Great Western Minerals Group Completes Rareco Purchase (ccnm)

SASKATOON, SASKATCHEWAN--(Marketwire - March 2, 2011) - Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX VENTURE:GWG) (OTCQX:GWMGF) announces that it has completed the purchase of 92.6% of the shares (the "Rareco Shares") of Rare Earth Extraction Co. Limited ("Rareco").

As of the conclusion of the offer period for Rareco shares on February 28, 2011, GWMG received and paid for 44,218,009 of the 47,764,700 Rareco shares outstanding.

Jim Engdahl, President and Chief Executive Officer of GWMG said, "Holding in excess of 90% of the outstanding shares of Rareco is highly important because it enables GWMG to acquire the remaining shares and achieve 100% ownership. We will take the required steps immediately."

As previously announced (see GWMG Media Release of December 21, 2010: "Great Western Minerals Group Delivers Offer Circular To Rareco Shareholders"), GWMG made an all-cash offer for all remaining ordinary shares in Rareco that GWMG did not already own.

"Today's announcement that GWMG now owns such a strong controlling interest in Rareco is a crucial step forward in becoming a fully integrated, global Rare Earth producer," said GWMG President and Chief Executive Officer Jim Engdahl. "With this level of ownership certainty in place, GWMG is positioned to continue with the execution of its plan to bring the formerly producing Steenkampskraal mine back into production."