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Western Silver Corporation

Western Silver Corporation is one of the most successful metals exploration companies of the past three years.  It has established its flagship Peñasquito property as one of the largest undeveloped precious metals projects in the world.  In three years, the tonnage of mineralized material has increased nearly six-fold; approximately 60% of that mineralized material is now measured and indicated; and gold has become an increasingly important part of the suite of metals.  Deposits at Peñasquito contain seven million ounces of gold (and growing) with an additional nine million ounces of gold-equivalent precious metals.

When we initiated coverage of Western Silver in 2002, each $1 of enterprise value was backed by $36 of metal in the ground – based on mineralized material.  Today, despite the considerably greater quality of the resource evaluation, each $1 of enterprise value is backed by $42 of metal in the ground.  Put simply, the increase in Western Silver’s stock price reflects actual exploration success and changes in metal prices, and includes nothing for the enhanced classification of mineralization or demonstration of the district-scale potential at Peñasquito.

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For further information, contact:

Douglas J. Newby


Proteus Capital Corp.

120 Broadway, Suite 1010

New York, NY 10271

Tel:                  (646) 879-5970

Fax:                 (646) 365-3230




Last modified: January 3, 2007