors and participating in the Board decisions. The board holds meetings four times a year and at other times as and when required. Since admission, the audit committee and the remuneration committee  have come into effect.

 

Audit Committee

The audit committee is chaired by Nial Ring and also includes Christopher Hall. The audit committee is responsible for providing formal and transparent arrangements for considering how to apply suitable financial reporting and internal control proncipals having regard to good corporate governance and for monitoring external audit functions including the cost-effectiveness, independence and objectivity of the Group’s auditors.

 

Remuneration Committee

The Remuneration committee is chaired by Christopher Hall and also includes Nial Ring. The remuneration committee is responsible for establishing a formal and transparent procedure for developing policy on executive remuneration. And to set the remuneration packages of individual Directors. This includes agreeing with the Board the framework for remuneration of the Executive Directors and such other members of the Executive Management of the Company as it is designed to consider. It is also responsible for determining the total individual remuneration packages of each Executive Director including, where appropriate, bonuses, incentive payments and share options. No director will play any part in  any decision on his own remuneration.

 

Country of Incorporation and Operations

Great Western Mining was incorporated in the Republic of Ireland, number 392620. The main area of operation is Mineral County in Nevada, USA.

Shareholder rights

As the company is not incorporated in the UK, the rights of shareholders may be different from the rights of shareholders in a UK incorporated company.

Trading Platform details

Great Western Mining Plc. is listed on the AIM market of the London Stock Exchange and the Enterprise Securities Market of the Irish Stock Exchange.

Significant Shareholders 

Shareholder	Number of Ordinary Shares	Percentage Holding
Emmett O’Connell	7,452,818	16.065916
Robert O’Connell	5,451,365	11.751417
Pershing International Nominees	4,064,045	8.760795
GWMO LONP	2,272,727	4.89928
Melvyn Quiller	1,847,813	3.9833
Fitel Nominees Ltd	1,834,091	3.95372

 

Number of Securities in Issue

The Company's issued share capital consists of 46.49m Ordinary Shares

Percentage of shares not held in public hands

 Currently 35.4% of the issued share capital is not in public hands.

Restrictions 
48,389,201 fully paid Ordinary shares of €0.01 each as at 18th August 2011. Excluding the Directors who have signed lock in agreements, there are no restrictions on the transfer of the company′s securities.

Please follow link for Admission Document

Please follow link for Articles of Association

Please follow link for Registration Certificates 

Advisors
Please click here to view details of the Company's Nominated Advisor and other key advisors.

 

Updated January 2012