The Energy Report - Byron Capital Initiates Coverage of GWG

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Byron Capital Initiates Coverage of GWG

JON HYKAWY, Byron Capital Markets (05/31/2010)
"Great Western Minerals has assembled a portfolio of rare earth element (REE) properties, as well as processing capacity. These qualities make GWG unique among juniors in the space.

Our industry report recommends that investors concentrate on heavy REEs in the ground. GWG's Steenkampskraal project in South Africa is high grade, and should produce good amounts of heavy REEs.

We initiate coverage with a SPECULATIVE BUY rating and a $1.15 target price, based on a 34% discount rate and 10x terminal multiple."

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Under SEC rules, analysts are required to disclose their interest in securities that they cover. We strongly encourage you to contact them to understand any potential conflicts of interest they may have.

For more independent commentary, click here: Great Western Minerals Group Ltd. TSX.V:GWG; OTCQX:GWMGF