Audley European Opportunities Master Fund Limited Regulatory Filing



    GUERNSEY, Channel Islands, Oct. 3 /CNW/ - Audley European Opportunities
Master Fund Limited and its manager, Audley Capital Management Limited,
announced today that the Fund has exercised the conversion rights under the
US$30,279,000 aggregate principal amount of 8.5% senior convertible debentures
due November 30, 2010 of Western Canadian Coal Corp. acquired on November 30,
2007. As a result of this conversion, Audley European Opportunities Master
Fund Limited now owns approximately 40 million common shares of WCC,
representing approximately 19.1% of the outstanding shares. The Fund also owns
warrants to acquire an additional 4,871,838 WCC Shares and options to acquire
an additional 290,000 WCC Shares. The Fund does not currently own any other
securities of WCC.
    Audley Capital Management Limited owns warrants to purchase up to an
additional 458,162 WCC common shares. Audley Capital Management Limited also
controls the common shares and warrants owned by the Fund. Audley Capital
Management Limited does not currently own or exercise control over any other
securities of WCC.
    The Fund acquired the common shares for investment purposes only. Subject
to compliance with applicable laws, the Fund and Audley Capital Management
Limited may from time to time acquire additional securities of WCC or dispose
of securities of WCC in the open market, by private agreement or otherwise.
    Cambrian Mining Plc and its subsidiaries collectively own or have rights
to acquire approximately 86.9 million common shares of WCC, representing
approximately 38.8% of the common shares that would be outstanding after the
exercise of those rights. The Fund owns approximately 24.7% of the outstanding
shares of Cambrian and may be considered to be acting jointly and in concert
with Cambrian in respect of the WCC shares. The WCC shares held or that may be
acquired pursuant to warrants by the Fund, Audley Capital or persons who may
be considered to be acting jointly or in concert with them represent
approximately 58.0% of the common shares of WCC that would be outstanding
after the exercise of the warrants held by those persons.





For further information:

For further information: Julian Treger, Audley Capital Advisors LLP on
behalf of: Audley Capital Management Limited, Audley European Opportunities
Master Fund Limited, Trafalgar Court, Les Banques, St. Peter Port, Guernsey,
GY1 3QL, 44-207-529-6940

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AUDLEY EUROPEAN OPPORTUNITIES MASTER FUND LIMITED

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