Western Prospector Group Ltd.

Western Prospector Group Ltd.

July 03, 2008 17:00 ET

Western Files Mongolian Resource Report for Gurvanbulag

Regulatory Filing Readies Application for Mining License

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 3, 2008) - Western Prospector Group Ltd. (TSX VENTURE:WNP) ("Western") today announced it has filed an independent resource report with the Mineral Resources and Petroleum Authority of Mongolia ("MRPAM") for its Gurvanbulag uranium deposit.

The Mongolian-format resource report is the last document required for approval before Western makes its formal application for conversion of its Gurvanbulag Exploration Licenses to a Mining License. Western intends to make its formal application for a mining license following receipt of the resource approval.

The report was required for regulatory purposes and conforms to Mongolian reporting standards, including estimates of Gurvanbulag resources in terms of Mongolian resource categories. It takes into consideration Western's NI 43-101 compliant report that was prepared by SRK Consultants and filed in May 2007.

"Western's regulatory filing with the Mongolian authorities is an important step toward its mining license for Gurvanbulag, and a production decision," said Eric Bohren, President and CEO.

Western's near-term production strategy includes its feasibility study and strategic partnering program, both of which are to be completed this year. The Company has developed an extensive and scalable production infrastructure, including a 10 MW power line, 200-person camp, cellular phone connection to the national network and planning of an open pit coal mine to provide fuel for the Gurvanbulag buildings and mine air heating. Western has also created Mongolian-national training programs and scholarships. In total, more than $71 million has been spent to date in project exploration, development and infrastructure investments.

The Mongolian-format independent resource report was not prepared in accordance with NI 43-101 (Standards for Disclosure for Mineral Properties) and therefore should not be relied upon. It has been prepared in accordance with Mongolian standards, which are the only standards acceptable to the Mongolian State Mineral Reserve Committee ("MSMRC"). The MSMRC must approve all resources prior to any applications for Mining Licenses and mining plans before production can be initiated.

Gerald Harper, PhD, P.Geo, Senior Vice President Mongolian Operations of Western Prospector Group Ltd. is a qualified person as defined under NI 43-101 and has reviewed the technical information in this news release.

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.

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

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