Western Prospector Group Ltd.

Western Prospector Group Ltd.

March 18, 2005 09:09 ET

Western Prospector Group Ltd. Announces the Terms of $20 Million Private Placement



OTC Bulletin Board SYMBOL: WEPGF

MARCH 18, 2005 - 09:09 ET

Western Prospector Group Ltd. Announces the Terms of
$20 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 18, 2005) - Western
Prospector Group Ltd. (TSX VENTURE:WNP)(OTCBB:WEPGF) (the "Company") is
pleased to announce the pricing of a C$20 million brokered private
placement offering of Common Shares (the "Offering"). The Company
proposes to issue 5.8 million Common Shares at a price of C$3.45 per
share. The Offering is expected to close on or about April 7, 2005.

As previously announced by the Company in its news release of March 8,
2005, National Bank Financial Inc. and Haywood Securities Inc. are
acting as co-Lead Agents for the Offering. The Agents will receive a
cash commission equal to 6% of the gross proceeds of the Offering. In
addition, the Company has agreed to issue the Agents at closing, broker
warrants entitling the Agents, for a period of 12 months from the
closing date, to acquire that number of Common Shares of the Company
that is equal to 6% of the number of Common Shares sold under the
Offering, at a price of C$4.00 per share.

Upon closing of the Offering, management believes that the Company will
have sufficient funding to bring its Saddle Hills Uranium Project in the
Dornod Province of Mongolia through completion of preliminary
feasibility without further dilution to shareholder equity.

Focused on the Saddle Hills Uranium Project, Western Prospector is an
advanced-stage uranium exploration company. Located in Mongolia, in a
region of established infrastructure, the 1,000 square kilometer Saddle
Hills Uranium project is unique in that one of its uranium deposits, the
Gurvanbulag, was previously readied for production. Opportunity exists
for further discovery with additional uranium targets identified by the
past drilling data and a recently completed airborne radiometric survey.

John S. Brock


The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. This news
release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "US Securities Act") or any
state securities laws and may not be offered or sold within the United
States or to US Persons unless registered under the US Securities Act
and applicable state securities laws or an exemption from such
registration is available.

The statements contained in this release that are not historical facts
are forward-looking statements, which involve risks and uncertainties
that could cause actual results to differ materially from targeted
results. Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The Company relies upon litigation
protection for forward looking statements.


Contact Information

    Western Prospector Group Ltd.
    Blaine Monaghan
    Manager, Investor Relations
    (604) 687-4951 or toll free 1-800-403-2988