GWMG has reported its results under International Financial Reporting Standards. For the three months ended March 31, 2011, GWMG's financial summary and highlights are as follows:

• Manufacturing / processing revenues from GWMG's wholly owned subsidiaries Less Common Metals Limited ("LCM") and Great Western Technologies Inc. represent a 9.0% increase over the first quarter of 2010.
• Gross margins on manufacturing / processing operations represent a 3.2% increase over the same period of 2010.
• The net consolidated loss for the first quarter of 2011 of $3.2 million ($.009/share on a fully diluted basis) includes stock based compensation of $1.7 million. The GWMG net loss of $0.7 million ($0.003/share) in the first quarter of 2010 included stock based compensation of nil.
• GWMG completed the first quarter of 2011 with $14.9 million in cash on hand compared to $6.1 million as of the same time in 2010.

Less Common Metals Limited results for Q1 of 2011 include the following highlights:

• Gross margins increased 20.0% compared to the first quarter of 2010 and EBITDA increased 30.8% compared to the first quarter of 2010.
• Revenues were significantly higher than budgeted figures for the first quarter of 2011.

GWMG President and Chief Executive Officer Jim Engdahl said, "Great Western Minerals Group continues to see significant improvements in revenue and margin performance in our LCM alloy processing operations. As well, our improved cash position relative to the same time last year is important given our Company's aggressive development plans at Steenkampskraal and our expansion plans for Less Common Metals. The influx of cash from the exercise of outstanding warrants continues to put our Company in a much stronger position than has been the case in the past."

Subsequent to quarter end the Company has taken actions as majority shareholder to complete the purchase of the remainder of the outstanding Rare Earth Extraction Co. Limited ("Rareco") shares as provided for under South African law. As of June 6, 2011 the Company had acquired further shares of Rareco, bringing the Company's ownership interest to 95.4%.

Great Western Minerals Group Ltd. is an integrated Rare Earths processor. Its specialty alloys 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 aluminium, nickel, cobalt and Rare Earth Elements. As part of the Company's vertical integration strategy, GWMG has signed an Off-take Agreement for 100% of the Rare Earth Elements to be produced at the former producing Steenkampskraal Mine in South Africa. GWMG holds 95.4% equity ownership in Rare Earth Extraction Co. Limited, which owns a 74% equity interest in the formerly producing Steenkampskraal Mine in South Africa. In addition to a planned exploration program at Steenkampskraal, GWMG also holds interests in six Rare Earth exploration and development properties in North America.

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