Great Western Minerals and Toyota Tsusho Sign Letter of Intent

It was announced today that Canada's Great Western Minerals Group [GWMG] and Japan's Toyota Tsusho Corporation [TTC] signed a letter of intent to "examine the merits of jointly conducting exploration and development activities on certain of Great Western Minerals' existing projects".  The projects specifically include GWMG's Douglas River and Benjamin River exploration sites.  The letter of intent gives TTC certain exclusive rights to discuss the development of these properties, for the next six months.

TTC is the principal trading arm of the Toyota Group, supporting the Toyota Motor Corporation [TMC] and other subsidiaries.  Having access to GWMG rare earth materials no doubt forms part of TMC's strategic hybrid and electric vehicle initiatives, since these vehicles will require significant amounts of neodymium-based magnets in their drive systems, and rare earths for other applications.

More info can be found here.