SHELDON INWENTASH ACQUIRES SECURITIES OF
WHITE PINE RESOURCES INC.
announces that on December 23, 2008, he acquired ownership of 800,000 flow-through common shares (the “Common Shares”) and 800,000 common share purchase warrants (the “Warrants”) of White Pine Resources Inc. (“White Pine”). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.35 until December 23, 2009. In the event that the Warrants are fully exercised, these holdings represent approximately 9.7% of the total issued and outstanding common shares of White Pine as of December 23, 2008, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Mr. Sheldon Inwentash and his joint actors collectively held, as at December 23, 2008, an aggregate of 1,814,991 common shares of White Pine, including the Common Shares and rights to acquire an additional 856,521 common shares of White Pine upon the exercise of convertible securities, including the Warrants (collectively, the “Convertible Securities”). Of these totals, Mr. Inwentash owns 1,296,983 common shares, including the Common Shares and rights to acquire an additional 816,667 common shares of White Pine upon the exercise of convertible securities, including the Warrants (collectively, the “Inwentash Convertible Securities”) directly. In the event that the Convertible Securities are fully exercised, the holdings of Mr. Inwentash and its joint actors represents a total of 2,671,514 common shares of White Pine, or approximately 16.2% of all issued and outstanding common shares as at December 23, 2008, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Inwentash Convertible Securities are fully exercised, the direct holdings of Mr. Inwentash represents a total of 2,113,650 common shares of White Pine, or approximately 12.9% of all issued and outstanding common shares as at December 23, 2008, calculated on a partially diluted basis assuming the exercise of the Inwentash Convertible Securities only.

These transactions were made for investment purposes and Mr. Inwentash and each of its joint actors could increase or decrease their respective investments in White Pine depending on market conditions or any other relevant factor.

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