November 29, 2000

[Franko10 ™]

Great Western Gold Corp.
Suite 303, 416 21st Street East
Saskatoon, SK S7K 0C2
CDNX: GWG
CUSIP: 39144H107

November 29, 2000


Rare Earth Due Diligence Report Received


The Company has received a copy of a privately-funded due diligence report prepared by the PrimeTrustGroup, an advisory office that performs investigations of companies in the mining sector for a network of private investors. The report was furnished by this group to the Company after it had interviewed Company officials and representatives. The Company requested and was given the right of review and comment to ensure that all information portrayed therein was already a matter of public record. This news release is being disseminated in advance of the special report to that groups' investors to ensure that any new input is also part of the public record. We have reviewed every aspect of the report and the Company is in agreement with its content and conclusions. We are thus pleased to provide the textural content of the Supplemental Report provided to the company by the U.S. based PrimeTrustGroup:

"SUPPLEMENTAL ADVISORY REPORT November 29, 2000

By Adam Fine and Ahmed Phipps
Company: Great Western Gold Corporation (GWG:CDNX) (GWGCF)
Prepared for: The PrimeTrustGroup

GREAT WESTERN GOLD CORP (GWG) PUTS STRATEGIC PRIORITY ON RARE EARTH METAL PROJECT IN SASKATCHEWAN

Adding to the summary overview on "GWG" dated November 27, 2000, this supplement focuses solely on the high-tech metals (rare earth) property assets at Hoidas Lake, the top priority project of the company. Those not familiar with the importance of rare earth (RE) materials to the world-wide industrial community would be overwhelmed to grasp the level of importance attached to this project.

The investment world is slowly waking up to the fact that this company is strategically positioned to become a major player in the production of rare earth elements. Independent geologists have told the media they felt Hoidas Lake could indeed be a "world-class rare earth deposit".

BACKGROUND: GWG recently trenched along the northern end of a 6 mile strike area and did confirm existence of high-grade RE mineralization. Of the 17 Rare Earth Elements (REE's) on Periodic Table of REE's typically found in allanite, lab assay tests found a total of 15 REE's. The assays confirmed these rare earth elements are from the Lanthanide series whose tested elements include: Lanthanum, Cerium, Praseodymium, Neodymium, Europium, Samarium, Gadolinium plus Yttrium and Scandium. This group made up over 90% of the REE's tested, all from a massive allanite deposit on the 6,000 acre site and randomly along the main zone of the 6-mile strike area.

All compounds and alloys of these REE's have high value in their application to high-tech metal production processes application (i.e. high-tech metals). These include their application in the production of unique magnets, motors, fuel cells, fiber optics, computer drives, microchip polishing, MRI imagery instruments, high-tech optics, high-resolution TV screens and monitors, alloys for rechargeable batteries and more. Currently 50% of RE use is for automotive catalytic converters and as petroleum catalysts. The other 50% are used in high-tech metals and that is where the growth is occurring.

Over the last 10 years total RE use has grown at 10% per year, but the use of neodymium for example (used in permanent magnets) has grown at 28% per year for the last decade.

"The rechargeable battery industry has grown at a whopping 51% per year during the same period" notes a company spokesman. The entire alternative energy industry relies heavily on RE's for rechargeable batteries and motors for use in electric cars and hybrid electric vehicles, for emerging fuel cells and in particular solid-oxide fuel cells and, for hydrogen storage. Companies like Energy Conversion Devices (ENER) had to open a battery plant in China adjacent to a rare earth mine just so they could get a supply for their batteries.

Depending on the specific oxide powders refined to specific purity levels as metals, the value levels range (in final marketable form) between US$9,750.00 and US$19,768.00 per ton. Using current U.S. wholesale schedules, pricing is between US$750.00 and US$1,500.00 per ton of specific oxide products. The last samples assayed at 20.2% TREO (Total Rare Earth Oxides) from a 2-meter interval in the main zone of initial trench testing. All testing of outside zones tested to 18% TREO. Conservatively speaking an overall grade of 5%-10% TREO is more than likely in the strike area; a remarkable strike. Independent geologists from the Saskatchewan Research Council have stated in the media this could be a "world-class" RE deposit. Gary Billingsley (C.A., P.Eng., P.Geo.) and president of GWG contends ""Hoidas Lake may be one of the largest rare earth deposits in the World."

