Stock Symbol: WGF: TSX-V
SASKATOON, Nov. 22 /CNW/ - Wescan Goldfields Inc. (Wescan) (WGF: TSX-V)
and Alto Ventures Ltd. (Alto) (ATV: TSX-V) are pleased to announce that
diamond drilling has commenced on the Mud Lake Project in the
Beardmore-Geraldton Gold Belt. The Mud Lake Property shares a common boundary
with the Hercules Property, located to the north of Mud Lake, where Kodiak
Exploration Ltd. recently reported the discovery of significant gold
mineralization. To the south of Mud Lake, Ontex Resources Ltd. is exploring
their Brookbank Gold Deposit which is reported to contain 629,900 ounces of
gold (see Ontex news release dated November 15, 2007).
The planned drill program consists of 18 to 20 holes and will test
targets along the Mud Lake Shear Zone (MLS). Previous work identified twelve
surface gold occurrences along a six kilometre segment of the MLS and only
three were drilled in the past (see Alto news releases dated March 6 and
March 20, 2007). The drilling will follow-up on gold mineralization
intersected at the three previously drilled occurrences (up to 13.9 g/t gold
across 1.0 m were intersected within a wider zone of gold mineralization that
assays 3.39 g/t across 6.1 m) and test for the first time another three
targets along the MLS which have yet to be drilled. This work is part of a
longer term strategy to evaluate each of the gold targets with diamond
drilling and start to delineate in detail those that display continuity of
mineralization and grade.
The drill program is estimated to take up to four weeks to complete and
because of the approaching Christmas Holidays and overwhelming industry demand
for assay-laboratory services, the gold assay results will not be anticipated
before January 2008.
In June 2007, Wescan entered into an Option Agreement with Alto on the
Mud Lake Property. Under the terms of the Option Agreement, Wescan can earn
50% in the property by funding $600,000 in exploration and issuing a total of
150,000 Wescan shares to Alto over two years. The diamond drilling program is
funded by Wescan in accordance with the terms of the Option Agreement.
Mike Koziol, P. Geo., P.Eng. and Alto's President and Director is the
Qualified Person who has reviewed and approved this news release.
Wescan is a growth oriented mineral exploration company based in
Saskatoon, Saskatchewan, focused on the exploration of its current portfolio
of gold, uranium and base metal properties and the acquisition of new advanced
stage exploration targets.
Wescan is actively exploring its advanced stage Jojay as well as its Fork
Lake gold properties in the greenstone belt of northern Saskatchewan with the
objective of expanding known gold resources and advancing them to the
development stage. Wescan is also pursuing exploration of its uranium
properties in the Athabasca Basin through its joint ventures with
Santoy Resouces Ltd. The company is continuing to expand its interests with
the addition of claim blocks in north-eastern Saskatchewan adjacent to the
former producing Hanson Lake Mine and the McIlvenna Bay deposit as well as the
Mud Lake Project. Wescan continues to pursue new opportunities and is carrying
out on-going evaluations of acquisition targets with the full intention to
grow the company.
Shares of Wescan trade on the TSX Venture Exchange under the trading
"The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release."
Caution Regarding Forward-Looking Statements
From time to time, Wescan makes written or oral forward-looking
statements within the meaning of certain securities laws, including the "safe
harbor" provisions of the Ontario Securities Act and the United States Private
Securities Litigation Reform Act of 1995. Wescan may make such statements in
this press release, in other filings with Canadian regulators or the United
States Securities and Exchange Commission, in reports to shareholders or in
other communications. These forward-looking statements include, among others,
statements with respect to Wescan's objectives for the ensuing year, our
medium and long-term goals, and strategies to achieve those objectives and
goals, as well as statements with respect to our beliefs, plans, objectives,
expectations, anticipations, estimates and intentions. The words "may,"
"could," "should," "would," "suspect," "outlook," "believe," "plan,"
"anticipate," "estimate," "expect," "intend," and words and expressions of
similar import are intended to identify forward-looking statements. In
particular, statements regarding Wescan's future operations, future
exploration and development activities or other development plans contain
All forward-looking statements and information are based on Wescan's
current beliefs as well as assumptions made by and information currently
available to Wescan concerning anticipated financial performance, business
prospects, strategies, regulatory developments, development plans,
exploration, development and mining activities and commitments. Although
management considers these assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect.
By their very nature, forward-looking statements involve inherent risks
and uncertainties, both general and specific, and risks exist that
predictions, forecasts, projections and other forward-looking statements will
not be achieved. We caution readers not to place undue reliance on these
statements as a number of important factors could cause the actual results to
differ materially from the beliefs, plans, objectives, expectations,
anticipations, estimates and intentions expressed in such forward-looking
statements. These factors include, but are not limited to, developments in
world gold markets, risks relating to fluctuations in the Canadian dollar and
other currencies relative to the US dollar, changes in exploration,
development or mining plans due to exploration results and changing budget
priorities of Wescan or its joint venture partners; the effects of competition
in the markets in which Wescan operates; the impact of changes in the laws and
regulations regulating mining exploration and development; judicial or
regulatory judgments and legal proceedings; operational and infrastructure
risks and the additional risks described in Wescan's most recently filed
annual and interim MD&A and Wescan's anticipation of and success in managing
the foregoing risks.
Wescan cautions that the foregoing list of factors that may affect future
results is not exhaustive. When relying on our forward-looking statements to
make decisions with respect to Wescan, investors and others should carefully
consider the foregoing factors and other uncertainties and potential events.
Wescan does not undertake to update any forward-looking statement, whether
written or oral, that may be made from time to time by Wescan or on our
For further information:
For further information: M. F. (Moe) Lindsay, President or Darren
Anderson - Investor Relations - at (306) 664-2422