Western Troy Capital Resources Inc.

Western Troy Capital Resources Inc.

April 20, 2007 10:31 ET

Western Troy Announces Completion of a $2,000,000 Financing With Sprott Asset Management and a $2,000,000 Financing With a Public Institutional Investor

TORONTO, ONTARIO--(CCNMatthews - April 20, 2007) - Western Troy Capital Resources Inc. (TSX VENTURE:WRY) ("Western Troy") announces the completion of two previously announced non-brokered private placements with Sprott Asset Management Inc. ("Sprott") and another public institutional investor ("PII").

In the first private placement, Sprott subscribed for 2,000,000 common shares in the capital of Western Troy at a purchase price of $0.50 per share for aggregate gross proceeds of $1,000,000.

In the second private placement, 5,000,000 Units of Western Troy were sold to the PII and Sprott at $0.60 per Unit for aggregate proceeds of $3,000,000. The amounts contributed by each of PII and Sprott were $2,000,000 and $1,000,000 respectively. Each Unit is 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 engaged First Canadian Capital Markets Ltd. ("First Canadian") to act as finder in connection with the second private placement. Western Troy paid a cash finder's fee of $200,000 and issued 416,666 non-transferable warrants to First Canadian in consideration of its efforts in introducing investors to the second private placement.

In connection with the sale of the Common Shares and Warrants by Western Troy, PII and Sprott entered into a voting trust agreement on April 19, 2007, with Western Troy, and Rex Loesby, the Chief Executive Officer of Western Troy, as voting trustee (the "Voting Trust Agreement"). Pursuant to the Voting Trust Agreement, Sprott and PII have assigned the voting rights in respect of an aggregate of 3,500,001 common shares of Western Troy held by them to the voting trustee.

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

MacLeod Lake Drilling

Western Troy also announces that the drilling and geophysics program at MacLeod Lake commenced on March 24, 2007, was completed on April 16, 2007. Approximately 1,600 meters of drilling was completed in 10 holes. Seven holes were drilled in the South Zone to test its eastern extent. Two holes were drilled in the zinc target. Pyrite and pyrhotite (iron sulfides) and uneconomic amounts of sphalerite (zinc sulfide) visible in the core explain the geophysical anomaly and so no further work is planned for this area. In the Northeast Area, a hole that had been stopped at 350 meters in last summer's program was deepened to 400 meters. The IP geophysics program was completed and the results will be analyzed for drill targets. Warm weather and deteriorating ice conditions forced Big River Air Service to ask that Western Troy suspend its program early so they could get the drill equipment out before the spring thaw. Only one of the three or four holes planned for the Northeast Area was completed. However, all of the holes planned at lake ice locations in the South Zone were completed. Assay results should be available in May. A drilling program is planned for this summer to further test the limits of the South Zone and to test any Northeast Area targets identified by the geophysical survey.

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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