WSR Gold Inc.
TSX VENTURE : WSR

WSR Gold Inc.

December 16, 2008 16:54 ET

WSR Gold Inc. Announces Shareholder Approval of Proposal to Consolidate its Common Shares and Change Name

TORONTO, ONTARIO--(Marketwire - Dec. 16, 2008) - The board of directors of WSR Gold Inc. (TSX VENTURE:WSR) ("WSR" or the "Company") is pleased to announce that at the special meeting of shareholders of WSR held on December 16, 2008, the requisite shareholder approval was received to consolidate the common shares of the Company on the basis of one (1) "new" common share for ten (10) "old" common shares, and to change the name of the Company to "White Pine Resources Inc."

There are currently outstanding approximately 113.1 million common shares. Following the proposed share consolidation, the number of common shares outstanding will be reduced to approximately 11.3 million. WSR believes that a reduced number of shares will have numerous benefits, including facilitating corporate finance transactions. WSR is also proposing to change its name to better reflect its current and ongoing exploration plans. Further details of each of the proposed share consolidation and name change are set out in the management information circular of the Company dated November 14, 2008 and available on SEDAR at www.sedar.com.

WSR currently plans to file articles of amendment on December 18, 2008 to give effect to both the name change and share consolidation. It is anticipated that the common shares of the Company will also commence trading on the TSX Venture Exchange on December 18, 2008 giving effect to the share consolidation and name change, under the new trading symbol "WPR". The share consolidation and name change remain subject to the final approval of the TSX Venture Exchange.

Forward Looking Statements:

This press release includes forward-looking statements. Words such as "believe", "may", "will", "estimate", "intend", and "expect" (and the negative thereof) usually identify forward-looking statements. Forward-looking statements are statements about the future, and are always subject to uncertainty and risks (both known and unknown), including those discussed under the heading "Risks and Uncertainties", in WSR's Management's Discussion and Analysis for the year ended March 31, 2008. Because of the risks and uncertainty inherently associated with them, investors should not place undue reliance on forward-looking statements.

Although management of WSR believes the assumptions used to make such statements are reasonable as at the date hereof and has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements in this release, there may be other factors that cause results not to be as anticipated, estimated, or intended. Certain material factors or assumptions are applied by WSR in making forward-looking statements, including without limitation factors and assumptions regarding the receipt of regulatory approvals, cost and timing of exploration activities, prices of precious metals, liquidity and budgets of the Company and general economic and financial conditions in North America. There can be no assurance that the forward-looking statements in this release will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. WSR does not undertake to update any forward-looking statements herein, except in accordance with applicable securities laws.

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

Contact Information

  • WSR Gold Inc.
    John Tait
    President and Chief Executive Officer
    (416) 628-5905