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Great Western Minerals Announces Letter of Intent with Star Uranium for Option and Joint Venture on Hoidas Lake Project

June 4, 2013

SASKATOON, SK, June 4, 2013 /PRNewswire/ – Great Western Minerals Group Ltd.
(“GWMG” or the “Company”) (TSX.V: GWG / OTCQX: GWMGF), a leader in the
manufacture and supply of rare earth-based alloys and high purity
metals with a low cost, high-grade critical rare earth asset (the
“Steenkampskraal Project” or “SKK”), announced today a letter of intent
(“LOI”) with Star Uranium Corp.(TSX.V: SUV) to enter into an option and
joint venture agreement in respect of the Hoidas Lake Project, an area
comprised of fourteen mineral claims totaling approximately 12,522
hectares and related property in northern Saskatchewan.

“We have been actively evaluating the long term plans for our non-core
assets and this agreement is consistent with our objective to focus our
resources on the advancement of our Steenkampskraal Project,” stated
GWMG President and CEO Marc LeVier.  “We believe Star Uranium is better
positioned to complete the exploration of the property at this time.”

The LOI is intended to serve as a basis for the negotiation and
execution of the definitive agreement.  The completion of the option
and Hoidas Lake joint venture is subject to the approval of the TSX
Venture Exchange and all other required regulatory, corporate and
security holder approvals.

About GWMG

Great Western Minerals Group Ltd. is leader in the manufacture and
supply of rare earth-based alloys and high purity metals with a low
cost, high-grade critical rare earth asset. 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
Ellesmere Port, U.K. and Great Western Technologies Inc. in Troy,
Michigan, these alloys contain transition metals including nickel,
cobalt, iron and other 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 controls the Steenkampskraal
monazite mine. In addition to the project at Steenkampskraal, GWMG also
holds interests in four rare earth exploration and development
properties in North America.

The company routinely posts news and other information on its website at
www.gwmg.ca.

Neither the 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.

Cautionary Statement
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 assumptions and estimates in the preliminary economic assessment
of the Steenkampskraal project proving to be accurate over time; the
construction, commissioning and operation of the proposed monazite
processing facility and separation facility within  estimated
parameters; 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, including those estimated in
the preliminary economic assessment of the Steenkampskraal project;
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 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