Great Western Minerals Group announces closing of early exercise warrant incentive program



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

    TSX Venture Exchange Symbol: GWG
    Pink Sheets:   GWMFG
    

    SASKATOON, Aug. 20 /CNW/ - Great Western Minerals Group Ltd. ("GWMG" or
the "Company") announces that the exercise period of the Company's early
exercise warrant incentive program (the "Program") ended effective 5:00 p.m.
(Saskatoon time) on August 19, 2008. The Program was previously announced in
the Company's press release dated July 18, 2008.
    Existing holders of common share purchase warrants (the "Warrants")
exercised an aggregate of 2,613,200 Warrants at a price of $0.275 per Warrant
for aggregate proceeds of $718,630.00. Exercising warrantholders will receive
one common share in the capital of the Company ("Common Shares") and one-half
of one Common Share purchase warrant (each an "Incentive Warrant") for each
Warrant exercised pursuant to the Program. Each whole Incentive Warrant shall
entitle the holder thereof to purchase one Common Share for a period of
24 months following the date of issuance at a price of $0.35 per Incentive
Warrant. Each Incentive Warrant, and any Common Shares issuable upon the
exercise thereof, will be subject to a four month hold period commencing upon
the date of issuance of such Incentive Warrant. Certificates representing the
Common Shares and Incentive Warrants issuable pursuant to the Program will be
issued as soon as is administratively practicable.
    The Incentive Warrants are not held by a sufficient number of persons to
meet the listing requirements of the TSX Venture Exchange and, as such, will
not be listed for trading.
    All Incentive Warrants will be issued pursuant to a warrant indenture
dated August 20, 2008, entered into between the Company and Computershare
Trust Company of Canada.
    Warrants of the Company which have not been exercised pursuant to the
Program remain outstanding and continue to be exercisable for Common Shares on
the same terms applicable to such Warrants as they existed prior to the
Program.
    Pursuant to the terms of an engagement letter dated May 27, 2008,
Research Capital Corporation ("RCC") agreed to act as lead soliciting agent
and financial advisor to the Company in connection with the Program with
PowerOne Capital Markets Limited ("PowerOne") acting as sub-agent. Pursuant to
the terms of the engagement letter, RCC has received to a work fee of $35,000
in cash. RCC and PowerOne will receive an aggregate success fee of $43,117.80
payable in cash or, subject to regulatory approvals, payable in common shares
of the Company at a price of $0.25 per common share.

    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 Ltd. 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 Incentive
Warrants. 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.

    %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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