SASKATOON, Aug. 21 /CNW/ - Wescan Goldfields Inc. (WGF: TSX-V) and Alto
Ventures Ltd. (ATV: TSX-V) are pleased to announce that a $300,000 surface
exploration program and budget has been approved by the parties for the Mud
Lake property in the Beardmore-Geraldton Gold Belt. The program will include
mechanical stripping and trenching which is scheduled to start in mid
September followed by diamond drilling in October or early November when the
contracted drill becomes available.
A major auriferous shear zone (Mud Lake Shear - "MLS") that extends for
over six kilometers along strike has been identified on the property. Thirteen
gold occurrences are exposed in surface trenches along the MLS and sampling of
these has returned gold assays as high as 50 g/t in grab samples (see Alto's
news release from November 27, 2006). The planned mechanical stripping and
washing program will concentrate on areas of mapped shearing in-between some
of the previously identified surface occurrences along the MLS to determine if
these segments of the shear zone contain mineralized quartz veins.
Previous drilling by Alto (see Alto's news releases from March 5 and
March 20, 2007) has intersected gold in each of three surface occurrences
tested along the MLS, with values of up to 13.9 g/t gold over 1.0 meters. The
2007 fall drill program will consist of 18 to 20 holes and will in part
follow-up on gold mineralization intersected at two of the three occurrences
drilled previously and test for the first time, another three occurrences
along the MLS not yet drilled.
The current program is part of a longer term strategy to evaluate each of
the surface occurrences with diamond drilling and start to delineate in detail
those that display continuity of mineralization and grade and show potential
for the concentration of economic mineralization.
Under the terms of the Mud Lake Option Agreement entered into in June
2007 by the two parties, 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. This program is funded by Wescan as per terms of the Option
The Beardmore Geraldton Gold Belt is experiencing a resurgence of gold
exploration and Wescan is pleased to participate with its partner Alto in this
Mike Koziol, P. Geo., P.Eng. and Alto's President and Director is the
Qualified Person who has reviewed and approved the content of this news
Wescan Goldfields Inc. is a growth oriented exploration company based in
Saskatchewan engaged in the acquisition, exploration and development of
mineral properties. In addition to Wescan's participation in the Mud Lake
Project with Alto, it has a portfolio of properties that include prospects for
gold, uranium and base metals located in northern Saskatchewan's "Greenstone
Belt" and "Athabasca Basin". Shares in the company 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 release."
Caution Regarding Forward-looking Information
From time to time, Wescan makes written or oral forward-looking
statements within the meaning of certain securities laws, including the "safe
harbour" provisions of the Ontario Securities Act. Wescan may make such
statements in this news release, in other filings with Canadian regulators, 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 forward-looking statements.
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: Maurice (Moe) F. Lindsay - President at (306)