News Release

TSX Venture Symbol: GWG
US Symbol: GWMGF
CUSIP 3914Y 10 3

November 5, 2008

GREAT WESTERN MINERALS CLOSES PRIVATE PLACEMENT FINANCING

November 5, 2008 – Saskatoon, Saskatchewan – Great Western Minerals Group Ltd. ("GWMG" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement financing for Flow-Through and Non-Flow-Through Units.

The Company issued a total of 8,752,101 shares at price of $0.09 and 213,595 warrants, exercisable at $0.20 until 31 October 2010. Aggregate gross proceeds from this financing were $787,689. Total commissions of $32,880 were paid, resulting in net proceeds of $754,809.

The proceeds of this financing will be used for exploration and development of the Company’s properties and for general corporate expenses. The Flow-Through expenses will constitute Canadian Exploration Expenses (as defined in the Income Tax Act) and such expenses will be renounced for the 2008 taxation year. The shares issued under this private placement will be subject to a four month hold period under applicable Canadian securities legislation.

Jim Engdahl, President and CEO of Great Western Minerals Group, says “We thank all of those who supported this financing, including new and existing shareholders, management, employees and directors of Great Western Minerals Group. With this financing, we will maintain our momentum on key activities and continue to move forward with our plans.”

Jim Engdahl.
President

About Great Western Minerals Group Ltd.

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 subsidiaries of Less Common Metals Limited located in Birkenhead UK, and 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.

For further information, please contact Ron Malashewski, Manager of Investor Relations at (306) 659-4500. 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.

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.

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

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company in any jurisdiction.  The securities to be issued pursuant to the Offering by the Company have not and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.