RAB Special Situations (fka RAB)

[Ed Monton]

RAB SPECIAL SITUATIONS L.P./Great Western Minerals Group
Ltd.-Announcement

LONDON, UNITED KINGDOM--(CCNMatthews - Jul 2, 2004) - RAB Special
Situations L.P. ("RAB") announces that RAB entered into a
Subscription Agreement with Great Western Minerals Group Ltd. GWG
(the "Company") where RAB subscribed for a total of 5,000,000
units of the Company (the "Units"), at a price of Cdn.$0.20 per
Unit (the "Private Placement"). Each Unit consists of one common
share of the Company (a "Share") and one share purchase warrant
(each whole warrant being a "Warrant"). Each Warrant entitles RAB
to purchase one Share for a period of two years after the closing
at a price of Cdn.$0.25 per Share. The transaction took place off
the market by way of private placement.

As part of the Private Placement, RAB acquired 5,000,000 Units
(representing approximately 26.45% of the issued and outstanding
Shares on a partially diluted basis (assuming exercise of its
Warrants) ("Partially Diluted Basis")). RAB has ownership of and
control over the securities purchased in the Private Placement.

Immediately after the Private Placement, RAB owned 5,000,000
Shares and 5,000,000 Warrants, collectively representing
approximately 26.45% of the issued and outstanding Shares on a
Partially Diluted Basis.

RAB purchased Units for investment purposes only and not with the
purpose of influencing the control or direction of the Company.
RAB may, subject to market conditions, make additional
investments in or dispositions of securities of the Company in
the future, including additional purchases of Shares. RAB does
not, however, intend to acquire 20% of any class of the
outstanding voting or equity securities of the Company.

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FOR FURTHER INFORMATION PLEASE CONTACT:
RAB Special Situations L.P.
Mr. Neil Warrender
(44) 20-7389-7000
(44) 20-7389-7054 (FAX)
[e-mail]
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.