Great Western Minerals Provides Update Regarding Convertible Bond Restructuring and Annual Financial Statement Filing; Applies for Management Cease Trade Order

SASKATOON, SK--(Marketwired - Mar 30, 2015) - Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX VENTURE: GWG) (OTCQX: GWMGF) provides an update regarding its cash position and discussions with a steering committee of holders (the "Steering Committee") of its US$90 million 8.00 percent Secured Convertible Bonds due 2017 (the "Convertible Bonds"), as well as its annual financial statement filing and application for a management cease trade order.

As of March 30, 2015, the Company had consolidated cash and cash equivalents of approximately C$5.2 million. The next interest payment on the Convertible Bonds of approximately C$4.5 million (US$3.6 million) is due on April 7, 2015.

As previously disclosed, the Company has been engaged in discussions with the Steering Committee regarding a potential restructuring of the Convertible Bonds. As of today, those discussions have not resulted in the Company and the Steering Committee entering into a binding agreement with respect to a restructuring of the Convertible Bonds.

The Company is exploring strategic alternatives to a consensual restructuring of the Convertible Bonds in the event an acceptable binding agreement with the Steering Committee cannot be reached in a timely manner. Those strategic alternatives may include the initiation of a sale or investment solicitation process with respect to the Company's assets and business and/or the commencement of proceedings under applicable restructuring legislation. The Company has engaged PricewaterhouseCoopers and continues to retain its financial advisor, CIBC World Markets Inc., to assist in its review of strategic alternatives.

The Company also announces that, as a result of the above circumstances, it will not be able to file its audited annual financial statements for the year ended December 31, 2014 (the "Financial Statements"), its management's discussion and analysis on the Financial Statements, the CEO and CFO certificates in respect of the Financial Statements and its annual information form for the year ended December 31, 2014 (collectively, the "Reporting Documents") by March 31, 2015.