Mongolian Resource Play

[Tackler]

Western Prospector to acquire Selenge, Arkhangai

2004-04-22 12:32 ET - News Release

Mr. John Brock reports

REGULATORY APPROVALS AND PROJECT UPDATES

In connection with news issued in Stockwatch on March 25, 2004, Western Prospector Group has received TSX Venture Exchange approval of an agreement with Brant Enterprises Inc. for a program of mineral property acquisition in Mongolia (the OEX program). The OEX program will be operated by Brant and financed by Western Prospector. The exchange has also approved a finder's fee agreement whereby, in accordance with exchange policy, for the first eight properties that may be acquired in Mongolia, a finder's fee will be payable in shares of Western Prospector to an individual who is neither an employee or insider of Brant or Western Prospector. The first two properties to be acquired under the OEX program are the Selenge and Arkhangai, for a total consideration of $10,000 (U.S.) and 400,000 shares payable to Brant and 45,116 shares to the finder. All securities to be issued are subject to exchange and Multilateral Instrument 45-102 hold periods expiring four months from the date of issue of the securities.

The Mongolia OEX project currently has crews in the field conducting mineral property evaluations in preparation for recommendation of additional property acquisition.