News Release

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

May 29, 2007

Private Placement Closed

The Company reports that it has closed its non-brokered private placement announced May 18, 2007 which was fully subscribed for $ 1,564,470 in non-flow-through funding. This offering consisted of units priced at $0.40 per unit with each unit consisting of one common share and one share purchase warrant exercisable into a common share at $0.55 for 24 months. A 5% commission was paid on a portion of the proceeds.

The funds will be used to add to our working capital position.

Great Western Minerals Group Ltd. continues to advance its goal of becoming the only fully-integrated Rare Earth producer in the world in its efforts to develop the 100 percent-owned Hoidas Lake rare earth deposit in northern Saskatchewan. The Company's wholly-owned subsidiary, Great Western Technologies Inc., owns and operates manufacturing facilities in Troy, Michigan, currently producing advanced materials for the alternative energy and special alloy markets.

James Engdahl
President and CEO

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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