Western Prospector Group Ltd.

Western Prospector Group Ltd.

March 08, 2005 16:01 ET

Western Prospector Group Ltd.: Proposed Private Placement



OTC Bulletin Board SYMBOL: WEPGF

MARCH 8, 2005 - 16:01 ET

Western Prospector Group Ltd.: Proposed Private

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 8, 2005) - Western
Prospector Group Ltd. (the "Company") (TSX VENTURE:WNP)(OTCBB:WEPGF) has
entered into an agreement with National Bank Financial and Haywood
Securities Inc., as co-Lead Agents, for a private placement offering of
common shares on a "best efforts" basis to raise gross proceeds of
approximately C$20 million. The co-Lead Agents will have the option to
increase the offering by up to C$5 million with the consent of the
Company. Pricing of the offering is expected to occur on or about March
14, 2005 with closing on or about April 7, 2005.

The Company currently has approximately C$5 million in working capital.
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


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