News Release

TSX Venture Symbol: GWG
USA OTC Symbol: GWMGF
CUSIP: 39141Y 10 3

December 13, 2006

Financing Closed

Gary Billingsley, Chairman, is pleased to report that the first tranche of the brokered private placement announced November 7, 2006 has closed.

With D&D Securities Company ("D&D") acting as lead agent, the Company is issuing 4,434,000 flow-through common shares at $0.50 per share and 658,000 non-flow-through common shares at $0.43 per share for total proceeds of $2,499,940. The Company is also issuing 4,434,000 share purchase warrants to purchase 4,434,000 non-flow-through common shares at $0.70 per share for a two-year period, and 658,000 share purchase warrants to purchase 658,000 non-flow-through common shares at $0.60 per share for a two-year period.

D&D and its sub-agents received the following commissions: $173,385.80; agent's warrants entitling the holder to purchase 351,040 common share of the Company at a price of $0.50 for 18 months; and agent's warrants entitling the holder to purchase 52,640 common shares of the Company at a price of $0.43 for 18 months.

A total of 18 placees participated. There is a four-month hold period on all of the securities issued in connection with the private placement, including the agent's warrants and underlying shares, expiring April 7, 2007.

In addition to working with D&D, the Company is pleased to be working with MineralFields Group, a significant placee in the offering.

The proceeds will be used to advance the Company's Hoidas Lake rare earth project in northern Saskatchewan and for general working capital.

Gary L. Billingsley, C.A. , P.Eng., P.Geo.
Chairman

For further information contact Gord Dent at (306) 668-0701. All email inquiries should be made to info@gwmg.ca info@gwmg.ca (website: www.gwmg.ca ) Direct mail: Great Western Minerals Group Ltd., 226 Cardinal Crescent , Saskatoon , SK S7L 6H8

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