FOR IMMEDIATE RELEASE

GREAT WESTERN MINERALS GROUP LTD. TERMINATES EXCLUSIVITY PROVISIONS

Saskatoon, Saskatchewan, May 4, 2009. Great Western Minerals Group Ltd.
("GWMG") announces that it has terminated the exclusive dealing provisions
of its non-binding letter of intent (the "Letter of Intent") with Molycorp
Minerals, LLC ("Molycorp") dated April 19, 2009. 

After discussing a possible loan from Molycorp to GWMG, the parties have
been unable to agree on the terms and conditions of such a loan by April 30,
2009 (as first disclosed in the press release of GWMG dated April 20, 2009),
and GWMG has therefore elected to terminate its exclusive dealing
obligations under the Letter of Intent in accordance with its terms. 

Pursuant to the Letter of Intent, Molycorp and GWMG have been in discussions
regarding a possible transaction with Molycorp.  Although GWMG is no longer
obligated to deal exclusively with Molycorp, GWMG's management is continuing
discussions with Molycorp with a renewed focus on Molycorp's possible
acquisition of GWMG's manufacturing assets.. 

After the Letter of Intent was announced, GWMG received several unsolicited
expressions of interest from third parties regarding GWMG.  Jim Engdahl,
President of GWMG said "these unsolicited expressions of interest are very
encouraging from management's perspective and we intend to explore all
possibilities that have the potential to create further synergies and add to
shareholder value".  Readers are cautioned that the expressions of interest
are in a very preliminary stage and no specific terms have been proposed or
discussed.  There is no assurance that such expressions of interest will
result in substantive discussions or any agreement(s).

Great Western Minerals Group Ltd. is a Canadian-based company exploring for,
and developing, strategic metal resources in North America and South Africa.
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, produce 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.

The TSX Venture Exchange has in no way passed upon the merits of a possible
transaction and has neither approved nor disapproved the contents of this
press release.

Mr. Jim Engdahl
President and Chief Executive Officer
Great Western Minerals Group Ltd.
Tel: (306) 659 4508


For additional information, please contact Ron Malashewski, Manager of
Investor Relations, Great Western Minerals Group (306) 659-4516, or by email
at info@gwmg.ca. Inquiries by direct mail should be addressed to Great
Western Minerals Group Ltd., 226 Cardinal Crescent, Saskatoon, SK S7L 6H8.

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 Great Western Minerals
Group and Molycorp Minerals, LLC 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 entering into
of a definitive agreement regarding any possible transaction, satisfaction
by both parties of any applicable valuation, risks, uncertainties and other
factors that are beyond the control of the GWMG or Molycorp, 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 GWMG and Molycorp believe that the
expectations reflected in the forward-looking statements set out in this
press release or incorporated herein by reference are reasonable, they can
give no assurance that such expectations will prove to have been correct.
The forward-looking statements of GWMG and Molycorp contained in this press
release, or incorporated herein by reference, are expressly qualified, in
their entirety, by this cautionary statement. 

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.

This news release shall not constitute an offer to sell or the solicitation
of an offer to buy securities of Great Western Minerals Group Ltd. in any
jurisdiction. The securities of Great Western Minerals Group Ltd.  have not
been registered under the Securities Act of 1933, as amended (the "1933
Act") and may not be offered or sold in the United States absent
registration or an applicable exemption  therefrom under the 1933 Act and
applicable state securities laws.

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