VANCOUVER, Canada, January 6, 2006: (TSX Venture Exchange Trading Symbol: WGP – Frankfurt Exchange Trading Symbol: WE6.F – NOTC: WGEO) – Western GeoPower Corp., a renewable energy development company, announces the closing of a financing in the amount of $6,255,625 with Dundee Securities Corporation (the “Agent”) as announced December 14, 2005.

Effective as of December 30, 2005 (the “Closing Date”), the Company issued 2,345,500 flow through shares at a price of $0.15 per share and 39,358,667 non-flow-through units at a price of $0.15 per unit (“Unit”), subject to a hold period expiring May 1, 2006. Each Unit is comprised of one share and one share purchase warrant, each warrant entitling the holder to purchase one additional share at a price of $0.25 per share for a period of three years.

The Agent has been paid a fee in the amount of 2,468,133 Units at a price of $0.15 per unit. Also, compensation options to purchase an aggregate of 4,170,417 Units have been granted to the Agent at a price of $0.15 per Unit..

The proceeds of the financing will be used to conduct the flow-testing of the recently-drilled geothermal wells, MC-6; MC-7 and MC-8 to enable the completion of a feasibility study for the South Meager Geothermal Project; to repay $2,000,000 against the Quest Loan Facility; and for general working capital purposes.

In addition, on December 30, 2005, the Company issued 6,666,667 Units to Quest Capital to convert into equity $1,000,000 from its outstanding loan at the price of the current financing. Quest has also extended the term of the loan for the remaining balance of $1.0M to December 15, 2006. In consideration for granting the extension, upon approval from the Exchange the Company will issue 1,000,000 bonus shares to Quest.

Corporate Overview

Western GeoPower Corp. is dedicated to the development of its 100% owned South Meager Geothermal Project, held under a geothermal lease for the commercial generation of electricity. The project, located 170 kilometers north of Vancouver, B.C., is in close proximity to Whistler, the location of the 2010 Winter Olympic Games, and is the most advanced geothermal project in Canada. The Company currently is conducting a feasibility study to confirm the commercial viability of the South Meager Project to support an initial generation of 100 megawatts of electricity, which is equivalent to the power consumption of 80,000 households.

On behalf of Western GeoPower Corp.
“Kenneth MacLeod”
Kenneth MacLeod, President and CEO