=======================================================================
Re:   News Releases - Thursday, July 08, 2010
      Western Standard Metals Ltd. and Freegold Ventures Limited
      Terminate Proposed Merger and Terminates Vinasale and Golden
      Summit Option Agreements
=======================================================================

Thursday July 8, 2010 (Vancouver, British Columbia), Western Standard
Metals Ltd. ("Western Standard" or the "Company"), (TSX-V: WSM) wishes
to announce that further to news releases dated February 17 and April
5, 2010, merger discussions with Freegold Ventures Limited ("Freegold")
have been terminated. 

Additionally, the Company and Freegold have terminated both the
Vinasale and Golden Summit Option Agreements with Freegold.  As Western
Standard will have expended in excess of US $1.2 million on the
Vinasale and Golden Summit projects, in project expenditures and option
payments since January, 2010, Freegold in exchange for an early
termination by Western Standard has agreed to issue to Western Standard
6 million common shares of Freegold or an equivalent corresponding
number of shares following a proposed share consolidation by Freegold.
The foregoing is subject to regulatory approval.

Further to the above listed events, Ms. Kristina Walcott has tendered
her resignation from the Board of Directors. 

Western Standard will create shareholder value by focusing its efforts
on the exploration and development of its 100% owned Almaden and Crane
Creek Gold Projects in Idaho.
 
Western Standard in the fall of 2009 acquired a 100% interest in the
Almaden Gold Project in Idaho, United States, which hosts a NI43-101
compliant measured resource of 239,000 ounces of gold (9,810,000 tonnes
grading 0.754 g/t), an indicated resource of 625,000 ounces of gold
(29,250,000 tonnes grading 0.651 g/t), and an inferred resource of
84,000 ounces of gold (4,780,000 tonnes grading 0.549 g/t), at the
cut-off grades of 0.274 g/t, 0.411 g/t, and 0.789 g/t grams per tonne
for the oxide, mixed, and sulfide mineralization, respectively. 

The Crane Creek Project, located approximately 10km to the north of the
Almaden Gold Project, is host to a low sulphidation epithermal gold
system similar to the Almaden Gold Project.

About Western Standard Metals Ltd.

Western Standard Metals Ltd. is a Canadian based company with a focus
on acquisition, exploration and development of gold properties in North
America. 

WESTERN STANDARD METALS LTD.

s/"Walter Melnyk", President

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 ACURACY OF THIS NEWS RELEASE

=======================================================================
Copyright (c) 2010 WESTERN STANDARD METALS LTD. (WSM)  All rights
reserved.  For more information visit our website at
http://www.westernstandardmetals.com/ or send
mailto:info@westernstandardmetals.com
Message sent on Thu Jul 8, 2010 at 4:58:53 AM Pacific Time
=======================================================================
.