uranium spinoff record date 15 may

$10 million placement heavily oversubscribed

Uranoz Prospectus being lodged

WCP Resources Limited (“WCP”) is pleased to announce it has reached agreement

with a number of institutional and sophisticated investors for a placement of

41,666,667 ordinary shares in the Company (Placement Shares) at an issue price of 24

cents per share that will raise $10 million (Placement). The Placement was Lead

Managed by Tricom Equities Limited.

The placement price represents only a nominal discount to the Company’s weighted

average trading price over the last 20 days. The shares will rank equally with the

Company’s existing ordinary shares. The Company has requested the ASX to take its

shares out of the current trading halt forthwith.

The Placement Shares will be issued in two tranches, with the first tranche of

15,900,000 ordinary shares (Initial Placement Shares) expected to be issued and

allotted on or around 14 May 2007, by which time the Company expects to have

either lodged a short form prospectus or obtained the relevant waiver from doing so,

thus allowing the shares to be traded without restriction in the secondary market. On

settlement of the Initial Placement Shares, investors in the Placement will become

entitled to subscribe for a secured allocation of 10.4 million Uranoz Limited Shares in

the Uranoz IPO (see Uranoz Update below).

The issue and allotment of the second tranche of 25,766,667 ordinary shares in the

Company is subject to shareholders’ approval which will be sought at a meeting of

shareholders. A notice of meeting that sets out further details in relation to the

Placement will be sent to shareholders shortly.

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Commenting on the placement, Executive Director Levi Mochkin said that “The

funds will be used to actively advance our existing exploration portfolio and also to

seek additional exploration and advanced projects to further the growth of the

Company. We were particularly pleased that the placement was more than 2.5

times oversubscribed; evidence of the strong support the Company has been able

to attract since we moved onto the mining boards of the ASX last year.”

Uranoz Update

The Initial Placement Shares will be entitled to participate in the upcoming $8 million

Uranoz Limited IPO, announced by the Company on 17 April 2007. Uranoz will own

WCP’s uranium assets in South Australia and West Australia. The Company expects

to lodge the prospectus shortly.

In order to accelerate the exploration plans in Uranoz and given the positive

response to the announced IPO, the Company has decided to increase the amount

of oversubscriptions from $2 million to $4 million so that the total potential fund raising

could reach $12 million. WCP shareholders will have an entitlement to the Uranoz

share offering of a proposed minimum of 20 million shares, the allocation of which will

be at the discretion of the Uranoz board of directors, with a priority given to those

WCP shareholders who hold a minimum of 20,000 shares as at the entitlement date.

The entitlement date has now been set at 15 May 2007.

The prospectus will be available at the Uranoz website on www.uranoz.com.au and

the Company website on www.wcpresources.com.au.

Mr Mochkin further commented that “WCP have been able to negotiate a number

of very significant transactions in a short period of time, including the funding of our

obligations in the Lake Torrens Project, the Uranoz IPO spin-off and now a significant

fund raising. All of these initiatives will enable us to continue to grow the company

and add significant value for our shareholders.”

For further information contact WCP Resources at (02) 9248 6900: