An anonymous director reports

GREAT WESTERN MINERALS PROVIDES UPDATE REGARDING CONVERTIBLE BOND RESTRUCTURING AND ANNUAL FINANCIAL STATEMENT FILING; APPLIES FOR MANAGEMENT CEASE TRADE ORDER

Great Western Minerals Group Ltd. has provided an update regarding its cash position and its discussions with a steering committee of holders of its $90-million (U.S.) in 8.00-per-cent secured convertible bonds due 2017, 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 $5.2-million. The next interest payment on the convertible bonds of approximately $4.5-million (Canadian) ($3.6-million (U.S.)) 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 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 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 adviser, CIBC World Markets Inc., to assist in its review of alternatives.

The company also announces that, as a result of these circumstances, it will not be able to file its audited annual financial statements for the year ended Dec. 31, 2014, its management's discussion and analysis on the financial statements, the chief executive officer and chief financial officer certificates in respect of the financial statements, and its annual information form for the year ended Dec. 31, 2014, by March 31, 2015.

The company has filed an application with the Financial and Consumer Affairs Authority of Saskatchewan, its principal regulator, for a management cease trade order, in accordance with National Policy 12-203 (cease trade orders for continuous disclosure defaults). If approved, this application would give the company extra time to determine whether a consensual restructuring or an alternative transaction can be reached with the steering committee or to proceed independently with an alternative transaction, which in each case should enable the company to file its reporting documents without a full cease trade order being issued. There can be no certainty that a management cease trade order will be granted. The applicable regulatory authorities may instead determine to issue a full cease trade order against the company.

The company confirms that it intends to satisfy the provisions of the alternative information guidelines found in Section 4.3 and 4.4 of NP 12-203 for so long as it is delayed in filing the reporting documents.

We seek Safe Harbor.