GREAT WESTERN MINERALS GROUP LTD

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

July 2, 2008

GREAT WESTERN MINERALS GROUP COMPLETES ACQUISITION OF LESS COMMON METALS LTD.

Saskatoon Saskatchewan, July 2, 2008. Great Western Minerals Group Ltd. ("GWMG" or the "Company") announces that, with respect to the acquisition that was previously announced on June 9, 2008 and a follow up press release of June 19, 2008, the Company has acquired all of the issued and outstanding shares of Less Common Metals Ltd. ("LCM") of Birkenhead, United Kingdom.

The purchase price is �4,000,000 (approximately C$7,880,000), funded as follows:

(i)  �1,500,000 in cash, funded through financing in the UK; and
(ii) GWMG has issued a �2,500,000 Convertible Debenture and 750,000 common share purchase Warrants to the Vendors.

The Convertible Debenture has a two year term and is convertible only at maturity or default at the market price of the Company's common shares at the end of the two-year term. The Company may redeem the Convertible Debenture at any time prior to conversion upon payment in full, and payment of an aggregate fee of �300,000. The Convertible Debenture bears interest at a rate of 10% per annum, payable quarterly. Security for the Convertible Debenture is 4,275,000 common shares of Vaaldiam Resources Ltd. held by the Company and the shares of Great Western Technologies Inc., a wholly owned subsidiary of the Company.

The Warrants have a term of two years and are convertible into common shares of the Company at a price of C$0.30 per common share.

In addition, Russell Grant, Chairman of LCM, and Gerry Mulder (representative of the major shareholder) have agreed to join the GWMG advisory board. Mr. Mulder and Mr. Grant bring over 40 years experience to GWMG in the specialty metals and Rare Earth markets around the world.

"There was a concerted effort by GWMG and LCM to conclude these negotiations so that we can move ahead with our business activities, and we appreciate everyone's efforts", said Jim Engdahl, President and CEO of Great Western Minerals Group. Engdahl adds, "This now completes the LCM acquisition which is a critical part of our "Mine-to-Market" strategy as it now adds several major end users of Rare Earth material as clients of GWMG and LCM. We can now focus our efforts on moving forward aggressively with our advanced, flagship property at Hoidas Lake."

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 Ltd. located in Birkenhead UK, and Great Western Technologies Inc., located in Troy, Michigan, produces a variety of specialty alloys for use in the automotive, battery, magnet and aerospace industries.

Jim Engdahl.
President

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.

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