News

2006 News

Wildrose Resources Ltd. has confirmed its plans to proceed with a proposed reorganization of its business to enhance shareholder value. The reorganization will be carried out by way of plan of arrangement under the British Columbia Business Corporations Act. The reorganization will entail Wildrose retaining its interest in the Spanish Mountain property and transferring all of its other projects, including the Woodjam property, into a newly formed and wholly-owned subsidiary company (“Newco”). This transfer will result in Wildrose acquiring common shares of Newco, which will then be distributed to Wildrose’s shareholders. An application will concurrently be made to list the Newco common shares on the TSX Venture Exchange. The transaction is expected to be completed in a tax-efficient manner, with the shares of Newco being distributed to Wildrose shareholders pursuant to the plan of arrangement.

Wildrose’s board of directors is considering acquiring sufficient Newco common shares to provide a proposed distribution ratio to Wildrose shareholders of one Newco common share for each share of Wildrose held. Wildrose has scheduled its annual and an extraordinary general meeting of its shareholders for Thursday, October 5, 2006, to consider and seek approval to the proposed plan of arrangement. The record date for this meeting has been set at August 31, 2006.

Wildrose will continue to participate in its very active joint venture interest in the Spanish Mountain gold property, located near Likely, B.C. where a 30,000 metre RC and diamond drill program is now under way with an approved budget of $5.2 million. Newco would continue the focus on the Woodjam 60-40 copper-gold joint venture near Horsefly, B.C., where a 10,000 metre drill program is currently ongoing with a two-phase budget of $1.6 million. All other properties intended for Newco are under option to other mineral exploration companies. Working capital, including flow-through funds, will be allocated between Wildrose and Newco to fully fund all programs for 2006.

Wildrose’s mineral property interests which would be transferred to Newco currently include: in the Cariboo area theWoodjam, Pat and Cowtrail copper-gold properties; in Yukon, the Canadian Creek property and in north-central BC, the Carruthers Pass property.

Glen. L. Garratt

G. L. Garratt, P.Geo.,
Secretary and Director
Wildrose Resources Ltd.

Contact: B & D Capital Partners: (604) 685-6465

The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the TSX - Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.

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