WGP Western Geopower Corp Com Npv

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GTO Resources Inc. ("GTO") (NEX BOARD:GTR.H), Polaris Geothermal Inc.
("Polaris") (TSX:GEO), Western GeoPower Corp. ("Western") (TSX VENTURE:WGP) and
Ram Power, Inc., a private Delaware corporation ("Ram"), previously announced on
July 15, 2009 that they had entered into a letter of intent ("LOI") with respect
to a proposed business combination to create a new, publicly-traded geothermal
power company (the "Transaction").


GTO had also announced at that time that it intends to proceed with a private
placement offering of subscription receipts, entitling purchasers to receive
common shares in the combined entity following the Transaction.


GTO is pleased to announce that it will increase the size of its proposed
private placement to $156 million (the "Private Placement") from $100 million.
An aggregate of 52 million subscription receipts will be offered at an
anticipated price of $3.00 per subscription receipt, each exercisable into one
common share of GTO (after giving effect to a 10 for 1 consolidation). In
addition, GTO has agreed to grant the agents an over-allotment option (the
"Over-Allotment Option"), exercisable in whole or in part prior to the closing
of the Private Placement, to offer for sale up to an additional 7.8 million
subscription receipts for additional proceeds of $23.4 million. The proceeds of
the Private Placement, less the agents' expenses, will be held in escrow pending
the completion of the Transaction. The proceeds of the Private Placement will be
used to develop key projects of the combined businesses and for working capital
and general corporate purposes upon completion of the Transaction. Any
additional proceeds from the exercise of the Over-Allotment Option will be used
for debt repayment of the combined entity. The Private Placement is subject to
applicable regulatory approvals and is anticipated to close on or about August
18, 2009.


Cormark Securities Inc. has been retained as financial advisor to GTO in
connection with the Transaction and as lead agent in connection with the Private
Placement.


The LOI provides that GTO, Polaris and Western will negotiate and enter into a
definitive arrangement agreement and Ram and GTO will enter into a share
purchase and sale agreement. Further details regarding the proposed business
combination will be detailed in a joint information circular (the "Joint
Circular") which will be mailed to securityholders of GTO, Polaris and Western
in connection with special shareholders' meetings to approve the Transaction.


Closing of the Transaction contemplated by the LOI is subject to a number of
conditions and approvals which include completion of the equity financing on
acceptable terms; the satisfactory completion of due diligence investigations;
the completion of a definitive agreement setting forth the terms and conditions
set out in the LOI; approval of securityholders of GTO, Polaris and Western at a
special meeting of such securityholders; approval of shareholders of Ram;
approval of holders of debentures of Polaris; approval of certain lenders of
Western; court approval; and the approval of all relevant regulatory authorities
and third parties. There can be no assurance that the Transaction or the equity
financing will be completed as proposed or at all. The LOI provides for
termination rights, including in the event the Transaction is not completed by
October 30, 2009.


The common shares of GTO are currently halted from trading and will remain
halted until further notice.


Investors are cautioned that except as disclosed in the Joint Circular, any
information released or received in connection with the Transaction may not be
accurate or complete and should not be relied upon.


This press release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities described herein. The securities have not
been and will not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act"), or any state securities laws and may not
be offered or sold within the United States or to United States Persons unless
registered under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.


ABOUT RAM POWER INC.

Ram is a renewable energy development company with several geothermal projects
under development in California and Nevada, USA. Ram's management team brings
world class expertise and decades of experience in developing and financing
geothermal energy projects. 


ABOUT POLARIS GEOTHERMAL INC.

Polaris is a Canadian company (amalgamated under the laws of Yukon), focused on
the generation of renewable energy projects in Latin America and other parts of
the world. Polaris has a 10 MW geothermal power plant operating at San Jacinto
Tizate with further expansion of that project currently under development.


ABOUT WESTERN GEOPOWER CORP.

Western is a Canadian renewable energy company (incorporated under the laws of
British Columbia) dedicated to the development of geothermal energy projects for
the delivery of clean, sustainable, baseload electricity generation. Western is
developing the Western GeoPower Unit 1 geothermal power plant at The Geysers
Geothermal Field in Sonoma County, California, USA and has geothermal projects
under development in California, USA and British Columbia, Canada.


All references to "$" or "dollars" are to Canadian dollars.

Cautionary Statements 

This news release contains "forward-looking statements" within the meaning of
applicable securities laws relating to the proposal to complete the Transaction
and the equity financing, including statements regarding the terms and
conditions of the Transaction and the equity financing. Readers are cautioned to
not place undue reliance on forward-looking statements. Actual results and
developments may differ materially from those contemplated by these statements
depending on, among other things, the risks that the parties will not proceed
with the Transaction or the equity financing, that the ultimate terms of the
Transaction and the equity financing will differ from those that currently are
contemplated, and that the Transaction or the equity financing will not be
successfully completed for any reason (including the failure to obtain the
required approvals or clearances from regulatory authorities). The statements in
this press release are made as of the date of this release. GTO, Ram, Polaris
and Western undertake no obligation to update forward looking information, other
than as required by law, or comment on analyses, expectations or statements made
by third-parties in respect of GTO, Ram, Polaris, Western or their respective
financial or operating results or (as applicable), their securities.

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