PENINSULA MERCHANT SYNDICATIONS CORP. ACQUIRES 19.2% OF WESTWARD EXPLORATIONS
LTD.

VANCOUVER, Dec. 17 /CNW/ - Peninsula Merchant Syndications Corp. ("Peninsula") is issuing this press release pursuant to the early warning requirements of applicable securities laws in Canada with respect to Westward Explorations Ltd. (the "Issuer").

Pursuant to a private transaction, Peninsula has acquired ownership and control over 20,000,000 common shares of the Issuer (the "Shares"), representing approximately 19.2% of the outstanding Shares of the Issuer, for an aggregate purchase price of $2.25 million.

Peninsula acquired the Shares for investment purposes. Peninsula may, depending on market and other conditions, acquire additional securities of the Issuer or dispose of all or any of its securities of the Issuer, through market transactions, private agreements or otherwise.

Peninsula Merchant Syndications Corp. is a private merchant bank controlled by Sam Magid.

For further information:

or for a copy of the early warning report filed, or to be filed, by Peninsula in respect of the above-noted transaction, please contact:

Rahim Rajwani
Executive Vice-President
Peninsula Merchant Syndications Corp.
Suite 1068, 550 Burrard Street
Vancouver, BC  V6C 2B5
Tel: [phone]