Great Western Minerals Group Warrants Exercised (ccnm)

SASKATOON, SASKATCHEWAN--(Marketwire - March 1, 2011) - Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX VENTURE:GWG) (OTCQX:GWMGF) announces the number of Common Share purchase warrants (the "Warrants") of GMWG recently exercised.

During the timeframe from January 1, 2011 to February 28, 2011, a total of 17,909,217 GWMG Warrants were exercised. In the process, GWMG received $7,936,247 from their exercise at an average of $0.44 per Warrant.

GWMG also advises that 63,584,400 Warrants remain outstanding with an aggregate exercise value of $27,098,725 at an average of $0.44 per Warrant. The GWMG share price is, as at today, in excess of the exercise price of each of the outstanding Warrants.

Jim Engdahl, President and Chief Executive Officer said, "The pace of GWMG Warrants being exercised by shareholders is an indication of their positive view toward Great Western Minerals Group and its intention to become a fully integrated Rare Earths producer. The inflow of approximately $8 Million in the past two months as a result of Warrants being exercised enables our Company to remain focused on our goal of bringing the formerly producing Steenkampskraal site into production"

Jim Engdahl, President and CEO