Western Prospector Group Ltd.

Western Prospector Group Ltd.

November 14, 2006 09:30 ET

Anchorage Increases Shareholdings to 19.32% of Western Prospector; New Director Appointed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 14, 2006) - Western Prospector Group Ltd. (the "Company") (TSX VENTURE:WNP) has received notice from Anchorage Capital Master Offshore Ltd. ("Anchorage") that on November 10, 2006, Anchorage reported, in compliance with the provisions of National Instrument 62-103, exercising control or ownership of approximately 19.32% of the issued and outstanding common shares of the Company.

On October 10, 2006, Anchorage reported owning 6,586,210 shares, being approximately 15.41% of the then issued capital of the Company. On November 10, 2006, Anchorage reported the acquisition of an additional 1,671,400 shares, bringing Anchorage's total holdings to 8,257,610 shares or approximately 19.32% of the then issued capital of the Company. Anchorage reported that the securities are being held for investment purposes.

Today, the Company's Board of Directors appointed Eric Bohren as an additional Director. Mr. Bohren was introduced to the Company by Anchorage and has 15 years of experience working with high-growth public and private companies in the areas of capital raising, strategic management, and mergers and acquisitions. He has participated in over 30 mergers and acquisitions and financing transactions, with companies such as Booz Allen & Hamilton, E-Trade, and ZANTAZ, where he currently serves as Senior Director of Corporate and Business Development. Mr. Bohren holds an MBA in Finance from the Wharton School of Business and an MA in International Studies from the Lauder Institute at the University of Pennsylvania.



"John S. Brock"

John S. Brock, President and CEO

This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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

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