Western Prospector Group Ltd.

Western Prospector Group Ltd.

August 14, 2009 17:59 ET

Western Prospector Advises that Shareholders Approve Going-Private Transaction Proposed by CNNC International

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 14, 2009) - Western Prospector Group Ltd. ("Western Prospector") (TSX VENTURE:WNP) hereby announces the completion of the amalgamation (the "Amalgamation") of Western Prospector and 0856656 B.C. Ltd. ("0856656"), a wholly-owned subsidiary of First Development Holdings Corporation ("First Development"), pursuant to the terms of an amalgamation agreement dated July 16, 2009 between 0856656 and Western Prospector. The Amalgamation was approved by the shareholders of Western Prospector at a special meeting held on August 14, 2009. Of the voting shareholders, represented in person or by proxy, 99.25% voted in favour of the Amalgamation. In addition, "minority" shareholders voted 99.25% in favour of the Amalgamation. Details of the voting results will be filed on SEDAR (www.sedar.com).

The amalgamated entity will continue to carry on business under the name "Western Prospector Group Ltd.". First Development now holds 100% of the common shares of the new Western Prospector Group Ltd.

Applications will be filed to delist the common shares of Western Prospector from the TSX Venture Exchange and for Western Prospector to cease to be a reporting issuer.

Shareholders of Western Prospector should refer to the management information circular dated July 16, 2009 for instructions on how to surrender their Western Prospector share certificates and receive the consideration under the terms of the Amalgamation.

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. China Uranium Corporation ("CUC"), as a wholly-owned subsidiary of China National Nuclear Corporation ("CNNC"), China's leading uranium development and nuclear fuel company, indirectly holds approximately 62.07% of the issued share capital of CNNC Intl. as at the date of this press release through its wholly-owned unit, CNNC Overseas Uranium Holding Ltd., CUC was incorporated as an exclusive platform of CNNC to be fully dedicated to exploring, mining, and producing uranium overseas and global mergers and acquisitions in the uranium sector.

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 ther 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.

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