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Great Western Minerals Group to Launch Steenkampskraal Exploration Program

SASKATOON, SASKATCHEWAN--(Marketwire - 02/23/11) - Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX-V:GWG - News) (Pinksheets:GWMGF - News) announces that it has committed to an exploration program at the Company's Steenkampskraal site in South Africa in conjunction with the ongoing feasibility work being carried out by SRK Consulting.GWMG will invest a minimum of $1.5 Million (Cdn.) in an exploration program, on site and regionally, that is scheduled to commence immediately upon receipt of the National Nuclear Regulator ("NNR") approval for the on-site work program at Steenkampskraal related to the Bankable Feasibility Study currently being prepared by SRK Consulting. The NNR approval is expected within the first quarter of 2011.The Steenkampskraal Mine produced a monazite concentrate between 1952 and 1963. Monazite is a rare earth-bearing phosphate mineral that has been commercially processed globally for many years.There has been very limited exploration work carried out on the property historically, and when mining was stopped, due to thorium market conditions, the deposit had only been mined to a depth of approximately 100 metres. The Company recently purchased an extensive database of information from Anglo American PLC, the previous mine operators, which is invaluable in helping identify on site target areas for additional resources. Geologically, the mineralization is thought to have a magmatic source and part of the exploration program will include diamond drilling to test the potential for additional resources at depth and along strike.The Steenkampskraal mine is located approximately 70 kilometers north of the town of Vanrhynsdorp and approximately 350 kilometers northwest of Cape Town in the Western Cape Province of South Africa.Jim Engdahl, President and Chief Executive Officer of Great Western Minerals Group said, "Historical data suggests there is an opportunity to significantly expand on the potential of the Steenkampskraal deposit, a strategy that is very important to GWMG. The commitment to launch an exploration program, at the same time we are completing our feasibility work, is indicative of the focus that GMWG is placing on Steenkampskraal as a vital component of our Company's plans to be a vertically integrated Rare Earths producer."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. Limited, the owner of the Steenkampskraal mine. GWMG also holds interests in seven Rare Earth exploration and development properties in North America.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.