SASKATOON, SASKATCHEWAN–(Marketwire – Dec. 31, 2007) – Great Western Minerals Group Ltd. (TSX VENTURE:GWG) (PINK SHEETS:GWMGF) (“GWMG” or the “Company”) is pleased to announce that, further to the press releases of 14 December 2007 and 19 December 2007, it has completed two non-brokered private placements for a total of 10,750,000 Common Flow-Through Shares at $0.40 per Common Share for total gross proceeds of $4,300,000. Cash finder’s fees of $187,000 were paid to accredited agents.
The proceeds from this financing will be used for additional drilling on the Hoidas Lake project and for the construction of a pilot plant.
Jim Engdahl, President and CEO of Great Western Minerals Group says, “We are very pleased with the overwhelming level of interest that was expressed in these placements. We can now accelerate our exploration and development plans as we move into 2008.”
Engdahl adds, “We sincerely appreciate the support we received from our shareholders during a challenging period in the mineral exploration sector in 2007. We wish everyone the best for this holiday season and look forward to a very exciting year ahead for Great Western Minerals Group and its shareholders.”
Great Western Minerals Group is a Canadian-based company exploring for, and developing, strategic metal resources in North America. Pursuing a vertically-integrated business model, the Company’s wholly-owned subsidiary Great Western Technologies Inc., located in Troy, Michigan, produces a variety of specialty alloys for use in the battery, magnet and aerospace industries. These “designer” alloys include those containing copper, nickel, cobalt and rare earth elements.
James Engdahl, President
Cautionary Statement on Forward-Looking Information: The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors may also affect the actual results achieved by the Company.
CUSIP: 39141Y 10 3
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
For more information, please contact
Great Western Minerals Group Ltd.
Manager of Investor Relations