White Pine Resources Inc. (formerly WSR Gold Inc.) Announces $1.3 Million Private Placement Financing

TORONTO, ONTARIO--(Marketwire - Dec. 18, 2008) -

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White Pine Resources Inc. (formerly WSR Gold Inc.) (TSX VENTURE:WPR) ("WPR") is pleased to announce that it proposes to complete a non-brokered private placement pursuant to which it will issue up to

5,200,000 flow-through units ("FT Units") at a price of $0.25 per FT Unit to raise aggregate gross proceeds of up to $1,300,000.

Each FT Unit will consist of one "flow-through" common share and one share purchase warrant of WPR, each whole such share purchase warrant entitling the holder thereof to acquire one additional common share of WPR (which shall not be a "flow-through" share) for a period of 12 months at an exercise price of $0.35 per share.

The private placement remains subject to the approval of the TSX Venture Exchange.

About White Pine Resources Inc.

White Pine Resources Inc. 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. The common shares of White Pine Resources Inc. trade on the TSX Venture Exchange under the symbol "WPR".

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of White Pine, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.