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 NOTE ON THE ACQUISITION OF WESTERN SILVER CORP BY GLAMIS GOLD LTD.
 

   On May 3rd 2006 Glamis Gold has announced the closing of Western Silver transaction. As a result of the arrangement, Western Silver Corporation is now a wholly-owned subsidiary of Glamis.

   As a result to this financial operatation, any shareholder who have purchased Western Silver shares prior to that time will receive, for each Western Silver share held, 0.688 shares of Glamis Gold and one share of Western Copper Corporation, a newly created company which will hold the Carmacks Copper Project, an early-stage exploration project in Mexico and approximately $38 million in cash.

   In our portfolios, this transaction has resulted in the sale of Western Silver Corporation on its last trading day i.e. May 4th 2006.

   We then recommend to sale the two new shares (Glamis Gold, ticker GLG and Western Copper, ticker to be annonced) received in exchange of the Western Silver share.

   The following document is a copy of the press release which gives more detail about the transaction:

 

   Western Silver Shareholders Vote in Favour of Glamis Gold Transaction

   Monday May 1, 1:42 pm ET

   VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--May 1, 2006 -- Western Silver Corporation (TSX:WTC.TO - News)(AMEX:WTZ - News) announced that the Plan of Arrangement between Western Silver and Glamis Gold Ltd. (TSX:GLG.TO - News) (NYSE:GLG - News) has been overwhelmingly approved by more than 99% of votes cast by the Western Silver shareholders at a special meeting held today in Vancouver, Canada.

   Final court approval of the Arrangement will be sought on May 2, 2006. Assuming that approval is received, it is expected that the transaction will be completed on May 3, 2006 and the shares of Western Silver will cease to trade on the Toronto Stock Exchange ("TSX") and the American Stock Exchange on or about May 4, 2006. Any shareholders who have purchased Western Silver shares prior to that time will receive, for each Western Silver share held, 0.688 shares of Glamis Gold and one share of Western Copper Corporation, a newly created company which will hold the Carmacks Copper Project, an early-stage exploration project in Mexico and approximately $38 million in cash.

   Information with respect to Western Copper Corporation can be found in the information circular prepared for the meeting, and in a technical report on the Carmacks Copper project. Both of these documents have been filed on SEDAR and both are also available on the Company's web site at www.westernsilvercorp.com. Western Copper has received conditional approval for the listing of its common shares on the TSX, subject to fulfilling all the listing requirements of the TSX.

   On behalf of the board,

   F. Dale Corman, Chairman and C.E.O.

 
 
 
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