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Great Western Minerals Group Files Amended 2nd Quarter 2012 Financial Statements

TSX Venture Symbol: GWG CUSIP: 39141Y 10 3 OTCQX: GWMGF

CALGARY, Nov. 26, 2012 /PRNewswire/ - Great Western Minerals Group Ltd. ("GWMG" or the "Company") has filed amended and restated consolidated unaudited interim financial statements for the three and six months ended June 30, 2012.

The financial statements have been restated in connection with the reporting of the embedded conversion option transactions associated with the Company's convertible bond offering ( see GWMG news release April 5, 2012 ). In preparing the Company's financial statements in the second quarter of 2012, the financial statements did not reflect the bonds with an embedded conversion option that is required to be bifurcated into a debt component and an embedded conversion component.  The embedded conversion option is fair valued and the amount related to the embedded conversion option is removed from the carrying value of the debt.  The debt component is then carried at amortized cost with the discount being amortized over the life of the bonds until the carrying value matches the face value.  The embedded conversion option is carried at fair value and remeasured every reporting period. The Company also made other less consequential changes, all of which are identified in the notes to the restated financial statements. The revised financial statements and Management's Discussion and Analysis are available on the Company's website at www.gwmg.com and www.sedar.com.

Great Western Minerals Group Ltd. intends to be an integrated rare earth producer. The Company currently produces specialty alloys which 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 aluminum, 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 South Africa. In addition to an exploration program at Steenkampskraal, GWMG also holds interests in four active rare earth exploration and development properties in North America.

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.

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