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

Great Western Minerals Group Ltd.

December 18, 2008 12:45 ET

Great Western Minerals Announces Flow Through Private Placement

SASKATOON, SASKATCHEWAN--(Marketwire - Dec. 18, 2008) -

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 a non-brokered private placement financing of up to 3,333,333 Units at a price of $0.06 per unit, for total proceeds of up to C$200,000 subject to regulatory approval.

Each Unit consists of one flow-through common share of the Company plus one-half share purchase warrant. Each full share purchase warrant will be exercisable into one non-flow-through common share of the Company, at a price of C$0.20 per share.

The shares issued under this private placement will be subject to a four month hold period under applicable Canadian securities legislation. The Company plans to use the proceeds for exploration and development of its Canadian properties. The flow-through expenses will constitute Canadian Exploration Expenses (as defined in the Income Tax Act) and such expenses will be renounced for the 2008 taxation year.

This placement is expected to close on or about December 22, 2008, or sooner at the discretion of the Company.

About Great Western Minerals Group Ltd.

Great Western Minerals Group Ltd. 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 subsidiaries of Less Common Metals Limited located in Birkenhead UK, and Great Western Technologies Inc., located in Troy, Michigan, produce a variety of specialty alloys for use in the battery, magnet and aerospace industries. These "designer" alloys include those containing copper, nickel, cobalt and the rare earth elements.

Cautionary Statement on Forward-Looking Information: The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

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.

CUSIP: 39141Y 10 3

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) 659-4500
    or
    Great Western Minerals Group Ltd.
    226 Cardinal Crescent
    Saskatoon, SK S7L 6H8
    Email: info@gwmg.ca
    Website: www.gwmg.ca