Great Western Minerals Group Warrants Exercised

SASKATOON, SASKATCHEWAN -- (Marketwire) -- 03/01/11 -- Great Western Minerals Group Ltd. ('GWMG' or the 'Company') (TSX VENTURE: GWG) (OTCQX: GWMGF) announces the number of Common Share purchase warrants (the 'Warrants') of GMWG recently exercised.

During the timeframe from January 1, 2011 to February 28, 2011, a total of 17,909,217 GWMG Warrants were exercised. In the process, GWMG received $7,936,247 from their exercise at an average of $0.44 per Warrant.

GWMG also advises that 63,584,400 Warrants remain outstanding with an aggregate exercise value of $27,098,725 at an average of $0.44 per Warrant. The GWMG share price is, as at today, in excess of the exercise price of each of the outstanding Warrants.

Jim Engdahl, President and Chief Executive Officer said, 'The pace of GWMG Warrants being exercised by shareholders is an indication of their positive view toward Great Western Minerals Group and its intention to become a fully integrated Rare Earths producer. The inflow of approximately $8 Million in the past two months as a result of Warrants being exercised enables our Company to remain focused on our goal of bringing the formerly producing Steenkampskraal site into production'

Jim Engdahl, President and CEO

Great Western Minerals Group Ltd. is an integrated Rare Earths processor. Its specialty alloys are used in the battery, magnet and aerospace industries. Produced at the Company's wholly owned subsidiaries Less Common Metals Limited in Birkenhead, U.K. and Great Western Technologies Inc. in Troy, Michigan, these alloys contain aluminium, nickel, cobalt and Rare Earth Elements. As part of the Company's vertical integration strategy, GWMG has signed an Off-take Agreement for 100% of the Rare Earth Elements produced at the former producing Steenkampskraal mine in South Africa and holds 70.2% ownership in Rare Earth Extraction Co. Limited, the owner of the Steenkampskraal mine. In addition to a planned exploration program at Steenkampskraal, GWMG also holds interests in seven Rare Earth exploration and development properties in North America.

Certain information set out in this News Release constitutes forward-looking information. Forward-looking statements (often, but not always, identified by the use of words such as 'expect', 'may', 'could', 'anticipate' or 'will' and similar expressions) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties. Forward-looking statements are based upon the opinions, expectations and estimates of management of GWMG as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Those factors include, but are not limited to, the results of the feasibility study, satisfaction of the conditions precedent with respect to GWMG's offtake agreement, receipt of all required approvals (including those relating to the commencement of production at the Steenkampskraal mine) and risks, uncertainties and other factors that are beyond the control of GWMG, risks associated with the industry in general, commodity prices and exchange rate changes, operational risks associated with exploration, development and production operations, delays or changes in plans, risks associated with the uncertainty of reserve or resource estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. In light of the risks and uncertainties associated with forward-looking statements, readers are cautioned not to place undue reliance upon forward-looking information. Although GWMG believes that the expectations reflected in the forward-looking statements set out in this press release or incorporated herein by reference are reasonable, it can give no assurance that such expectations will prove to have been correct. The forward-looking statements of GWMG contained in this News Release, or incorporated herein by reference, are expressly qualified, in their entirety, by this cautionary statement and the risk factors contained in GWMG's current annual information form available at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:

Great Western Minerals Group Ltd.

Dwight Percy

Manager of Investor Relations

(306) 659-4500
info@gwmg.ca
www.gwmg.ca


Great Western Minerals Group Ltd.

219 Robin Crescent

Saskatoon, SK S7L 6M8