WHETSTONE MINERALS ANNOUNCES ANTICIPATED CLOSING DATE FOR ACQUISITION AND
PRIVATE PLACEMENT

CALGARY, Dec. 31 /CNW/ - (TSX Venture: WMI) - Whetstone Minerals Ltd. ("Whetstone") announces that, further to its press releases dated November 2, 2010 and December 1, 2010, Whetstone anticipates that, subject to the receipt of all necessary regulatory approvals (including TSXV approval), it will complete the previously announced acquisition (the "Acquisition") of the outstanding share of DGL Investments Number Four Mauritius from Duration Gold Limited in consideration for the issuance of 45,000,000 common shares of Whetstone to Duration and the private placement financing of 50,000,000 common shares of Whetstone at an issue price of U.S.$0.10 per share (the "Private Placement") on or about January 24, 2011.  The reason for the delay in the anticipated closing date is that Whetstone is awaiting the approval of the Zimbabwe Reserve Bank required in connection with the offering of 20,000,000 common shares to Zimbabweans as part of the Private Placement. 

Forward-Looking Statements

In the interest of providing Whetstone shareholders and potential investors with information regarding Whetstone including management's assessment of the future plans and operations of Whetstone, certain statements contained in this press release constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. In particular, this press release contains, without limitation, forward-looking statements pertaining to the following: the anticipated timing of the completion of the Acquisition and the Private Placement.

With respect to forward-looking statements contained in this press release, Whetstone has made assumptions regarding, among other things: its ability to obtain the necessary regulatory approvals to complete the Acquisition and the Private Placement and its ability to raise the necessary funds to complete the Private Placement. Although Whetstone believes that the expectations reflected in the forward looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this press release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause Whetstone's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the following: the failure of Whetstone to obtain the necessary regulatory approvals to complete the Acquisition and the Private Placement; the failure of Whetstone to raise the necessary funds to complete the Private Placement; and general economic conditions in Canada, Zimbabwe and abroad. Readers are cautioned that this list of risk factors should not be construed as exhaustive.  These risk factors are discussed in Whetstone's information circular - proxy statement dated November 2, 2010, as filed with Canadian securities regulatory authorities.

The forward-looking statements contained in this press release speak only as of the date of this press release. Except as expressly required by applicable securities laws, Whetstone does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

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.

For further information:

For further information please contact the Corporation or Charles Vivian of Pelham Bell Pottinger:

Whetstone Minerals Ltd.       Allan Dolan, Chairman and Interim President and Chief Executive Officer Phone:  [phone]

Pelham Bell Pottinger Charles Vivian Phone:  [phone]

To be added to Whetstone's private email list, please contact[email protected].