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Great Western Minerals Group applies to TSXV for warrant extension

October 9, 2012

TSX Venture Symbol: GWG             
OTCQX: GWMGF

CUSIP: 39141Y 10 3

SASKATOON, Oct. 9, 2012 /PRNewswire/ – Great Western Minerals Group Ltd.
(“GWMG” or the “Company”, TSX:V – GWG) today announced that it has made
application to the TSX Venture Exchange (“TSXV”) for approval of an
extension of the expiry date of certain of GWMG’s outstanding common
share purchase warrants (the “Warrants”).

GWMG seeks TSXV approval for the extension of the expiry date from
October 19, 2010 to December 15, 2012 for 41,413,723 of the total of
53,030,303 Warrants issued on October 19, 2010 and having an exercise
price of $0.45 per Warrant (see GWMG news release October 19, 2010). The exercise price of the Warrants remains unchanged.

Warrant holders will be notified of the extension to the term of the
Warrants upon approval by TSXV. 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 an integrated rare earth 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 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.

Certain information set out in this News Release constitutes
forward-looking information.  Forward-looking statements (often, but
not always, identified by the use of words such as “expect”, “may”,
“could”, “anticipate” or “will” and similar expressions) may describe
expectations, opinions or guidance that are not statements of fact and
which may be based upon information provided by third parties.
Forward-looking statements are based upon the opinions, expectations
and estimates of management of GWMG as at the date the statements are
made and are subject to a variety of known and unknown risks and
uncertainties and other factors that could cause actual events or
outcomes to differ materially from those anticipated or implied by such
forward-looking statements. Those factors include, but are not limited
to, the successful and timely completion of its preliminary economic
assessment at Hoidas Lake; the successful and timely completion of its
preliminary economic assessment and its results, the construction,
commissioning and operation of the proposed monazite processing
facility and separation facility, mine refurbishment activities,
reliance on third parties to meet projected timelines and commencement
of production at Steenkampskraal; risks related to the receipt of all
required approvals including those relating to the commencement of
production at the Steenkampskraal mine, delays in obtaining permits,
licenses and operating authorities in Canada, South Africa and China,
environmental matters, water and land use risks; risks associated with
the industry in general, commodity prices and exchange rate changes,
operational risks associated with exploration, development and
production operations, delays or changes in plans; risks associated
with the uncertainty of reserve or resource estimates; health and
safety risks; uncertainty of estimates and projections of production,
costs and expenses; risks that future Hoidas Lake or Steenkampskraal
and region exploration results may not meet exploration or corporate
objectives; the adequacy of the Company’s financial resources and the
availability of additional cash from operations or from financing on
reasonable terms or at all; political risks inherent in South Africa
and China; risks associated with the relationship between GWMG and/or
its subsidiaries and communities and governments in Canada and South
Africa, radioactivity and related issues, dependence on one mineral
project; loss of, and the inability to attract, key personnel; the
factors discussed in the Company’s public disclosure record; and other
factors that could cause actions, events or results not to be as
anticipated. In light of the risks and uncertainties associated with
forward-looking statements, readers are cautioned not to place undue
reliance upon forward-looking information. Although GWMG believes that
the expectations reflected in the forward-looking statements set out in
this press release or incorporated herein by reference are reasonable,
it can give no assurance that such expectations will prove to have been
correct. Except as required by law, GWMG does not assume any obligation
to update forward looking statements as set out in this news release.
The forward-looking statements of GWMG contained in this News Release,
or incorporated herein by reference, are expressly qualified, in their
entirety, by this cautionary statement and the risk factors contained
in GWMG’s annual information form available at www.sedar.com.

SOURCE Great Western Minerals Group Ltd.


Source: PR Newswire