An anonymous director reports

GREAT WESTERN MINERALS PROVIDES UPDATE REGARDING CONVERTIBLE BONDS

Great Western Minerals Group Ltd. has provided an update regarding its $90-million (U.S.) 8.00-per-cent secured convertible bonds due 2017 governed by the trust deed dated April 5, 2012, between the company and Wilmington Trust (London) Ltd. as trustee.

As previously announced, the company did not make the interest payment on the convertible bonds of approximately $4.5-million ($3.6-million (U.S.)) that was due on April 7, 2015. Under the terms of the trust deed, the company had 14 days from the date interest was due and payable to make the interest payment on the convertible bonds. As of today, the company has not made the interest payment on the convertible bonds. As of April 17, 2015, the company had consolidated cash and cash equivalents of approximately $3.3-million.

The previously disclosed discussions between the company and a steering committee of holders of the convertible bonds regarding a potential restructuring of the convertible bonds have not resulted in the company and the steering committee entering into a binding agreement. The company continues to explore alternatives to a consensual restructuring of the convertible bonds, which may include the initiation of a sale or investment solicitation process in respect of the company's assets and business and/or the commencement of proceedings under applicable restructuring legislation. There is no assurance that the company will be able to complete a restructuring or find an alternative, or that there will be any value for any shareholders in any such restructuring or alternative.

We seek Safe Harbor.