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Great Western Minerals Group Acquires 70.2% of Rareco Shares to Date

SASKATOON, SASKATCHEWAN--(Marketwire - 01/24/11) - Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX-V:GWG - News) (Pinksheets:GWMGF - News) announces that it has, to date, acquired 70.2% of all outstanding shares (the "Rareco Shares") of Rare Earth Extraction Co. Limited ("Rareco").As at today, GWMG has received and paid for 33,528,308 of the 47,764,700 Rareco shares outstanding. The offer for the remaining shares is open until February 28, 2011.As previously announced (see GWMG Media Release of December 21, 2010: "Great Western Minerals Group Delivers Offer Circular To Rareco Shareholders"), GWMG made an all-cash offer for all remaining ordinary shares in Rareco that GWMG did not already own."This is a pivotal moment in the execution of GWMG's corporate strategy to become a fully integrated, global Rare Earth producer," said GWMG President and Chief Executive Officer Jim Engdahl. "We are extremely pleased to see this level of interest in tendering Rareco shares to Great Western Minerals Group."Jim Engdahl, President and CEOGreat Western Minerals Group Ltd. is an integrated Rare Earths processor. Its specialty alloys are used in the battery, magnet and aerospace industries. Produced at the Company's wholly owned subsidiaries Less Common Metals Limited in Birkenhead, U.K. and Great Western Technologies Inc. in Troy, Michigan, these alloys contain aluminium, nickel, cobalt and Rare Earth Elements. As part of the Company's vertical integration strategy, GWMG has signed an Off-take Agreement for 100% of the Rare Earth Elements produced at the former producing Steenkampskraal mine in South Africa and holds 70.2% ownership in Rare Earth Extraction Co. Ltd., the owner of the Steenkampskraal mine. GWMG also holds interests in seven Rare Earth exploration and development properties in North America.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.