Far West Announces Short Form Offering Document Financing.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 28, 2003

Further to press releases issued on November 12, 2002 and February 4, 2003, Far West Mining Ltd. ("Far West") (TSX VENTURE:FWM) is today announcing that the previously announced $2,000,000 financing will proceed by way of Short Form Offering Document ("SFOD") of units ("Units"). Each Unit will be comprised of one common share ("Common Share") and one half of one Common Share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder thereof to purchase a further Common Share at a price of $0.45 per Common Share for a period of 1 year from the date of closing of the SFOD financing. The proceeds of the SFOD financing will be used to fund the Corporation's operations on the Candelaria Project. In that regard, $391,450 will be used to pay BHP Billiton for the Falcon Airborne Survey conducted on the Candelaria Project, $1,125,000 will be spent on target definition and identification and reverse circulation drilling in respect of the Candelaria Project with the remaining proceeds being allocated to working capital.

Far West has engaged Canaccord Capital Corporation ("Canaccord") to act as its agent in conducting the SFOD financing in Alberta, British Columbia and such other offshore jurisdictions where the Units may lawfully be sold by way of a SFOD pursuant to the policies implemented by the Alberta Securities Commission, British Columbia Securities Commission and the TSX Venture Exchange. Under the SFOD financing, Far West will issue up to a maximum of 6,250,000 Units at a price of $0.32 per Unit for maximum gross proceeds of $2,000,000. Canaccord will make the offering on a commercially reasonable best efforts basis and the offering is expected to close in late March, 2003.

The 1,541,250 convertible debt units of Far West issued on December 31, 2002 will be converted into Units at the closing of the SFOD financing and such Units will be distributed under the SFOD as part of the maximum of 6,250,000 Units.

As consideration for acting as Far West's agent, Canaccord will receive a cash commission equal to 7% of the gross proceeds received by Far West from the SFOD financing, a corporate finance fee of 100,000 units ("CFF Units") and a work fee of $5,000. Each CFF Unit will be made up of one Common Share and one common share purchase warrant ("CFF Warrant"). Each CFF Warrant will entitle the holder to acquire one Common Share at a price of $0.34 for a period of one year from the date of closing of the Offering. At closing, Canaccord will also receive a non-transferable agent's option to acquire that number of Units equal to 15% of those sold pursuant to the SFOD financing at an exercise price of $0.32 per Unit, for a period lasting 12 months from the closing of the SFOD financing. In addition, Canaccord will be reimbursed for its costs incurred in relation to the SFOD financing, including legal costs. No further compensation will be paid to Canaccord for the conversion of the convertible debt units to Units distributed pursuant to the SFOD.

Far West is a natural resource company currently engaged in the evaluation, acquisition, exploration and development of mining properties. Far West's current operations include the exploration for Iron Oxide Hosted Copper-Gold (IOCG) deposits in the Candelaria Copper Belt of northern Chile with BHP Billiton.

FAR WEST MINING LTD.

"Robert E. Hindson"

Robert E. Hindson, P.Eng.

President and C.E.O.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.