News Release

August 29, 2007

Great Western Minerals Group Ltd. Aguires Interest in Second North American Rare Earth Project

Great Western Minerals Group Ltd. ("GWMG" or the "Company") is pleased to announce that, further to the news release issued August 13, 2007, it has acquired an interest in a rare earth-bearing property in Utah, United States, from Titan Mining Group ("Titan").

The 17,094 hectare property is located near Salt Lake City in Juab County which, at one time, was considered to be one of the richest mining districts in the United States. The property is easily accessible, with rail, roads, and power located adjacent to the property.

Under the terms of the purchase agreement (the "Purchase Agreement"), GWMG will pay an aggregate of US$4.3 million to Titan to earn an immediate 25% interest in the rare earth elements ("REEs") contained in the property and will have the exclusive right to explore for REEs.

"We can't over-emphasize how important this project could be in establishing GWMG as a major rare earth producer outside of China", says Jim Engdahl, President of GWMG. He adds, "We feel this property has tremendous potential and could perfectly complement our Hoidas Lake project, which has a high proportion of neodymium. Since dysprosium is used with neodymium in the magnet industry, this property could provide a complete 'made in North America' supply solution to magnet manufactures and other industrial users of REEs".

Gary L. Billingsley, P.Eng., P.Geo., is the Qualified Person responsible for reviewing the contents of this release.

Great Western Minerals Group Ltd., 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 the rare earth elements.

Jim Engdahl
President

Cautions Regarding Forward-Looking Statements

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. Forward-looking statements are based upon the opinions, expectations and estimates of management of the Company 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, risks, uncertainties and other factors that are beyond the control of the Company, 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 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 the Company 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 the Company contained in this press release, or incorporated herein by reference, are expressly qualified, in their entirety, by this cautionary statement.

For further information please contact Ron Malashewski, Manager of Investor Relations at (807) 467-8847. All email inquiries should be made to info@gwmg.ca and the company website is located at www.gwmg.ca. Inquiries by direct mail should be addressed to Great Western Minerals Group Ltd., 226 Cardinal Crescent, Saskatoon, SK S7L 6H8

(The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release)