Wesgold Proposes 1:2 Stock Split; Private Placement Terms Amended

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

VANCOUVER, Nov. 18, 2011 /CNW/ - Wesgold Minerals Inc. (TSXV: WSG) is pleased to announce a proposed split of its issued shares on the basis of every one existing share being split into two shares. This transaction is subject to acceptance by the TSX Venture Exchange and to shareholder approval which will be requested at the Company's annual general meeting to be held in December 2011.

The Company also announces that it has amended, subject to Exchange approval, certain of the terms of its previously announced private placement financing.  The financing will now be for up to 10 million units at $1.00 per unit, on a pre-split basis, for proceeds of up to $10 million.  Each unit will consist of one common share and one full warrant entitling the holder to purchase one additional common share of the Company at $1.25 for two years from closing.

If at any time from four months and one day after the closing of the financing, the volume-weighted average trading price of the Company's common shares on the TSX Venture Exchange over a period of 20 consecutive trading days exceeds $1.90, the Company may, within five days after such an event, provide notice to the warrant holders that the warrants will expire early, namely, on the date which is 30 calendar days after the date of such notice to the warrant holders.

Wesgold is awaiting the granting of concession applications on certain key portions of the Cordoba Property, Colombia (recently optioned from Minatura International).  Accordingly, the investors participating in the financing will have the option of having their funds held in escrow until such concessions have been granted, or releasing their funds to the Company without any escrow restrictions.

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 two years.

The net proceeds of the placement will be used towards the acquisition and exploration of the Cordoba Property 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 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

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

SOURCE Wesgold Minerals Inc.

For further information:

For further information, please refer to the Company's filings on SEDAR (www.sedar.com) or contact the Company by telephone at 604-801-5432.

Profil de l'entreprise

Wesgold Minerals Inc.

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