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Great Western Minerals Group Enters Into Advisory Agreement With Byron Securities

SASKATOON, SASKATCHEWAN--(Marketwire - 12/13/10) - Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX-V:GWG - News)(Pinksheets:GWMGF - News) announces that it has entered into an advisory agreement (the "Agreement") with Byron Securities Limited ("Byron").Byron will, on a non-exclusive basis, facilitate GWMG's access to capital markets and identify potential acquisition, divestiture or merger targets. In addition, Byron will provide strategic advice intended to maximize shareholder value, assist in strategic marketing initiatives and assist GWMG in structuring future transactions.GWMG will pay Byron a total fee of $360,000, payable in common shares of the Corporation (the "Shares") in six equal monthly installments of $60,000, beginning December 15, 2010. The issue price of the Shares will be determined by the 10-day VWAP on the last trading day of each month.Jim Engdahl, President and Chief Executive Officer of GWMG said, "Engaging Byron to provide strategic advisory services will be valuable to our Company, given Byron's knowledge of the Rare Earths industry and the wide array of development options available, as our Company moves toward becoming a fully integrated Rare Earths producer. We anticipate significant activity in this sector over the next year and Byron will be able to assist GWMG in understanding the opportunities and challenges during this time."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 20.8% 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.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.