Western Prospector Group Ltd.
TSX VENTURE : WNP

Western Prospector Group Ltd.

September 16, 2008 12:50 ET

Western Prospector Provides Update With Respect to Tinpo Offer

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 16, 2008) - Western Prospector Group Ltd. ("Western") (TSX VENTURE:WNP) today provided an update concerning the offer by Tinpo Holdings Industrial Company Limited ("Tinpo"), through its wholly-owned subsidiary (the "Offeror"), to acquire all of the common shares (the "Shares") of Western (other than the Shares beneficially owned, directly or indirectly, by the Offeror, its joint actors and their affiliates (including Anchorage Capital Master Offshore, Ltd.)) for cash consideration of $1.34 per Share (the "Offer").

On Friday, September 12, 2008, Tinpo issued a news release indicating that one of the conditions to the Offer had not been met, which was the requirement that all outstanding stock options be exercised, surrendered, converted, deemed exercised or terminated. Western is pleased to announce that that condition has been satisfied.

Tinpo also announced that the Offer has been extended to 5:00 p.m. (Vancouver time) on September 30, 2008. Other than the extension the terms and conditions of the Offer are unchanged.

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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