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Western GeoPower Corp. (WGP)

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Thursday 07 August, 2008

Western GeoPower Corp.

WESTERN GEOPOWER ANNOUNCES $25 MILLION FINANCING



Corporate news announcement processed and transmitted by Hugin ASA.
The issuer is solely responsible for the content of this 
announcement. 
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                            NEWS RELEASE


DATE:  August 7, 2008
                        FOR IMMEDIATE RELEASE


TRADING SYMBOLS:    TSX-V (Canada): WGP.V        FRANKFURT: WE6.F


          WESTERN GEOPOWER ANNOUNCES $25 MILLION FINANCING

VANCOUVER, Canada,  August  7,  2008, TSX  Venture  Exchange  Trading
Symbol: WGP - Western GeoPower Corp., a renewable energy  development
company, today announced it has arranged up to $25 million in  equity
funding by way  of a  non-brokered private  placement of  100,000,000
Units (the "Units") at a price of $0.25 per Unit.
Each Unit consists  of one  common share and  one transferable  share
purchase warrant exercisable into one common share for a period of 24
months from closing at a price of $0.45 per share during the first 12
months and $0.50 per share during the last 12 months.

The funds will be  used for the ongoing  drilling and development  of
the 35 MWe Western GeoPower Unit 1 geothermal project at The  Geysers
geothermal field in California and for general working capital.

"This funding is intended to  satisfy the requirement for  additional
equity resulting from the increase in  plant capacity from 28 MWe  to
35 MWe as announced April  9, 2008," said Kenneth MacLeod,  President
and CEO of Western GeoPower. "With construction scheduled to commence
in Spring 2009, the focus will shift to securing a construction  loan
for the balance of the project financing."

The warrants are subject to an acceleration provision, which provides
that, if  the  Company's  shares  trade at  $0.50  or  more  for  ten
consecutive trading days during the first  year or $0.55 or more  for
ten consecutive trading days during the second year, it will  trigger
a 30 day timeframe within which to exercise the warrants or they will
expire.

A finder's fee of 6% payable in Units, is applicable on a portion  of
the proceeds. The private placement is subject to regulatory approval
and the Units will be subject to a four-month hold.

About Western GeoPower Corp.
Western GeoPower Corp. is a renewable energy company dedicated to the
development of geothermal energy projects for the delivery of  clean,
sustainable,  baseload   electricity  generation.   The  Company   is
developing The Western GeoPower Unit 1 geothermal power plant at  The
Geysers Geothermal Field in California,  United States and the  South
Meager Geothermal Project in British Columbia, Canada.
On behalf of the Board of Western GeoPower Corp
"Kenneth MacLeod"
Kenneth MacLeod, President & CEO
Cautionary Note Regarding Forward-Looking Statements
Statements in this  release that are  forward-looking are subject  to
various risks  and  uncertainties  concerning  the  specific  factors
identified  above  that  reflect   the  Company's  expectations   and
projections  about  its  future  results.    The  Company  has  tried
whenever possible to identify these forward-looking statements  which
include  but  are  not  limited  to,  words  such  as  "anticipates,"
believes," "estimates," "expects,"  "plans," "intends,"  "potential,"
and  similar  expressions.    Although  the   Company  believes   the
expectations expressed in such  forward-looking statements are  based
on reasonable  assumptions, such  statements  are not  guarantees  of
future performance  and actual  results  or developments  may  differ
materially from those in  the forward-looking statements.   Investors
are cautioned that any such  statements are not guarantees of  future
performance and  that  actual  results  or  developments  may  differ
materially from those projected  in the forward-looking  statements.
The Company disclaims  any obligation  or intention to  update or  to
revise any  forward-looking statement,  whether as  a result  of  new
information, future events or otherwise.  Such information  contained
herein represents management's  best judgment as  of the date  hereof
based on information currently available.   This news release is  not
for dissemination in the United States of America or to United States
of America news services.


The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release. For more information or to be
put on our email list, please contact our office: (604) 662-3338 or
US/Canada Toll Free: 1-866-662-3322, email: [email protected] Investor
Relations: [email protected]


 
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Western GeoPower Corp.
837 West Hastings Street Suite 411 Vancouver, 
BC<br>V6C 3N6 Canada

WKN: 254049; ISIN: CA95827Q1037; 
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