Great Western Minerals announces closing of flow-through financing



    
    /NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/

    TSX Venture Exchange Symbol: GWG
    Pink Sheets:   GWMGF
    

    SASKATOON, Sept. 8 /CNW/ - Great Western Minerals Group Ltd. ("GWMG" or
the "Company") is pleased to announce that it has closed its previously
announced private placement financing (the "Offering"). The Company issued
8,790,000 common shares in the capital of the Company on a flow-through basis
pursuant to the Income Tax Act (Canada) ("Flow-Through Shares") at price of
$0.25 per Flow-Through Share for aggregate gross proceeds of $2,197,500.
    Pursuant to the terms of the agency agreement between the Company and
each of Research Capital Corporation ("Research Capital") and Dundee
Securities Corporation (collectively, the "Agents"), Research Capital acted as
lead agent with respect to the Offering. As consideration for their services,
the Agents received an aggregate cash commission of $153,825 and 615,300
non- transferable common share purchase warrants ("Compensation Warrants").
Each Compensation Warrant entitles the holder thereof to purchase one common
share in the capital of the Company on a non flow-through basis at $0.25 per
common share on or before September 8, 2010.
    The Flow-Through Shares and the Compensation Warrants (including any
common shares issuable upon exercise thereof) are subject to a four month hold
period expiring January 9, 2009, in accordance with applicable securities
legislation and TSX Venture Exchange policies.
    Jim Engdahl, President and CEO of the Company said, "The current market
conditions have been challenging for many exploration companies for several
months now, and we certainly appreciate the confidence and support of the
investors in this financing. This will allow us to continue with our
development activities on Hoidas Lake, including further analysis of the assay
results from our winter and summer drilling programs and completion of our
metallurgical testing."

    
    Jim Engdahl
    President
    

    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, 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 the rare
earth elements.

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

    Certain information set out in this News Release constitutes
forward-looking information, including information relating to the
Flow-Through Shares. 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 the Company 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, obtaining regulatory approval, risks, uncertainties and other factors that
are beyond the control of the Company, 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, risks associated with the uncertainty of reserve estimates,
health and safety risks and the uncertainty of estimates and projections of
production, costs and expenses. 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 the Company 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. The
forward-looking statements of the Company contained in this press release, or
incorporated herein by reference, are expressly qualified, in their entirety,
by this cautionary statement.

    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities of the Company in any jurisdiction.
The securities to be issued pursuant to the Offering by the Company have not
and will not be registered under the United States Securities Act of 1933, as
amended (the "1933 Act"), or the securities laws of any state of the United
States, and may not be offered or sold in the United States absent
registration or an applicable exemption therefrom under the 1933 Act and the
securities laws of all applicable states.

    %SEDAR: 00007501E




For further information:

For further information: Ron Malashewski, Manager of Investor Relations
at (306) 659-4500; Email inquiries should be made to info@gwmg.ca and the
company website is located at www.gwmg.ca; Inquiries by direct mail should be
addressed to Great Western Minerals Group Ltd., 226 Cardinal Crescent,
Saskatoon, SK, S7L 6H8

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Great Western Minerals Group Ltd.

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