WSR Gold Inc. Announces $8 Million Guaranteed Private Placement Financing

TORONTO, ONTARIO--(Marketwire - April 3, 2008) -

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WSR Gold Inc. (TSX VENTURE:WSR) ("WSR") is pleased to announce that it has entered into an agreement to raise gross proceeds of $8,000,000 by way of a brokered private placement of units ("Units") and flow-through units ("FT Units") of WSR on a guaranteed basis. Each Unit will be issued at a price of $0.50 per Unit, and shall consist of one common share of WSR and one-half of one common share purchase warrant (each whole such warrant, a "Warrant"). Each FT Unit will be issued at a price of $0.60 per FT Unit, and shall consist of one "flow-through" common share of WSR and one-half of one Warrant. Each whole Warrant shall entitle the holder thereof to acquire one additional common share of WSR at an exercise price of $0.65 per share for a period of 12 months from the date of issuance thereof.

Primary Capital Inc. and PowerOne Capital Markets Ltd. have agreed to act as agents in connection with the offering, pursuant to which they will receive an aggregate cash commission of 6.5% of the gross proceeds raised in the offering, as well as such number of compensation warrants ("Compensation Warrants") as is equal to 6.5% of the total number of Units and FT Units sold in the offering. Each Compensation Warrant shall be exercisable to acquire one Unit at an exercise price of $0.50 for a period of one year following the date of issuance thereof.

The private placement remains subject to completion of definitive documentation and the approval of the TSX 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). The 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:MTX) 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 TSX Venture Exchange. The James Bay Lowlands Properties comprise approximately 214.4 square kilometers (52,980 acres) (see press release dated March 26, 2008).

The common shares of WSR trade on the TSX Venture Exchange under the symbol "WSR".