WSR Gold Inc.

WSR Gold Inc.

November 27, 2007 09:47 ET

WSR Gold Inc. Increases Size of Private Placement Financing to Up to $3,418,500

TORONTO, ONTARIO--(Marketwire - Nov. 27, 2007) -


WSR Gold Inc. (TSX VENTURE:WSR) ("WSR") announces today that it has increased the size of its previously announced offering, as disclosed in a press release dated November 8, 2007 to provide for gross proceeds of up to $3,418,500. Under the new terms, WSR proposes to complete a non-brokered offering of (i) up to 5,925,000 flow-through units ("FT Units") at $0.35 per FT Unit, each such FT Unit consisting of one "flow-through" common share of WSR and one-half of one share purchase warrant, each whole such warrant entitling the holder thereof to acquire one additional common share of WSR (which shall not be a "flow-through" share) for a period of 12 months at an exercise price of $0.45 per share; and (ii) up to 4,075,000 hard dollar units ("Units") at $0.33 per Unit, each such Unit consisting of one common share of WSR and one share purchase warrant entitling the holder thereof to acquire one additional common share of WSR for a period of 12 months at an exercise price of $0.45 per share. The private placement remains subject to the approval of the TSX Venture Exchange.

About WSR

WSR is a Canadian based mineral exploration company. WSR has been granted the option to acquire a 50% interest in certain claims of Metalex Ventures Ltd.'s ("Metalex") and Arctic Star Diamond Corp.'s ("Arctic") James Bay Properties, in the Province of Ontario. The Properties are strategically located on and around the "Ring of Fire" and cover approximately 36 square kilometres (8,944 acres) of ground. Based on geophysical work completed by Metalex and Arctic, there are 33 High Priority Volcanic Massive Sulphide ("VMS") drill ready targets that have been identified and staked. Under the terms of the letter of intent, WSR has the right to fund a maximum of CDN$20.0 million in expenditures on the Property over a 4 year period. Also, WSR can earn a 50% interest in a McFauld's Lake Project pursuant to an option agreement with Noront Resources Limited (TSX VENTURE:NOT) (see press release dated November 1, 2007). The area will include 15 Claim Blocks in the Ring of Fire, McFauld's Lake, Ontario near Noront's prolific nickel copper and Platinum Group Metals discovery. The common shares of WSR trade on the TSX Venture Exchange under the symbol "WSR".

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of WSR, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

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

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