Western Prospector Group Ltd.
TSX VENTURE : WNP

Western Prospector Group Ltd.

October 16, 2006 09:30 ET

Anchorage Increases Shareholdings to 15.41% of Western Prospector

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 16, 2006) - Western Prospector Group Ltd. (the "Company") (TSX VENTURE:WNP) has received notice from Anchorage Capital Master Offshore Ltd. ("Anchorage") that on October 10, 2006, Anchorage reported, in compliance with the provisions of National Instrument 62-103, exercising control or ownership of approximately 15.41% of the issued and outstanding common shares of the Company.

On June 21, 2006, Anchorage reported owning 4,420,110 shares, being approximately 10.87% of the then issued capital of the Company. On October 10, 2006, Anchorage reported the acquisition of an additional 2,166,100 shares, bringing Anchorage's total holdings to 6,586,210 shares or approximately 15.41% of the then issued capital of the Company. Anchorage reported that the securities are being held for investment purposes.

The Company's Board of Directors has agreed to consider Anchorage's request that a nominee of Anchorage be added to the Company's Board of Directors.

WESTERN PROSPECTOR GROUP LTD.

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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