| January 25, 2010 Western Standard Private Placement | |
| Vancouver - Monday, January 25, 2010 - Western Standard Metals Ltd. - WSM: TSX.V ("Western Standard" or the "Company"), is pleased to announce that is has negotiated a non-brokered private placement of 14,000,000 Units at a price of $0.25 for total gross proceeds of $3,500,000. Each Unit will consist of one common share and one share purchase warrant exercisable into an additional common share at a price of $0.30 for a two year period. The proceeds will be used for exploration expenditures on the Company's projects and for general working capital. A commission or finder's fee may be paid with respect to all or part of this placement. The terms of the private placement are subject to acceptance by the TSX Venture Exchange. Additionally, the Company has arranged for a loan to raise a total of $150,000 by way of a loan agreement. The Company will repay the loan by June 15, 2010 and the interest rate is set at the rate of the London Interbank Offered Rate (LIBOR) plus 1% interest per annum. The lender will receive the permitted bonus, being 115,385 shares to be issued as a bonus for granting the loan. This transaction is subject to acceptance by the TSX Venture Exchange. About Western Standard Metals Ltd. Western Standard Metals Ltd. is a newly re-organized Canadian based company with a focus on acquisition, exploration and development of gold properties in North America. Western Standard recently acquired a 100% interest in the Almaden Gold Project in Idaho, United States, which hosts a NI43-101 compliant measured resource of 239,000 ounces of gold (9,810,000 tonnes grading 0.754 g/t), an indicated resource of 625,000 ounces of gold (29,250,000 tonnes grading 0.651 g/t), and an inferred resource of 84,000 ounces of gold (4,780,000 tonnes grading 0.549 g/t), at the cut-off grades of 0.274 g/t, 0.411 g/t, and 0.789 g/t grams per tonne for the oxide, mixed, and sulfide mineralization, respectively. The Company recently announced option agreements to earn a 50% interest in the Golden Summit project, located 8 kilometres north of the Fort Knox gold mine in the Fairbanks Mining District, and the Vinasale project, located 26 kilometres south of McGrath, Alaska. WESTERN STANDARD METALS LTD. s/"Tanuja de Silva Skerlec, CFO NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE), ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. | |
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