Wescan completes private placement for $561,200



    
    /NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE
    DISTRIBUTION SERVICES/

    Stock Symbol: WGF: TSX-V
    

    SASKATOON, Oct. 27 /CNW/ - Wescan Goldfields Inc. ("Wescan" or the
"Corporation") is pleased to announce that it has closed a private placement
financing consisting of an aggregate of 2,440,000 common shares in the capital
of the Corporation ("Common Shares") issued on a flow-through basis pursuant
to the Income Tax Act (Canada) (each a "FT Share") at a price of $0.23 per FT
Share for aggregate proceeds of $561,200.00 (the "Offering"). Insiders of the
Corporation purchased an aggregate of $50,600.00 of FT Shares.
    All securities issued pursuant to the Offering are subject to a four
month hold period in accordance with applicable securities laws and exchange
regulations.
    Proceeds raised will be applied to fund exploration of the Corporation's
new coal project near Hudson Bay, Saskatchewan as well as other corporate
portfolio projects.

    Wescan is a Canadian-based corporation engaged in the acquisition,
exploration and development of mineral properties. Shares of Wescan trade on
the TSX Venture Exchange under the trading symbol "WGF".

    
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this News Release.
    

    %SEDAR: 00021049E




For further information:

For further information: Todd M. Grychowski, Chief Financial Officer or
Darren Anderson, Investor Relations at (306) 664-2422

Organization Profile

Wescan Goldfields Inc.

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