Wesgold Arranges $10 Million Financing

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, Nov. 1, 2011 /CNW/ - Wesgold Minerals Inc. (TSXV: WSG) is pleased to announce that it has arranged, subject to stock exchange approval, a non-brokered private placement of up to 10 million units at $1.00 per unit, for proceeds of up to $10 million.  Each unit will consist of one common share and one-half of a warrant, each whole warrant entitling the holder to purchase one additional common share of the Company at $1.25 for one year from closing.

The Company will allocate a portion of the financing to subscribers found by Axemen Resource Capital Ltd., an Exempt Market Dealer, and may agree to similar allocations to other exempt market or investment dealers. The Company will pay finder's fees equal to 5% of subscription amounts found, payable in cash or units, plus issue finder's warrants in an amount equal to 5% of units purchased, with each such finder's warrant to be exercisable into one common share of the Company at a price of $1.25 for one year.

The proceeds of the financing will be used towards the acquisition and exploration of the Cordoba Property in Colombia and for general working capital purposes.

About Wesgold Minerals

Wesgold Minerals Inc. is a Vancouver-based mineral exploration company focused on the acquisition and exploration of gold and copper projects in Colombia. Wesgold recently optioned from Minatura the Cordoba property, covering 25,790 hectares in the Department of Cordoba, Colombia, 200km north of the city of Medellin.

ON BEHALF OF THE BOARD

  "Simon Ridgway"
Simon Ridgway,
Chairman of the Board

Investor relations:  Jaclyn Ruptash / Ralph Rushton
Symbol: TSXV: WSG
Shares Issued: 6.0-million

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this news release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available

Forward-Looking Statement
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Wesgold Minerals Inc.  Actual results may differ materially from those currently anticipated in such statement.

SOURCE Wesgold Minerals Inc.

For further information:

For further information on Wesgold, please call 604-801-5432 or visit our web site (www.wesgold.com).

Profil de l'entreprise

Wesgold Minerals Inc.

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