Western Prospector Group Ltd.
TSX VENTURE : WNP

Western Prospector Group Ltd.

June 29, 2009 20:47 ET

CNNC International Takes Up 69% of Western Prospector Group Ltd. Shares

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2009) - Western Prospector Group Ltd. ("Western Prospector") (TSX VENTURE:WNP) today announced that 38,003,666 common shares of Western Prospector (representing approximately 69% of Western Prospector's issued and outstanding common shares) were validly deposited to the offer of First Development Holdings Corporation ("First Development"), with its registered office at P.O. Box 957, Offshore Incorporations Center, Road Town, Tortola, British Virgin Islands, for all of the outstanding common shares of Western Prospector (the "Offer") and not withdrawn as at 5:00 p.m. (Toronto time) on June 29, 2009.

This result represents substantial support for the Offer and First Development has taken up and accepted for payment all of such shares tendered.

Early Warning Requirements under Applicable Securities Laws

As a result of the taking up and acceptance of payment in the amount of C$0.56 per share of the Western Prospector common shares deposited to the Offer, First Development has acquired an aggregate of 38,003,666 common shares of Western Prospector, which represents approximately 69% of the outstanding common shares of Western Prospector.

On March 25, 2009, First Development and Western Prospector entered into a support agreement pursuant to which, among other things, Western Prospector represented that the directors and officers of Western Prospector intend to tender or caused to be tendered to the Offer Western Prospector common shares over which control or direction is exercised and that any restrictions imposed on or by Western Prospector to prevent any director or officer from tendering such shares have been waived or removed.

A copy of the early warning report to be filed pursuant to the applicable securities legislation will be available online at www.sedar.com under Western Prospector's profile.

As previously disclosed, First Development may subscribe for additional shares pursuant to a subscription agreement with Western Prospector.

First Development has communicated to Western Prospector an intention to commence a second step transaction by way of statutory arrangement, amalgamation, merger, reorganization, consolidation, recapitalization or other transaction to acquire all of the remaining Western Prospector common shares not already owned by First Development.

About First Development

First Development is an indirect wholly-owned subsidiary of CNNC International Limited ("CNNC Intl."). CNNC Intl. is a public company listed on the Hong Kong Stock Exchange. CNNC Overseas Uranium Holding Ltd., a wholly owned unit of China National Nuclear Corporation ("CNNC"), holds approximately 70.25% of the issued share capital of CNNC Intl. as at the date of this press release. CNNC is China's leading uranium development and nuclear fuel company.

Note Regarding Forward-Looking Statements

This press release and other written or oral communication from Western Prospector may include certain statements that may be considered "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Statements other than historical facts that address possible future events, plans or developments are forward-looking statements. Such statements may be identified by the use of words such as "will", ""may", "expects", "estimate", "intend" or the use of the future or conditional tense. Certain material factors or assumptions were applied in drawing our conclusions and making those forward-looking statements. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to Western Prospector. Although Western Prospector believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. Readers are cautioned that risks may change or new risks may emerge. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com and available on Western Prospector's website at www.westernprospector.com. Western Prospector undertakes no obligation to update this forward-looking information except as required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information