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  WPG Resources

WPG Resources

WPG Media Releases:
Presentation to General Meeting – October 4, 2011
Penrhyn Coal can be Upgraded to Export Quality – September 15, 2011
Encouraging Results From Penrhyn Coal Upgrading Testwork – August 25, 2011
WPG Sells Iron Ore Asset – August 22, 2011
Completion of coal drilling program at Lochiel North – August 8, 2011
WPG Ausi Stock Broker Presentation – July 21, 2011
AU Government Approves Peculiar Knob MARP & Port Pirie DA - July 8, 2011
Penrhyn Coal Resource of 352.4 mt Exceeds Expectations – July 7, 2011
WPG Beefs up Management Team – July 6, 2011
JV with EEE to Produce K-Fuel in Australia – June 10, 2011
WPG Dispatches Core Sample to Evergreen
Quarterly activities report March quarter 2011
Good Coal intersected in early part of Penrhn drilling program
Progress report – drilling at the Penrhyn coal project

Evergreen Energy and WPG Resources Establish Southern Coal Holdings (SCH) to produce K-Fuel in the Pacific Basin Region

Released: 06/09/11 03:15 AM EDT

Evergreen Energy Inc. (NYSE Arca: EEE) announced it has completed the formation of its venture with WPG Resources (ASX: WPG), an Australian listed mineral resources company, to jointly develop and produce K-Fuel®, Evergreen’s coal upgrading technology, throughout Australia. This agreement was foreshadowed in the memorandum of understanding announced by Evergreen on February 2, 2011.

The venture, Southern Coal Holdings (SCH) will be 50% owned by WPG Resources and 50% by Evergreen Energy, and was incorporated in Australia in 2010 as a private limited liability company. SCH was a wholly owned subsidiary of WPG prior to the closing of this transaction.

Bob Duffin, Chairman of WPG Resources, stated: “WPG Resources and Evergreen Energy share a common goal of tapping into the rich and valuable market for coal as a source of energy from the Asian market. I have just returned from a visit to Evergreen’s K-Fuel facility in Wyoming where coal testing of our Penrhyn samples will continue over the summer. I am very excited about the future of SCH and the plans to build our first K-Fuel plant in Australia.”

Ilyas Khan, Executive Chairman of Evergreen, stated: “The formation of our joint venture with WPG establishes Evergreen in the attractive and growing markets in Asia, where demand for coal from regions such as India, China, Japan and Korea highlight the need for coal upgrading technologies. SCH already has considerable coal resources on its property that offer tremendous potential in terms of the value we can accrue from their being upgraded. The price of thermal coal continues to be not only buoyant in the Asia Pacific area, but also represents a significant premium to prices in North America.

“We expect to provide further updates on SCH market in the short term, including the impending hire of a CEO for SCH and the announcement of further details about the underlying size and scope of the coal resources.”

“I also wish to take this opportunity of recognizing the amazing work that is being done by the Evergreen team and in particular the K-Fuel team headed up by Kevin Milliman. When we completed our re-financing in February this year we gave ourselves a number of ambitious targets. The most significant of those milestones in our business plan was the completion of our joint venture with WPG where, through SCH, we now have a 50% share of valuable coal resources that are ideally placed to benefit from being upgraded by, and blended with K-Fuel.”

“Over summer we remain on track to increase very significantly our testing capacity, which will enable us to concentrate on responding to other interested customers and partners. For now we are 100% taken up with testing coal from WPG, but this will ease by the time we get around to the end of the third quarter of 2011,” concluded Khan.

WPG Resources

WPG Resources (ASX: WPG), is an Australian ASX listed mineral resources company with advanced iron ore and coal exploration projects located in South Australia. Its flagship project, Peculiar Knob, is almost fully permitted and development funding is in place. For further information, visit www.wpgresources.com.au.