WSR Gold Inc.

WSR Gold Inc.

November 21, 2008 17:01 ET

WSR Gold Inc. Announces Proposal to Consolidate Its Common Shares and Change Name

TORONTO, ONTARIO--(Marketwire - Nov. 21, 2008) - The board of directors of WSR Gold Inc. (TSX VENTURE:WSR) ("WSR" or the "Company") announces a proposal to consolidate the common shares of the Company on the basis of one (1) "new" common share for ten (10) "old" common shares and to change its name to "White Pine Resources Inc." This proposal will be put forward for approval at the Company's special meeting of shareholders scheduled to be held on December 16, 2008.

There are currently outstanding approximately 113.1 million common shares. If approved, the consolidation will reduce the number of common shares outstanding to approximately 11.3 million. WSR believes that a reduced number of shares will have numerous benefits, including facilitating corporate finance transactions. WSR proposes to change its name to better reflect its current and ongoing exploration plans.

Further information regarding the proposed share consolidation and name change will be available in the Company's meting materials, including the Management Information Circular and letter of transmittal, which will be mailed to shareholders on November 25, 2008.

Forward Looking Statements:

This press release includes forward-looking statements. Words such as "believe", "may", "will", "estimate", "intend", and "expect" (and the negative thereof) usually identify forward-looking statements. Forward-looking statements are statements about the future, and are always subject to uncertainty and risks (both known and unknown), including those discussed under the heading "Risks and Uncertainties", in WSR's Management's Discussion and Analysis for the year ended March 31, 2008. Because of the risks and uncertainty inherently associated with them, investors should not place undue reliance on forward-looking statements.

Although management of WSR believes the assumptions used to make such statements are reasonable as at the date hereof and has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements in this release, there may be other factors that cause results not to be as anticipated, estimated, or intended. Certain material factors or assumptions are applied by WSR in making forward-looking statements, including without limitation factors and assumptions regarding cost and timing of exploration activities, prices of precious metals, liquidity and budgets of the Company and general economic and financial conditions in North America. There can be no assurance that the forward-looking statements in this release will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. WSR does not undertake to update any forward-looking statements herein, except in accordance with applicable securities laws.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • WSR Gold Inc.
    John Tait
    President and Chief Executive Officer
    (416) 628-5905