Passport Capital issues communication to WGI Heavy Minerals, Incorporated



    SAN FRANCISCO, June 9 /CNW/ - PASSPORT CAPITAL, LLC announced today that
it has delivered the following letter to the board of directors of WGI Heavy
Minerals, Incorporated:

    Attention: Covell D. Brown, Chairman of the Board of Directors

    Dear Sirs:

    Re: WGI Heavy Minerals, Incorporated - Proxy Solicitation

    As you are aware, we have mailed a dissident proxy circular to the
shareholders of WGI Heavy Minerals, Incorporated ("WGI") whereby we recommend
that WGI's shareholders elect a new board of directors of WGI. We believe that
a change of leadership is necessary for WGI to realize on its potential and
deliver appropriate returns to all shareholders. At WGI's annual meeting of
shareholders on June 25, 2008, WGI's shareholders will be given the
opportunity to voice their opinion as to whether their interests will be
better served by a change in leadership of WGI.
    We believe it is important to notify WGI that we intend to carefully
scrutinize any defensive tactic or action proposed or taken by it (including,
the issuance or granting of an option on, or the purchase of, securities of
WGI; the sale or acquisition of any assets; and/or the entering into of any
contract or taking any corporate action other than in the normal course of
business) between now and the conclusion of the shareholders' meeting in order
to ensure that any such tactic or action is in the best interest of WGI and
its shareholders. While we may support a corporate action if we are convinced
that same is in the best interest of WGI and its shareholders, we will have no
tolerance for any defensive tactic, action or manoeuvre that would impede a
shareholder's right to have its voice heard at the meeting to be held on
June 25th, that is designed to enrich or entrench WGI's current board or
management or that may otherwise thwart the reasonable expectations of WGI's
shareholders at this time.
    We trust you will provide a copy of this letter to all members of WGI's
board. Please be advised that we will take any and all measures in order to
ensure that any corporate action proposed or taken at this time by WGI is in
the best interest of WGI and its shareholders.

    
                                            Yours Truly,
                                            PASSPORT CAPITAL, LLC
                                            (signed)
                                            John Burbank III
                                            Managing Member
    

    PASSPORT CAPITAL, LLC

    Passport Capital, LLC is a San Francisco based global investment firm
with approximately US$4.5 billion of assets under management. Passport and its
principals have extensive experience investing in the Canadian, U.S. and
global capital markets. The funds it manages are long-term, value-oriented
shareholders which, as of the date hereof, collectively own or control an
aggregate of 3,080,500 common shares of WGI, representing approximately 13.1%
of the currently outstanding common shares, making them today the largest
shareholders of WGI.

    Certain statements contained in this press release may constitute
forward-looking statements. Such statements reflect Passport's current views
and intentions with respect to future events and are subject to certain risks,
uncertainties and assumptions. Many factors could cause the actual results,
performance, actions or achievements of WGI or others that may be expressed or
implied by such forward-looking statements to vary from those described herein
should one or more of these risks or uncertainties materialize. Such factors
include, but are not limited to, economic, business, technological,
competitive and regulatory factors as well as the terms of contractual
commitments to which WGI is subject of which Passport is not aware.





For further information:

For further information: Kingsdale Shareholder Services Inc.
(1-800-775-4067 or (416) 867-2272 (collect calls accepted))

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PASSPORT MANAGEMENT, LLC

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