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Great Western Minerals Group to Acquire 100% of Rare Earth Extraction Co. Limited

SASKATOON, SASKATCHEWAN--(Marketwire - 05/30/11) - Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX-V:GWG - News)(OTCQX: GWMGF) announces that it is exercising its rights under South African company law and has initiated the process to compel the acquisition of all of the remaining shares of Rare Earth Extraction Co. Limited ("Rareco") that it does not already hold, which will result in a 100% shareholding of Rareco by GWMG.To date, GWMG holds 93.1% of the issued and outstanding shares of Rareco. GWMG previously announced that it had posted an all-cash offer circular to the shareholders of Rareco on December 21, 2010 and had acquired the requisite 90% of Rareco shares, which entitles GWMG to initiate the compulsory acquisition provisions under Section 440K of the Companies Act (South Africa). (See December 21, 2010 GWMG News Release: "Great Western Minerals Group Delivers Offer Circular To Rareco Shareholders and March 2, 2011 GWMG News Release: "Great Western Minerals Group Completes Rareco Purchase").Jim Engdahl, President and Chief Executive Officer of GWMG said, "Moving to acquire 100% of Rareco furthers our Company's ability to execute its fast track schedule for the Steenkampskraal property." (See April 21, 2011 GWMG News Release: Great Western Minerals Group Targets Earlier Dates and Increased Output at Steenkampskraal Rare Earth Project).""In conjunction with the recent approval from the National Nuclear Regulator of South Africa for GWMG's work program at Steenkampskraal, our Company is in a very strong position to continue its rapid advancement, having executed the steps to acquire Rareco, right on schedule," added Engdahl.Great 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 to be produced at the former producing Steenkampskraal mine in South Africa and holds 93.1% equity ownership in Rare Earth Extraction Co. Limited, the owner of the Steenkampskraal mine. In addition to a planned exploration program at Steenkampskraal, GWMG also holds interests in six Rare Earth exploration and development properties in North America.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., 219 Robin Crescent, Saskatoon, SK S7L 6M8.Certain information set out in this News Release constitutes forward-looking information. 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 GWMG 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, the results of the exploration program, a resource estimate and commencement of production at Steenkampskraal, satisfaction of the conditions precedent with respect to GWMG's offtake agreement, receipt of all required approvals (including those relating to the commencement of production at the Steenkampskraal mine) and risks, uncertainties and other factors that are beyond the control of GWMG, 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 or resource 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 GWMG 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 GWMG contained in this News Release, or incorporated herein by reference, are expressly qualified, in their entirety, by this cautionary statement and the risk factors contained in GWMG's current annual information form available at www.sedar.com.CUSIP: 39141Y 10 3Neither 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.