White Pine Announces Private Placement Financing

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. 

White Pine Resources Inc. (TSX VENTURE:WPR) ("White Pine") is pleased to
announce that it proposes to complete a non-brokered private placement (the
"Offering") pursuant to which it will raise aggregate gross proceeds of up to
approximately $1,000,000 by issuing at least 1,800,000 units ("Units") at a
price of $0.25 per Unit, with the balance of the gross proceeds being raised by
issuing a combination of "flow-through" common shares ("FT Shares") at a price
of $0.25 per FT Share and additional Units. Each Unit will consist of one common
share (which shall not be a "flow through" common share) and one-half of one
common share purchase warrant of White Pine, each whole such share purchase
warrant entitling the holder thereof to acquire one additional common share of
White Pine for a period of 18 months at an exercise price of $0.35 per share.


Insiders may purchase up to 80% of the Offering.

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

About White Pine Resources Inc.

White Pine is a Canadian based mineral exploration company primarily focused on
the exploration and development of mineral deposits in Canada.


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
WPR, including, but not limited to the impact of general economic conditions,
industry conditions, volatility of commodity prices, risks associated with the
uncertainty of exploration results, currency fluctuations, dependence upon
regulatory approvals, the availability of 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.


Shares Outstanding: 30,436,533