Western Prospector Group Ltd.

Western Prospector Group Ltd.

November 09, 2006 09:00 ET

Western Prospector Group Ltd.: New Uranium Zone Emerging at the Saddle Hills Uranium Project

Initial Hole Intersects 0.43% U3O8 Over 3.4 Metres

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 9, 2006) -


Western Prospector Group Ltd. ("Western Prospector") (TSX VENTURE:WNP) has received drill hole assay results from 11 of 24 holes completed at the Nemer Zone located in the northeastern portion of the Saddle Hills Uranium Basin.

The Nemer uranium zone is located approximately 22 kilometres northeast of the Gurvanbulag deposit and 6 kilometres northwest of the Mardaigol deposit. The Nemer and Mardaigol deposits are located on an exploration license that is subject to an option/joint venture agreement with Adamas Mining LLC where Western Prospector has the right and option to earn a 70% interest by making staged cash payments and prescribed exploration expenditures.


The Nemer uranium mineralization is hosted within a northwest trending fault bounded graben measuring over 2.5 kilometres in length and 100 to 300 metres in width, and occurs as a secondary basin within the overall Saddle Hills Basin. Uranium mineralization is associated with the upper layers of a basal conglomerate unit as well as the bounding faults of the graben.

The highest uranium grades occur within two horizontal "cigar-shaped" zones positioned adjacent to the two bounding faults.

Prior historic drilling of over 70 holes on approximate 200-metre centers defined the boundaries of the Nemer graben and intersected uranium mineralization with values ranging to 1.03% U3O8 over 1.7 metres. The Russian workers calculated an open-ended historical resource of 1.8 million tonnes grading 0.17% U3O8 containing 6.6 million pounds U3O8. (This historical resource is not NI 43-101 compliant and cannot be relied upon without completion of the current verification program followed by an independent resource calculation.)

Western Prospector collared the initial 11 drill holes, numbered 7006 through 7016, on several off-set sections to define the geological boundaries of the secondary basin and to test the previously defined deposits within the basinal conglomerate.

Initial drill hole number 7006 intersected 0.23% U3O8 over 7.3 metres from 271.7 to 278.9 metres that included a 3.4-metre interval grading 0.43% U3O8. Hole 7016, located on a section 400 metres to the north intersected 4.0 metres grading 0.30% U3O8 from 191.0 to 195.0 metres. Hole numbers 7007 through to 7015 either intersected lower-grade uranium mineralization within the host unit or were drilled outside the boundaries of the graben. Assays from the remaining 13 holes drilled are pending. Additional drilling is planned next year.


The Mardaigol deposit, located 6 kilometres southeast of Nemer, has also been recently drilled by Western Prospector with assay results pending. The Mardaigol has an historic Russian resource of 0.93 million tonnes grading 0.14% U3O8 containing 2.9 million pounds U3O8 that is open for expansion. (This historical resource is not NI 43-101 compliant and cannot be relied upon without completion of the current verification program followed by an independent resource calculation.)

Drilling is continuing on other uranium targets elsewhere in the eastern regions of the Saddle Hills basin.

Sample Handling

All drill core is split at the project site and forwarded in secured containers to Alex Stewart Laboratories in Ulaanbaatar, Mongolia for sample preparation. Pulps are then forwarded by Alex Stewart to Activation Laboratories in Ancaster, Ontario for uranium analysis. Western Prospector employs a QC/QA program that includes random insertion of internal standards and blanks into the sample stream as well as check assays by an external laboratory.

Wayne J. Roberts, P.Geo, Senior Vice-President for Western Prospector and a Qualified Person, has reviewed the technical information presented within this news release.

John S. Brock, President and CEO

For further information, contact Blaine Monaghan, Manager, Investor Relations at 604-687-4951 or toll free 1-800-403-2988, or email ir@badgerandco.com. Investors may also visit Western Prospector's website at www.westernprospector.com, and Investors may also review the Company's filings available at www.sedar.com.

Forward-Looking Information:

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve or resource potential, exploration drilling, exploitation activities and events or developments that Western Prospector Group Ltd. (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 "expected" 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. 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. 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.

Information Concerning Estimates of Mineral Resources:

This news release uses the terms "inferred resources", "indicated resources", "mineral resources" and "resources". Western Prospector Group Ltd. (the "Company") advises investors that although these terms are recognized and required by Canadian securities regulations (under National Instrument 43-101 "Standards of Disclosure for Mineral Projects"), the US Securities and Exchange Commission does not recognize these terms. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, "inferred resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for a Preliminary Assessment as defined under NI 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.


As noted in news release 06-04 dated March 3, 2006, a lawsuit naming Western Prospector 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 Western Prospector holds certain of its material Mongolian properties, including a portion of the Saddle Hills Uranium interests, in trust for Maximum. Western Prospector is of the view that Maximum's allegations against Western Prospector are without foundation or merit and, as noted in previous releases, Western Prospector will vigorously defend the action and take all appropriate steps to protect Western Prospector's interests.

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

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