Signup for Email Updates
Country: 


WSR Gold Inc. Increases Size of Private Placement Financing to up to $9,000,000


April 10, 2008

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

WSR Gold Inc. (TSX VENTURE:WSR) ("WSR") announces today that it has increased the size of its previously announced offering disclosed in a press release dated April 3, 2008, to raise gross proceeds of up to $9,000,000. Under the new terms, WSR proposes to complete a brokered private placement of units ("Units") and flow-through units ("F T Units") on a guaranteed basis to raise aggregate gross proceeds of up to $9,000,000. Each Unit will be issued at a price of $0.50 per Unit and shall consist of one common share and one-half of one share purchase warrant (each whole such warrant, a "Warrant"). Each F T Unit will be issued at a price of $0.60 per F T Unit and shall consist of one "flow-through" common share and one-half of one Warrant. Under the revised terms of the offering, each Warrant will now be exercisable to acquire one additional common share of WSR at an exercise price of $0.65 for a period of two years from closing.

Primary Capital Inc. and PowerOne Capital Markets Ltd. have agreed to act as agents in connection with the private placement. All other terms of the private placement as announced in the press release of WSR dated April 3, 2008 remain the same.

The private placement remains subject to the approval of the T SX Venture Exchange.

About WSR

WSR is a Canadian based mineral exploration company with extensive property holdings strategically located on and around the nickel/copper "Ring of Fire" in northern Ontario near James Bay .

WSR can earn a 50% interest in the McFauld's Lake Property pursuant to an option agreement with Noront Resources Ltd. (TSX VENTURE:NOT) (see press release dated November 1, 2007). T he area covers 15 claim blocks comprising approximately 4,400 hectares (9,600 acres) in the Ring of Fire, McFauld's Lake , Ontario , near Noront's prolific nickel, copper and platinum group metals discovery.

WSR has the right to acquire a 75% interest in the Big Mac property from MacDonald Mines Exploration Ltd. (TSX VENTURE:BMK) consisting of 51 claim blocks comprising approximately 27,660 acres (see press release dated February 15, 2008).

WSR has also entered into an agreement with Metalex Ventures Ltd. (TSX VENTURE:M TX) and Arctic Star Diamond Corp. where by WSR has the right to fund up to $20,000,000 in exploration expenditures on James Bay Lowlands Properties over a 4 year period to earn a maximum 50% interest in such properties, subject to the approval of the T SX Venture Exchange. T he James Bay Lowlands Properties comprise approximately 214.4 square kilometers (52,980 acres) (see press release dated March 26, 2008).

T he 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. T hese 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.

For more information, please contact

WSR Gold Inc.
John T ait
President and Chief Executive Officer
(416) 628-5905
Email: jtait@wsrgold.ca
Website: http://www.wsrgold.ca/