GREAT WESTERN MINERALS GROUP LTD. TSX Venture Symbol: GWG CUSIP: 39141Y 10 3OTCQX: GWMGF GREAT WESTERN MINERALS GROUP RELEASES 3rd QUARTER 2012 FINANCIAL RESULTS November 29, 2012 - Saskatoon, Canada: Great Western Minerals Group Ltd. ("GWMG" or the "Company", TSX:V – GWG) today announced its financial results for the 3rd Quarter of 2012. GWMG has reported its results under International Financial Reporting Standards. For the three months and nine months ended September 30, 2012, GWMG’s financial summary and highlights are as follows: Three months ended September 30/12Three months ended September 30/11Nine months ended September 30/12Nine months endedSeptember 30/11Revenue $ 4,786,838 $ 4,214,616 $ 12,897,685 $ 13,630,390Gross Margins $ 1,161,107 $ 1,656,462 $ 3,949,118 $ 4,635,237Earnings (Loss) $ (3,627,912) $ (2,299,266) $ (6,521,005) $ (10,276,921) Earnings (Loss) per share $ (0.009) $ (0.006) $ (0.016) $ (0.028) Less Common Metals Limited (“LCM”) results for Q3 of 2012 include the following highlights: Three months endedSeptember 30/12Three months ended September 30/11Nine months endedSeptember 30/12Nine months endedSeptember 30/11Revenue $ 4,718,693 $ 4,159,682 $ 12,669,607 $ 13,407,201Gross Margins $ 1,153,548 $ 1,670,141 $ 4,434,663 $ 4,906,603EBITDA $ 332,477 $ 950,212 $ 1,225,555 $ 2,367,046Earnings $ (109,827) $ 604,625 $ 275,575 $ 1,503,705 GWMG Interim President and Chief Executive Officer Robert Quinn said, “In the face of some tightening of the global rare earth market GWMG and LCM did manage to achieve higher revenues in the 3rd Quarter of 2012 compared to the same quarter of 2011. LCM EBITDA and earnings were reduced in the past quarter and year to date primarily as a result of the move to a new plant as well as the costs of installation of the new strip cast furnace. Both factors now provide a platform for improved financial performance going forward.” Great Western Minerals Group Ltd. intends to be an integrated rare earth producer. The Company currently produces specialty alloys which are used in the battery, magnet and aerospace industries. Produced at the Company’s wholly owned subsidiaries Less Common Metals Limited in Birkenhead, U.K. and Great Western Technologies Inc. in Troy, Michigan, these alloys contain aluminum, nickel, cobalt and rare earth elements. As part of the Company’s vertical integration strategy, GWMG also holds 100% equity ownership in Rare Earth Extraction Co. Limited, which owns a 74% equity interest in the Steenkampskraal Mine in South Africa. In addition to an exploration program at Steenkampskraal, GWMG also holds interests in four active rare earth exploration and development properties in North America. For further information, please contact Dwight Percy, Manager of Investor Relations at (306) 659-4516. 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., 219 Robin Crescent, Saskatoon, SK S7L 6M8.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain information set out in this News Release constitutes forward-looking information. 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 and which may be based upon information provided by third parties. Forward-looking statements are based upon the opinions, expectations and estimates of management of GWMG 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, the successful and timely completion of its preliminary economic assessment at Hoidas Lake; the successful and timely completion and the results of its preliminary economic assessment of the Steenkampskraal project, the construction, commissioning and operation of the proposed monazite processing facility and separation facility, mine refurbishment activities, reliance on third parties to meet projected timelines and commencement of production at Steenkampskraal; risks related to the receipt of all required approvals including those relating to the commencement of production at the Steenkampskraal mine, delays in obtaining permits, licenses and operating authorities in Canada, South Africa and China, environmental matters, water and land use risks; 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 resource estimates; health and safety risks; uncertainty of estimates and projections of production, costs and expenses; risks that future Hoidas Lake or Steenkampskraal and region exploration results may not meet exploration or corporate objectives; the adequacy of the Company’s financial resources and the availability of additional cash from operations or from financing on reasonable terms or at all; political risks inherent in South Africa and China; risks associated with the relationship between GWMG and/or its subsidiaries and communities and governments in Canada and South Africa, radioactivity and related issues, dependence on one mineral project; loss of, and the inability to attract, key personnel; the factors discussed in the Company’s public disclosure record; and other factors that could cause actions, events or results not to be as anticipated. 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 GWMG 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. Except as required by law, GWMG does not assume any obligation to update forward looking statements as set out in this news release. The forward-looking statements of GWMG contained in this News Release, or incorporated herein by reference, are expressly qualified, in their entirety, by this cautionary statement and the risk factors contained in GWMG's Professional Securities Market listing particulars available at www.sedar.com.
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