Western Prospector Group Ltd.

Western Prospector Group Ltd.

August 21, 2007 13:37 ET

Western Prospector Group Ltd.: Mongolian Authorities Issue an Additional License Revocation Notice

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 21, 2007) - On August 17, 2007, Western Prospector Group Ltd. (the "Company") (TSX VENTURE:WNP) reported receiving notice from the Mineral and Petroleum Resources Authority of Mongolia ("MPRAM") that Exploration License 7685X, covering the western part of the Company's Gurvanbulag uranium deposit within the Saddle Hills Project in Mongolia, had been revoked, as some prior work on this license had been funded by the Mongolian State budget.

On August 20, 2007, the Company received confirmation that Adamas Mining LLC ("Adamas") had received a similar notice from MPRAM in respect of Exploration License 3367X. The Company, by way of an agreement with Adamas, is earning a 70% interest in Adamas' Exploration License 3367X, which covers the Nemer, Mardaigol and Dor uranium deposits located within the Saddle Hills Project area.

The notices received from MPRAM indicated that a total of 34 licenses held by 18 entities are to be revoked. The licenses, held by national and international parties, cover deposits of coal, industrial minerals, base and precious metals, as well as uranium.

The Company's legal counsel in Mongolia has assessed the implications of the notices of revocation and advises that the notices received make the licenses subject to invalidation, and do not automatically revoke the licenses. The Company cannot rule out receiving additional license revocation notices from MPRAM. The Company fully intends to vigorously oppose the actions of MPRAM through appeal in the Mongolian courts.

John S. Brock, President and CEO

Forward-Looking Information:

This release includes certain statements that may be considered "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Such statements are identified in this release by the use of words such as "will" and "expects" and "may" as well as the use of the future or conditional tense. 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 or developments may differ materially from those in the forward-looking statements. Factors that could cause 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, and government policies and legislation. 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. These statements are based on a number of assumptions, including assumptions regarding general business and economic transactions and exploration and development programs on reasonable terms, the ability of third-party services providers to deliver services in a timely manner, and the reliability of information provided to the Company by third parties. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.


In the news release of March 3, 2006, the Company advised that a lawsuit naming it as a defendant has been commenced in the Supreme Court of British Columbia, in which the plaintiff, Maximum Ventures, Inc., is seeking, among other things, a declaration that the Company holds certain of its material Mongolian properties, including a portion of the Saddle Hills Uranium interests, in trust for Maximum. The Company is of the view that Maximum's allegations against it are without foundation or merit and, as previously noted will vigorously defend the action and take all appropriate steps to protect its interests. In this regard a trial date has been set for February 25, 2008. Additional information on this issue is available at the Company's website at www.westernprospector.com.

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

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