Great Western Minerals Group Ltd.
TSX VENTURE : GWG
PINK SHEETS : GWMGF

Great Western Minerals Group Ltd.

December 19, 2007 16:41 ET

Great Western Minerals Announces Flow-Through Private Placement

SASKATOON, SASKATCHEWAN--(Marketwire - Dec. 19, 2007) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE DISTRIBUTION SERVICES

Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX VENTURE:GWG) (PINK SHEETS:GWMGF) is pleased to announce, that due to strong demand, the Company has initiated a second non-brokered private placement financing of up to 2,567,500 Common Flow-Through Shares at $0.40 per Common Share, subject to regulatory approval.

Proceeds of this financing will be used for eligible exploration and development activities on the Company's Hoidas Lake project in Northern Saskatchewan. GWMG is arranging a second drill to work on the property with the goal of increasing the drilling to approximately 8,000 metres.

These Common Shares will be subject to a four month hold period, in accordance with applicable securities legislation. This placement is expected to close on December 31, or sooner at the discretion of the Company. A cash finder's fee of up to 5% will be paid to accredited agents.

Great Western Minerals Group is a Canadian-based company exploring for, and developing, strategic metal resources in North America. Pursuing a vertically-integrated business model, the Company's wholly-owned subsidiary Great Western Technologies Inc., located in Troy, Michigan, produces a variety of specialty alloys for use in the battery, magnet and aerospace industries. These "designer" alloys include those containing copper, nickel, cobalt and rare earth elements.

James Engdahl, President

CUSIP: 39141Y 10 3

This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The shares offered will not be and have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Great Western Minerals Group Ltd.
    Ron Malashewski
    Manager of Investor Relations
    (306) 668-0701
    or
    Great Western Minerals Group Ltd.
    226 Cardinal Crescent
    Saskatoon, SK S7L 6H8
    Email: info@gwmg.ca
    Website: www.gwmg.ca