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Westhaven Announces Qualifying Transaction


January 24, 2011

Westhaven Ventures Inc. ("the Company" or "Westhaven"), a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange (the "TSX-V"), is pleased to announce the signing of a letter agreement dated January 24, 2011 regarding a proposed agreement (the "Agreement") with Strongbow Exploration Inc. ("Strongbow"), a TSX-V listed company, whereby Westhaven can earn up to 70% in Strongbow's Shovelnose gold property. The Agreement is intended to serve as the Company's "Qualifying Transaction" under the policies of the TSX Venture Exchange.

Shovelnose Gold Property

The 10,666 ha Shovelnose gold property is located approximately 30 km south of Merritt, British Columbia and is road accessible. The property is a Au-Ag epithermal-style exploration target that covers prospective stratigraphy in the southern Spences Bridge Gold Belt (SBGB), a 110 km northwest-trending belt of felsic to intermediate volcanic rocks of the Cretaceous Spences Bridge group. Surface grab samples have returned values as high as 119.37 g/t Gold (Au) and 271 g/t Silver (Ag).

Highlights

Trench
Length
Best composite
Quartz vein chip samples
L6-XT-01
36m
2.0 m grading 17.0 g/t Au
0.84 to 4.30 g/t Au (6 veins sampled)
L6-XT-02
39m
16.0 m grading 1.4 g/t Au
and 4.0 m grading 3.35 g/t Au
0.88 to 4.86 g/t Au (5 veins sampled)
L6-XT-03
20m
2.5 m grading 1.68 g/t Au
0.14 to 16.3 g/t Au (10 veins sampled)
L6-XT-04
25m
6.0 m grading 5.1 g/t Au
0.02 to 46.6 g/t Au (5 veins sampled)
L6-XT-06
30m
21.0 m grading 0.8 g/t Au including 2.0 m
grading 4.86 g/t Au
 
MK-XT-01
41m
3.0 m grading 1.40 g/t Au
2.94 to 7.72 g/t Au (4 veins sampled)
MK-XT-02
34m
2.0 m grading 1.45 g/t Au
22.2 g/t Au (1 vein sampled)

Plans for 2011

Following TSX-V approval of the qualifying transaction, it is the Company's intent to drill test the identified targets in 2011. Future plans on the Shovelnose property will also include prospecting, rock sampling and ground geophysics to identify new targets on the property.

Terms of the Agreement

First Option - 51%

Westhaven can earn a 51% interest in the Shovelnose property by incurring $1.5 million in expenditures and issuing 300,000 common shares to Strongbow over 3 years as follows:

Expenditure Schedule:


Share payment Schedule:

Upon incurring the exploration expenditures and share issuances outlined above, Westhaven can elect to:

i) enter a 51/49 (Westhaven/Strongbow) joint venture to further evaluate the property or,

ii) proceed with a Second Option as outlined below to earn an additional 19% in the property, bringing Westhaven's total interest to 70%.

Second Option - 70%

Westhaven can earn an additional 19% (bringing Westhaven's total interest to 70%) by:

i) issuing an additional 500,000 common shares to Strongbow, and

ii) incurring an additional $1,500,000 in exploration expenditures within 12 months of exercising the First

Option.

The completion of the transaction is subject to the approval of the TSX Venture Exchange.

All information contained in this news release with respect to Strongbow and the Shovelnose property was supplied by management of Strongbow. Further information pertaining to the Shovelnose property and Strongbow is available at Strongbow's SEDAR profile at www.sedar.com, where investors may review Strongbow's annual and interim financial statements.

Upon closing of the transaction, it is not expected that there will be any new insiders of the Company.

As the Company has working capital of approximately $920,000, which exceeds its working capital needs for the next 12 months upon completion of the transaction, it does not intend to complete any equity financing in conjunction with the transaction.

D. Grenville Thomas, a Director of both Westhaven and Strongbow, has abstained from voting in respect of the Agreement and will abstain from voting in respect of matters involving the transaction.

Trading Halt

In accordance with exchange policies, Westhaven's common shares are currently halted from trading. The common shares may remain halted until completion of the qualifying transaction.

Completion of the transaction is subject to a number of conditions, including but not limited to, exchange acceptance and if applicable pursuant to exchange requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX-V has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

On behalf of the Board of Directors
WESTHAVEN VENTURES INC.

"Gareth Thomas"

Gareth Thomas, Director

For further information, please contact Gareth Thomas at 604-681-5558 or visit Westhaven's website at www.westhavenventures.com

Qualified Person Statement

Work on the Shovelnose property is supervised by David Gale, P.Geo (BC), Vice-President of Exploration for Strongbow, who is the qualified person for the project as defined by National Instrument 43-101. Mr. Gale has reviewed the portion of the technical content of this news release as it relates to the Shovelnose property.

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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