Western Prospector hits Saddle Hills high grade (September 19, 2005)

Choibalsan, Mongolia — Western Prospector Group‘s (WNP-V) drilling continues to intersect significant uranium values on the Gurvanbulag main zone at its Saddle Hills project in Dornod Aimag of northeastern Mongolia.

The second batch of holes in the verification drill program delivered high-grade values in hole 5006 where a 7.1-metre intersection (from 270 metres) returned 2.1% U3O8, including 4 metres of 3.7% U3O8 and a one-metre intercept grading 8.1% U3O8.

Core recoveries have improved over initial drill holes recently completed by the company, delivering a better sample of uranium mineralization.

The high-grade interval further confirms prior Russian exploration on the Gurvanbulag main zone where, in the 1980s, they initiated an extensive underground work program including three vertical shafts and several tens of km of lateral development.

Although partially flooded, accessible portions of the concrete lined shafts and main haulage tunnels appeared in excellent condition during a recent site visit by The Northern Miner.

Western Prospector is advancing its grid drill program to bring the Russian C2 category resources in line with National Instrument 43-101 compliancy. The company currently has three drill rigs active and has completed 30 of its planned 100 holes scheduled for this year.

An additional six holes completed on the northwest up-dip margin of the Gurvanbulag main zone, Block 6, also returned significant uranium values. Hole 5015 intersected a 2.1-metre horizon (from 99 metres) averaging 0.46% U3O8. Block six has 40 holes planned on it, following which, a resource calculation will be conducted. Results from 20 holes completed on the area to date confirm results from the past Russian drilling but with increased thickness of the zone.

Western Prospector is also well underway on building an extensive water impoundment and settling ponds for the dewatering of the old underground workings expected to commence in March-2006.

Uranium mineralization at Saddle Hills occurs mainly as stratabound lenses in the lower part of a Mesozoic volcano-sedimentary sequence overlying a basement complex of late-Proterozoic to Paleozoic gneisses, schists and granites.

Some additional structurally controlled mineralization occurs as steeply dipping to vertical zones, possibly connecting with the stratabound lenses. Uranium occurs as fracture coating yellow uranophane and fracture, vein and disseminated black pitchblende or coffinite.

With the high-grade interval and uranium spot price now hovering around US$31.00 per lb. of U3O8, investors leapt on board, driving up the company’s share price to the $6.00 level on high volume.