ccnm




SASKATOON, SASKATCHEWAN--(Marketwire - Dec. 29, 2010) - Great Western Minerals Group ("GWMG" or the "Company") (TSX VENTURE:GWG) (OTCQX:GWMFG) reports that, subject to regulatory approval, it has granted, as at December 23, 2010, to officers, directors, consultants and employees an aggregate of 5,000,000 options to acquire common shares of the Company. The options are exercisable into common shares of Great Western Minerals Group Ltd. at a price of $0.50 per share for a period of five years from the date of grant. This option program was approved by shareholders at the Company's annual general meeting held on August 11, 2010.


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 20.8% ownership in Rare Earth Extraction Co. Ltd., the owner of the Steenkampskraal mine. GWMG also holds interests in seven Rare Earth exploration and development properties in North America.


CUSIP: 39141Y 10 3




FOR FURTHER INFORMATION PLEASE CONTACT: Dwight Percy
Great Western Minerals Group Ltd.
Manager of Investor Relations
(306) 659-4500
info@gwmg.ca
http://www.gwmg.ca/">www.gwmg.ca
OR219 Robin Crescent
Great Western Minerals Group Ltd.
Saskatoon, SK S7L 6M8