Great Western Minerals Group Receives TSXV Approval For Warrant Extension

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

SASKATOON, SK, Dec. 6, 2012 /PRNewswire/ - Great Western Minerals Group Ltd. ("GWMG" or the "Company", TSX:V - GWG) announces that it has received approval from the TSX Venture Exchange (the "TSXV") for an extension of the expiry date of certain of GWMG's outstanding common share purchase warrants (the "Warrants").

GWMG has received TSXV approval for the extension of the expiry date from December 15, 2012 to January 15, 2013 for 41,413,723 Warrants originally issued on October 19, 2010 and having an exercise price of $0.45 per Warrant ( see GWMG news release December 6, 2012). The exercise price of the Warrants remains unchanged.

Warrant holders will not be issued replacement Warrant certificates and the Warrant holders will be required to present the original Warrant certificates in order to effect the exercise of such Warrants.

Great Western Minerals Group Ltd. is engaged in becoming an integrated rare earth producer. The Company currently produces specialty alloys which are used in the aerospace, automobile, computer and high-tech 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 iron, 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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