Great Western Minerals Group Releases 3rd Quarter 2012 Financial Results

TSX Venture Symbol: GWG

CUSIP: 39141Y 10 3

OTCQX: GWMGF

SASKATOON, SK, Nov. 29, 2012 /PRNewswire/ – Great Western Minerals Group Ltd.
(“GWMG” or the “Company”, TSX:V – GWG) today announced its financial
results for the 3(rd) Quarter of 2012.

GWMG has reported its results under International Financial Reporting
Standards. For the three months and nine months ended September 30,
2012, GWMG’s financial summary and highlights are as follows:

               Three months    Three months     Nine months      Nine months
                   ended           ended           ended            ended
                 September       September       September        September
                   30/12           30/11           30/12            30/11

    Revenue    $   4,786,838   $   4,214,616   $  12,897,685   $   13,630,390

    Gross      $   1,161,107   $   1,656,462   $   3,949,118   $    4,635,237
    Margins

    Earnings   $ (3,627,912)   $ (2,299,266)   $ (6,521,005)   $ (10,276,921)
    (Loss)

    Earnings   $     (0.009)   $     (0.006)   $     (0.016)   $      (0.028)
    (Loss)
    per
    share

Less Common Metals Limited (“LCM”) results for Q3 of 2012 include the
following highlights:

               Three months   Three months   Nine months      Nine months
                  ended          ended          ended            ended
                September      September      September     September 30/11
                  30/12          30/11          30/12

    Revenue    $  4,718,693   $  4,159,682   $ 12,669,607   $    13,407,201

    Gross      $  1,153,548   $  1,670,141   $  4,434,663   $     4,906,603
    Margins

    EBITDA     $    332,477   $    950,212   $  1,225,555   $     2,367,046

    Earnings   $  (109,827)   $    604,625   $    275,575   $     1,503,705

GWMG Interim President and Chief Executive Officer Robert Quinn said,
“In the face of some tightening of the global rare earth market GWMG
and LCM did manage to achieve higher revenues in the 3(rd) Quarter of 2012 compared to the same quarter of 2011. LCM EBITDA and
earnings were reduced in the past quarter and year to date primarily as
a result of the move to a new plant as well as the costs of
installation of the new strip cast furnace. Both factors now provide a
platform for improved financial performance going forward.”

Great Western Minerals Group Ltd. intends to be an integrated rare earth
producer. The Company currently produces specialty alloys which 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 and the
    results of its preliminary economic assessment of the Steenkampskraal
    project, 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 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
    Professional Securities Market listing particulars available at
    www.sedar.com.

SOURCE Great Western Minerals Group Ltd.