Anchorage to Cease Filing Reports on Western Prospector Group Under Section 4 of National Instrument 62-103

Thu Jun 19, 5:12 PM

NEW YORK--(BUSINESS WIRE)--Anchorage Capital Master Offshore, Ltd. (“Anchorage”) announces that it is ceasing to file reports under Part 4 of National Instrument 62-103 for Western Prospector Group Ltd. (“Western Prospector”).

Anchorage exercises control or direction over 10,257,610 common shares of Western Prospector, representing approximately 19.0% of its issued and outstanding common shares.

Anchorage’s originally acquired its common shares of Western Prospector for investment purposes. On May 12, 2008, Khan Resources Inc. (“Khan”) made an unsolicited offer to acquire all of the issued and outstanding common shares of the Corporation. On May 28, 2008, Anchorage announced that it will continue to support the Corporation and did not intend to tender to the Khan take-over bid.

Anchorage hereby announces that it may in the future, either alone or together with other joint actors:

  (i)   make a formal bid for securities of the Corporation; or
 
(ii) propose a reorganization, amalgamation, merger, arrangement or similar business combination with the Corporation that if completed would reasonably be expected to result in Anchorage, either alone or together with any joint actors, possessing effective control over the Corporation or a successor to all or a part of the business of the Corporation.

Anchorage is not currently a party to any agreement in respect of the holding, disposition or voting of any common shares of Western Prospector.

The issuance of this news release is not an admission that Anchorage owns or controls any common shares of Western Prospector with, or is a joint actor with, another entity.

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

For more information, or to obtain a copy of
the subject early warning report:
Anchorage Advisors, L.L.C.
Anne-Marie Kim, 212-432-4600
General Counsel
Fax: 212-432-4601