World Wide Minerals Ltd.

World Wide Minerals Ltd.

May 13, 2011 10:00 ET

World Wide Update on Corporate Status

TORONTO, ONTARIO--(Marketwire - May 13, 2011) - World Wide Minerals Ltd. today reported that primarily as a result of its failure to succeed in its arbitration against the Republic of Kazakhstan (ROK) and NJSC Kazatomprom (KAP), the nuclear agency of the ROK, the Company was unable to complete and file the audited financial statements for the year ended December 31, 2010 (and related documents, including the Management Discussion and Analysis for the period then ended) and to file them with the securities regulators by the mandated deadline of May 2, 2011 and therefore the Company is in default of the requirement to make the filings. As a result, the Ontario Securities Commission on May 9, 2011 issued a temporary Cease Trade Order (CTO) ordering that all trading in securities of the Company, whether direct or indirect, cease for a period expiring May 24, 2011 at which date the CTO will become permanent unless the default is rectified. The Company knows of no basis upon which the current default can be rectified at this time and therefore expects that the CTO will become permanent on May 24, 2011.

The Company wishes to report the resignation of two of its five Directors, Patrick J. Raleigh P.Eng and Robert N. Granger QC on May 4, 2011. Mr. Raleigh had been a Director since May 15, 1997 and has been a valuable adviser to the Company during that fateful 14 year period. Mr. Granger joined the Board on August 20, 1999, well after the debacle in Kazakhstan, and became Chairman on December 10, 2008. Paul Carroll, President and CEO of the Company said "I regret that circumstances have resulted in these valuable Directors retiring but on behalf of the shareholders I would like to thank them for their years of uncompensated service."

World Wide went to Kazakhstan in 1996, did its due diligence and entered into the management agreement with ROK with option to purchase the TGK uranium assets at Stepnogorsk. At the urging of the Government of the ROK, the Company also entered into a strategic alliance agreement with KAP to enter into a 50/50 joint venture with KAP to develop and operate several uranium mines and deposits. The opportunity to implement that investment strategy was thwarted by the ROK in mid-1997 and the assets and opportunity were confiscated by ROK without compensation. This has been a loss to the Company of monumental proportions. With the failure in the arbitration we have reached the end of the road. We will consider whether there are any new opportunities for the Company and its shareholders but the chances are slim to none.

Paul Carroll stated that "we wish to thank the thousands of long-suffering shareholders and other stake holders in this ordeal. We would have liked to have been able to report a much more favourable outcome – but it was not to be."

Mr. Carroll continued "We have had many supportive comments from our shareholders and I would like to quote from one of the many received in the last week: "I'm still in shock! This news has come as an extreme blow… I could not imagine that the arbitrator could ignore the injustice faced by World Wide Minerals. How can a country give permission to allow mining and then tell the company you can't export what you've mined? They used the company to do all the legwork and reaped all the rewards!" Sad but true."

With the failure of the arbitration, the Company's ability to function has ended. The Company will consider whether there is any chance that it can be restructured and re-launched to develop a new project. At the moment we see no realistic prospect of that.

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