GWR Proposes To Extend and Amend Warrants

    ARMSTRONG, BC, Oct. 29 /CNW/ - GWR Resources Inc. ("GWR") (TSX Venture:
GWQ) has made an application to TSX Venture Exchange (the "Exchange") to
approve amendments to the terms of an aggregate of 4,393,995 currently
outstanding share purchase warrants (the "Warrants") of GWR issued pursuant to
its November 21, 2007 private placement with MineralFields Group. GWR's Board
of Directors has determined that it is in the best interests of GWR to effect
this amendment in order to encourage the exercise of the Warrants and
supplement GWR's working capital, and further to encourage MineralFields Group
to invest further into GWR in the foreseeable future. MineralFields Group has
been an important investor into GWR over the last couple of years, and GWR
looks forward to an ongoing, strong and mutually beneficial relationship with
    The Warrants currently entitle holders to acquire one non flow-through
common share (a "Share") of GWR until November 21, 2008, at an exercise price
of $1.75. Pursuant to the amendments, the expiry date of the Warrants would be
extended from November 21, 2008 to November 21, 2009. In addition, the
exercise price of the Warrants would be amended from $1.75 per Share to an
exercise price of: (i) $0.35 per Share, if the amended Warrants are exercised
in the period from the date of the amended Warrants until December 31, 2008;
(ii) $0.50 per Share, if the amended Warrants are exercised in the period from
January 1, 2009 until March 31, 2009; (iii) $0.65 per Share, if the amended
Warrants are exercised in the period from April 1, 2009 until June 30, 2009;
(iv) $0.80 per Share, if the amended Warrants are exercised in the period from
July 1, 2009 until September 30, 2009; and (v) $0.95, if the amended Warrants
are exercised in the period from October 1, 2009 until November 21, 2009.
    If during the term of the amended Warrants, the closing price of GWR's
common shares on the Exchange exceeds during a period of 10 consecutive
trading days (the "Premium Trading Days") the applicable exercise price by the
following private placement discount: (i) 25%, if the amended Warrant is
exercised on or before March 31, 2009; and (ii) 20%, if the amended Warrant is
exercised on or after April 1, 2009, then the amended expiry date will be
deemed to be automatically accelerated as a result of which the amended
Warrants will expire on earlier of the 37th calendar day following the tenth
Premium Trading Day and November 21, 2009. All other terms and conditions of
the Warrants are proposed to remain unchanged.
    GWR expects to receive Exchange approval to the proposed amendments to
the Warrants shortly, and will issue a further news release once such approval
is obtained.

    ABOUT GWR - GWR Resources Inc. is a British Columbia company with its
exploration office in Lac La Hache, British Columbia. GWR's property is
comprised of approximately 65 square kilometres of contiguous claim groups
located approximately 17 kilometres north northeast of Lac La Hache in south
central British Columbia. The property is accessed by approximately
30 kilometres of all weather logging roads. Lac La Hache is located on B.C.
Highway 97, and is serviced by B.C. Rail, B.C. Hydro, and natural gas.
Operations on the property may be carried out 12 months of the year. GWR has
accumulated the property and conducted exploration since 1988.

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

For further information:

For further information: Responsible Officer: Irvin Eisler, President,
Company Telephone Number: (250) 546-8048

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