Great Western Minerals Group Ltd.

Great Western Minerals Group Ltd.

November 10, 2008 15:49 ET

Great Western Minerals Group to Issue Shares

SASKATOON, SASKATCHEWAN--(Marketwire - Nov. 10, 2008) - Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX VENTURE:GWG) (PINK SHEETS:GWMGF) announces that, subject to the approval of the TSX Venture Exchange, the Company will issue a total of 1,339,961 common shares of GWMG at a price of $0.09 per share for a total value of $120,596.54 to settle outstanding debt obligations.

Specifically, 564,156 shares will be issued to Bennett Jones, LLP for a value of $50,774.06; JD Mollard and Associates Limited will receive 639,865 shares for a value of $57,587.86; and Transwest Air will receive 135,940 shares for a value of $12,234.62. All shares issued will be subject to a 4-month hold period following their issue.

Jim Engdahl, President, Great Western Minerals Group says, "We appreciate the consideration of these suppliers to accept payment in shares of GWMG. We want to ensure that we maintain sufficient cash for operations while keeping current with those providing services to us."

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 Ltd. 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.

Jim Engdahl., President

CUSIP: 39141Y 10 3

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

Contact Information

  • Great Western Minerals Group Ltd.
    Ron Malashewski
    Manager of Investor Relations
    (306) 659-4500
    Great Western Minerals Group Ltd.
    226 Cardinal Crescent
    Saskatoon, SK S7L 6H8