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Management believes this massive ore is structurally controlled and may be consistent along the entire strike zone. Mr. Billingsley states: "Metallurgical work on the Hoidas Lake strike is now continuing. Indications are that a 97% recovery rate of REE's can be achieved using a cold acid leach process, substantially reducing the cost of refining Hoidas Lake ore. Contrast this" he states "to the fine-grinding, roasting and hot acid leaching of Chinese and U.S. ores. Hoidas will be the only REE produced from allanite which, in preliminary testing requires only cold HCL to recover the REE's. Current REE mining comes mostly from bastnaesite and monazite. These minerals require roasting and hot-acid leaching to recover the REEs.

WE BELIEVE GWG COULD BECOME THE PREMIER PRODUCER OF REEs !!!

We listened closely as Mr. Billingsley and Tech Advisor Neil Yingling pointed to the global map of TREO production. "The Chinese provide 75% of rare earths to the world market. It comes primarily from clays, heavy mineral sands and as a by-product of iron mining. It comes from over 150 small-scale mining operations and as many as 400 small separation plants. It is chaotic, inefficient and quality control suffers" states the company President. The U.S. produces approximately 15% of the world's supply from one of the only in-situ rare earth mines in the world, at Mountain Pass, California. It is the only producing mine in North America and, it has recently closed its separation plant and now only produces concentrate" says Mr. Billingsley. The U.S. imported over 75% of it's RE requirements in 1999 and is doing the same thing this year. "I believe that GWG can establish a complete rare earth industry here in Saskatchewan, from mining to manufacture and marketing of high quality RE products" states Billingsley. It was noted in the interview that a major R&D effort is underway at the University of Saskatchewan where completion of construction of a Synchrotron, ideal for researching RE materials is underway. Billingsley concluded the interview stating "Because we will do everything in one place, we will be able to do it with a fraction of the manpower they need in China. It is possible the rare earth industry could surpass uranium in providing economic benefits to Saskatchewan".

MARKET PREPARATION:
GWG has documented evidence of strong contacts already made with Japan who stand ready to purchase significant quantities of specific RE products from a North American producer who installs strong quality control measures, rather than elsewhere. Quality and a secure source of supply can assure a continuity of bulk orders. "The value of consumed rare earth products exceeds US$5 Billion per year" states the technical advisor, "and this 6-mile strike zone backed up by the REE assay results and additional commitments now made by the company indicate GWG very probably could establish itself as a major supplier of RE materials. Couple that to low cost processing, high quality control and you're looking at a very profitable company in the near future." We note that GWG could secure itself as a premier supplier of RE product to the U.S. market where nearly all must be imported to North America as noted earlier.

FUNDING:
A current $675,000 private placement flow-through financing remains open until December 15, 2000. $500,000 is targeted for drilling the main zone as well as investigating showings along the strike. Drills will be mobilized once the ice is thick enough to land the equipment. The winter program consisting of ground geophysics and a 1,500 meter diamond-drilling program over the main zone will commence in January. (The balance of funds will be applied to early preparation of further diamond exploration at the now-proven diamond mineralization that exists on the extensive kimberlite cluster on property assets the company is actively exploiting at Candle Lake, Saskatchewan. This aspect of GWG activity will be the subject of the supplemental report being issued by PTG on Monday, December 4, 2000.)

THE PROPERTY:
Hoidas Lake is located 35 miles northeast of Uranium City, Saskatchewan a scant few miles from the border with the Northwest Territories (NWT). The property covers three significant claims totaling 6,000 acres. GWG upon completion of exploration work will have 70% working interest. This will become 100% working interest if original option holder Daren Resources Ltd decides to convert it's 30% interest to a royalty interest. To maximize GWG's effort to move toward eventual production, PTG tends to believe that Daren Resources would find it advantageous to swap for the royalty on future production. The professional skills in both exploration, exploitation development and management of mines is heavily tilted to Great Western Gold Corp. (AF/AP)"
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Great Western Gold Corp. is a Saskatchewan-based corporation engaged in the acquisition, exploration and development of unique and strategic mineral properties including diamonds and rare earth elements. Shares of the Company trade on the Canadian Venture Exchange under the symbol GWG.

For further information, please call Gary Billingsley at 1 306 664 0028.

GREAT WESTERN GOLD CORP.
Gary Billingsley
President

The Canadian Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the foregoing.


© 2004 Great Western Minerals Group Ltd.