Great Western Minerals Group Ltd. (TSX VENTURE:GWG) (OTCQX:GWMGF) ("GWMG" or the "Company") is pleased to announce that the Company and a syndicate of agents co-led by Byron Capital Markets Ltd. ("Byron") and Cormark Securities Inc. ("Cormark") and including GMP Securities LP ("GMP") (collectively, the "Agents") have priced the Company's previously announced private placement (the "Offering"). The Agents will offer an aggregate of 23,810,000 of common shares (the "Offered Shares") of the Company at a price of $0.63 per share (the "Offering Price"). In addition, the Company has granted the Agents an option, exercisable at any time up to 48 hours prior to closing of the Offering, to place up to an additional 3,571,500 Offered Shares at the Offering Price for additional gross proceeds of $2.25 million, if the option is exercised in full. The Company expects that closing of the Offering will occur on or before November 10, 2011.