RAB Special Situations L.P.

Great Western Minerals Group Ltd.

Great Western Minerals Group Ltd.

March 24, 2005 16:39 ET

RAB Special Situations L.P./Great Western Minerals Group Ltd.-Announcement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: RAB SPECIAL SITUATIONS L.P.

AND GREAT WESTERN MINERALS GROUP LTD.

TSX VENTURE SYMBOL: GWG

MARCH 24, 2005 - 16:39 ET

RAB Special Situations L.P./Great Western Minerals
Group Ltd.-Announcement

LONDON, UNITED KINGDOM--(CCNMatthews - March 24, 2005) - RAB Special
Situations L.P. ("Special Situations") announces that Special Situations
and William Philip Seymour Richards ("Philip Richards") (collectively
the "Subscribers"), respectively subscribed for a total of 2,000,000 and
500,000 units (the "Units") of Great Western Minerals Group Ltd. (TSX
VENTURE:GWG) (the "Company"), at a price of Cdn.$0.40 per Unit (the
"Private Placement"). Each Unit consists of one common share in the
capital of the Company (a "Share") and one (1) Share purchase warrant (a
"Warrant") of the Company. Each whole Warrant entitles the Subscribers,
to acquire one additional Share of the Company (a "Warrant Share") at a
price of Cdn.$0.50 per Warrant Share for a period of two (2) years from
the Closing Date. The transaction took place off the market by way of
private placement and closed on March 21, 2005.

The Subscribers have ownership of and control over the securities
purchased in the Private Placement. The purchased securities represent
approximately 29.17% of the issued and outstanding Shares on a partially
diluted basis (assuming exercise of the Warrants) ("Partially Diluted
Basis").

Immediately after the Private Placement, Special Situations owned
7,000,000 Shares and 7,000,000 Warrants, representing approximately
27.49% of the issued and outstanding Shares on a Partially Diluted Basis
and Philip Richards owned 500,000 Shares and 500,000 Warrants,
representing approximately 2.25% of the issued and outstanding Shares on
a Partially Diluted Basis.

Special Situations purchased securities for investment purposes only and
not with the purpose of influencing the control or direction of the
Company. Special Situations together with joint actors, if any, may,
subject to market conditions, make additional investments in or
dispositions of securities of the Company in the future, including
additional purchases of Shares. However, Special Situations and its
joint actors, if any, do not intend to acquire 20% or more of any class
of the outstanding voting or equity securities of the Company.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    RAB Special Situations L.P.
    Mr. Neil Warrender
    (44) 20-7389-7000
    (44) 20 7389 7054 (FAX)
    nw@rabcap.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.