Western Troy Capital Resources Inc.
TSX VENTURE : WRY

Western Troy Capital Resources Inc.

December 01, 2006 12:01 ET

Western Troy's President Moderates Molybdenum Forum at San Francisco Hard Asset Investment Conference

TORONTO, ONTARIO--(CCNMatthews - Dec. 1, 2006) - Western Troy Capital Resources Inc. (TSX VENTURE:WRY) announced today that its President, Rex Loesby, moderated a special forum on molybdenum at the November 26 & 27 Hard Asset Investment Conference in San Francisco. The conference is sponsored by International Investment Conferences. The conference attracted approximately 3,000 resource investors. Speakers included internationally recognized newsletter writers and investment advisors such as Bob Bishop, Adrian Day, Ian McAvity, Rick Rule, and Jay Taylor.

The one hour forum began with a 20 minute presentation by Mr. Loesby on molybdenum markets including a forecast of future potential production and demand. Mr. Loesby's forecast indicates a need for production from new molybdenum mines of an estimated 150 million pounds annually by 2016. The figure below shows Mr. Loesby's forecast of production from existing primary and byproduct molybdenum producers. The production forecast does not include production from any new mines, nor does it include production from Phelps Dodge's Climax Mine in Colorado. Phelps Dodge has announced that it may reopen the Climax Mine in 2009. Climax is estimated to generate approximately 20 million pounds of annual production. The figure includes a demand forecast of 4 percent per year that is based on the historic trend of molybdenum demand. The full text of Mr. Loesby's presentation will be available soon on Western Troy's website.

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In other developments, Western Troy acquired Match Capital Corporation's 11.61 percent interest in the Eastmain River claims at Western Troy's MacLeod project, subject to regulatory approval. This will bring Western Troy's share of all claims in the area to 100 percent. Western Troy paid $129,600 in common shares of Western Troy (valued at the 11/28/06 closing price of 39 cents per share) or 332,308 shares. The claims were valued based on the total amount of exploration expenditures by both companies on the Eastmain River claims. The shares will be subject to a resale restriction for a period of four months and one day. Two directors and officers of Western Troy, one of whom is also the controlling shareholder of Western Troy, are also directors and officers of Match Capital and one of whom is also a controlling shareholder of Match Capital. Accordingly this transaction constitutes a related party transaction under applicable securities laws. All of the independent directors of Western Troy, acting in good faith, have determined that the fair market value of the securities being issued and the consideration paid is reasonable and, with the value of the transaction being less than 25% of the capitalization of Western Troy's market capitalization, have determined that the transaction is exempt from the formal valuation and minority shareholder approval requirements of Ontario Securities Commission Rule 61-501.

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 10,109,453 shares outstanding. Last October, 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 the company's website, www.WesternTroy.com.

Mr. Loesby, Western Troy's President, is a registered professional mining engineer with over 30 years experience in the mining business. He holds a Master's degree in International Business and Finance. His first job out of college in 1975 was with the Strategic Planning Division of Climax Molybdenum Company.

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 the Company'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. The Company does not assume the obligation to update any forward-looking statement.

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

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