Great Western Minerals Group Releases 3rd Quarter 2011 Financial Results 'Q3 2011 Revenues Increase by 25%, Q3 2011 Gross Margins Grow by 84%'

SASKATOON, SASKATCHEWAN -- (Marketwire) -- 11/30/11 -- Great Western Minerals Group Ltd. ('GWMG' or the 'Company')(TSX VENTURE: GWG) (OTCQX: GWMGF) today announced its financial results for the 3rd Quarter of 2011.

GWMG now reports its results under International Financial Reporting Standards. For the three months and the nine months ended September 30, 2011, GWMG's financial summary and highlights are as follows:

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                    Three months  Three months    Nine months   Nine months
                           ended         ended          ended         ended
                       September     September      September     September
                           30/11         30/10          30/11         30/10
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Revenue              $ 4,215,250   $ 3,380,863   $ 13,630,390   $10,613,654
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Gross Margins        $ 1,656,283   $   878,841   $  4,635,237   $ 3,145,673
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Earnings (Loss)      $(3,880,481)  $(1,089,788)  $(10,733,880)  $(3,292,473)
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Earnings (Loss) per
 share               $    (0.010)  $    (0.004)  $     (0.029)  $    (0.014)
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--  Manufacturing / processing revenues from GWMG's wholly owned
    subsidiaries Less Common Metals Limited ('LCM') and Great Western
    Technologies Inc. ('GWTI') for the first nine months of 2011 represent a
    28% increase over the first nine months of 2010.
--  Gross margins on manufacturing / processing operations for the first
    nine months of 2011 represent an increase of 47% over the same year-to-
    date period of 2010.
--  The net consolidated loss for the 3rd Quarter of 2011 of $3.9 million
    ($.010/share on a fully diluted basis) includes stock based compensation
    of $2.0 million. This compares to $.004/ share in the 3rd Quarter of
    2010.
--  GWMG completed the 3rd Quarter of 2011 with a consolidated cash balance
    of $5.3 million compared to $1.9 million as of the 3rd Quarter of 2010.

Of note was the fact that LCM/GWTI processing operations achieved Earnings Before Interest, Taxes, Depreciation and Amortization ('EBITDA') of $728,629 for Q3 of 2011 compared to negative EBITDA of ($50,852) in Q3 of 2010. EBITDA from processing operations for the first nine months of 2011 was $1,743,758 compared to $277,454 for the first nine months of 2010.

GWMG President and Chief Executive Officer Jim Engdahl said, 'Great Western Minerals Group experienced continued growth in revenue and margin performance on both a '3rd Quarter' and 'year-to-date' basis. With this type of positive financial performance from our alloy processing plants, combined with a stronger cash position than was the case at the same point last year, GWMG is well positioned to move ahead in its development of the Company's number one priority - the Steenkampskraal project. This type of revenue and margin performance is indicative of the capability of our team to execute our Company's business plan very effectively.'

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 also holds 100% equity ownership in Rare Earth Extraction Co. Limited, which owns a 74% equity interest in the Steenkampskraal Mine. In addition to an exploration program at Steenkampskraal, GWMG also holds interests in four active 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 refurbishment activities and reliance on third parties to meet projected timelines, the results of the exploration program at Steenkampskraal, a resource estimate and commencement of production at Steenkampskraal, 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


Great Western Minerals Group Ltd.

219 Robin Crescent

Saskatoon, SK

S7L 6M8
info@gwmg.ca
www.gwmg.ca