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Great Western Minerals Group Renews Contract With Investor Relations Firm

SASKATOON, SASKATCHEWAN--(Marketwire - 02/10/11) - Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX-V:GWG - News) (Pinksheets:GWMGF - News) announced today that it has renewed its existing investor relations agreement with Stone Communication Services Limited ("SCS") of Toronto, Ontario (the "Agreement").SCS specializes in the execution of tailored, strategic communication programmes for emerging companies and will introduce GWMG to Stone Communications' network of brokers, analyst and portfolio managers. SCS is a wholly owned subsidiary of Stone Investment Group.The Agreement has a term of two years, pursuant to which SCS will provide investor relations services to GWMG including the development of investor relations strategies relating to advertising programs and investor awareness and fostering broker and analyst interest in the Company's activities. Subject to regulatory approval, as compensation for its services SCS will receive a retainer fee of $4,000 per month, reimbursement for related expenses and an aggregate of 1,500,000 options to purchase common shares in the capital of GWMG pursuant to the terms of GWMG's stock option plan (the "Options"). 375,000 Options will vest immediately and an additional 375,000 Options will vest every three months thereafter, with all Options having an exercise price of $1.05.Jim Engdahl, President and CEO of Great Western Minerals Group said, "We are very pleased to continue our relationship with Stone Communications, their efforts have been invaluable."About Great Western Minerals Group Ltd.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 produced at the former producing Steenkampskraal mine in South Africa and holds 70.2% ownership in Rare Earth Extraction Co. Limited, the owner of the Steenkampskraal mine. GWMG also holds interests in seven 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, 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.