Western Prospector Group Ltd.

Western Prospector Group Ltd.

May 21, 2009 17:51 ET

CNNC International Announces Extension of Offer for Western Prospector Group Ltd.

Bid now scheduled to expire at 5:00 p.m. (Toronto time) on June 29, 2009

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 21, 2009) - CNNC International Limited ("CNNC") and Western Prospector Group Ltd. ("Western") (TSX VENTURE:WNP) announced today that CNNC's indirect wholly-owned subsidiary, First Development Holdings Corporation (the "Offeror") has extended its offer to acquire all of the outstanding common shares of Western. The notice of extension sent to Western shareholders amends the offer dated April 15, 2009 to extend the expiry date from 5:00 p.m (Toronto time) on May 21, 2009 to 5:00 p.m. (Toronto time) on June 29, 2009.

As disclosed in a press release and a material change report filed by Western, dated April 14, 2009 and April 22, 2009, respectively, a notice was received from the Mineral Resources Authority of Mongolia stating that Western's exploration licenses 7685X and 4969X, which are the primary licenses for Western's Gurvanbulag deposit have been suspended for three months due to violations cited by inspectors from Mongolia's Atomic Energy Agency. If Western is not able to satisfy inspectors from Mongolia's Atomic Energy Agency that such violations have been corrected, then Western's licenses 7685X and 4969X may be subject to revocation.

The expiry time of the Offer is being extended to 5:00 p.m. (Toronto time) on June 29, 2009 to permit certain conditions relating the business, affairs, properties and operations of Western as set forth in Section 4 of the Offer to be met as well as to permit shareholders who have not yet tendered their shares under the Offer an extended opportunity to do so.

As disclosed earlier, the board of directors of Western has unanimously determined that the offer is in the best interests of Western shareholders and has unanimously recommended that its shareholders accept the offer.

Further information can be obtained from the information agent, Kingsdale Shareholder Services Inc. at 1.866.581.1024.

Note Regarding Forward-Looking Statements

This press release and other written or oral communication from the Company 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 the Company. Although the Company 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 the Company's website at www.westernprospector.com. The Company 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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