Western Troy Capital Resources Inc.

Western Troy Capital Resources Inc.

April 03, 2007 14:47 ET

Western Troy Announces $3,000,000 Financing with Sprott Asset Management and a Public Institutional Investor

TORONTO, ONTARIO--(CCNMatthews - April 3, 2007) - Western Troy Capital Resources Inc. (TSX VENTURE:WRY) ("Western Troy") is pleased to announce a non-brokered private placement with Sprott Asset Management for $1,000,000 and with a public institutional investor for $2,000,000 for aggregate gross proceeds to $3,000,000 through the sale of 5,000,000 Units of Western Troy at $0.60 per Unit. Each Unit will be comprised of one common share in the capital of Western Troy and one-half of one common share purchase warrant (each whole warrant a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share in the capital of Western Troy at an exercise price of $0.90 per share for a period of two years from the date of closing.

Western Troy has engaged First Canadian Capital Markets Ltd. to act as finder in connection with the private placement. Western Troy will pay a finder's fee in cash and non-transferable warrants to the finder in consideration of its efforts in introducing investors to the private placement.

This private placement is in addition to the $1,000,000 offering to Sprott Asset Management announced by Western Troy on March 26, 2007.

All common shares, Warrants, and finder's warrants to be issued pursuant to this private placement will be subject to a four-month hold period. The gross proceeds of the private placement will be used to finance continued exploration programs at Western Troy's exploration projects located near Chibougamau, Quebec and in Panama. The private placement is subject to approval by the TSX Venture Exchange.

"Over the past few weeks Western Troy has received private placement funds and commitments for a total of $4,500,000 from MineralFields Group, Sprott Asset Management and a third public institutional investor, some of the strongest and most respected financial institutions in Canada," said Rex Loesby, President and CEO.

Western Troy is also pleased to announce that it has commenced drilling on it MacLeod Lake Property in Chibougamau, Quebec.

The Company further announces that it has entered into NSR Royalty Agreements with the original owners of the MacLeod Lake Property for a 3% NSR Royalty. The Company reserved the right to purchase the Royalty from the owners for payments of $100,000 for each 0.1%.

About Western Troy

Western Troy Capital Resources Inc. is a mineral exploration company. Its 100%-owned MacLeod Lake Property hosts a well defined Main Zone of mineralization as outlined by extensive drilling, as well as the South Zone and several IP anomalies of potential interest. The shares of Western Troy trade on the TSX Venture Exchange under the symbol WRY, with 10,658,761 shares outstanding. In October of 2005, Western Troy received an independent Technical Report consistent with National Instrument 43-101 on its MacLeod Lake Property located about 275 km north of Chibougamau, Quebec. The report has been filed on SEDAR and is available at www.SEDAR.com and on Western Troy's website, www.WesternTroy.com. Western Troy has also entered into an Exploration and Development agreement with Aurum Exploration Inc. of Panama, to earn up to 70 percent of Aurum's interest in the Viento Frio Mineral Exploration Concession, District of Santa Isabel, Colon Province, Panama. The Viento Frio Concession consists of 10,363 hectares (104 square kilometers) of land that is prospective for gold and base metal mineral deposits. The property was explored by Minera Rayrock between 1999 and 2001. Rayrock collected 1,918 soil samples and drilled 24 shallow holes totaling 1710 meters. High silver values in the core and anomalous gold, silver, copper, lead, and zinc values in rock chip and soil samples over a large area indicate the Concession is prospective for a large low-sulfidation epithermal system as well as additional gold/silver deposits.

Statements in this release that are forward-looking reflect Western Troy's current views and expectations with respect to its performance, business, and future events. Such statements are subject to various risks and assumptions, some, but not necessarily all, are disclosed elsewhere in Western Troy's periodic filings with Canadian securities regulators. Such statements and information contained herein represent management's best judgment as of the date hereof based on information currently available; however actual results and events may vary significantly. Western Troy does not assume the obligation to update any forward-looking statement.

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

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