Great Western Minerals Group LTD. Announces Pricing on Previously Announced $15 Million Private Placement

Great Western Minerals Group Ltd. announced that the Company and a syndicate of agents co-led by Byron Capital Markets Ltd. and Cormark Securities Inc. and including GMP Securities LP (collectively, the 'Agents') have priced the Company's previously announced private placement (the 'Offering'). The Agents will offer an aggregate of 23,810,000 of common shares (Offered Shares) of the Company at a price of $0.63 per share (Offering Price). In addition, the Company has granted the Agents an option, exercisable at any time up to 48 hours prior to closing of the Offering, to place up to an additional 3,571,500 Offered Shares at the Offering Price for additional gross proceeds of $2.25 million, if the option is exercised in full. The Company expects that closing of the Offering will occur on or before November 10, 2011. The Offered Shares will be subject to a four month hold period under applicable Canadian securities legislation. The Company plans to use the proceeds for the continued development of its Steenkampskraal project in South Africa as well as for general corporate purposes. The Agents will receive an aggregate cash commission of 5% of the gross proceeds of the Offering. Closing of the Offering is subject to all applicable regulatory approvals, including the final acceptance of the TSX Venture Exchange. Readers are cautioned that there is no guarantee the Offering will be completed on the terms proposed, or at all.