SASKATOON, SASKATCHEWAN--(Marketwire - 07/14/11) - Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX-V:GWG - News) (OTCQX: GWMGF) is pleased to announce that it has completed the acquisition of 100% of the shares of Rare Earth Extraction Co. Limited ("Rareco").GWMG initiated and completed the exercise of its rights to compel the acquisition of the remaining shares of Rareco that it did not already hold under Section 440K of the Companies Act (South Africa).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 entitled 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")."This final step in the acquisition of 100% of the shares of Rareco further positions GWMG to execute its fast track development strategy at the Steenkampskraal Rare Earth project," said GWMG President and Chief Executive Officer Jim 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. GWMG holds 100% equity ownership in Rare Earth Extraction Co. Limited, which owns a 74% equity interest in 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 firstname.lastname@example.org 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.