Stock Symbol: WGF: TSX-V
SASKATOON, Aug. 12 /CNW/ - Wescan Goldfields Inc. ("Wescan" or the
"Company") is pleased to announce that drilling has commenced on the Company's
Hudson Bay, Saskatchewan coal exploration project. Drilling locations have
been targeted using Fugro Airborne Surveys ("Fugro") specialized geophysical
processing and interpretation on GEOTEM Electromagnetic Magnetic data. This
data will enable Wescan to identify all potential coal bearing sub-basins on
all of the Company's coal permits.
Wescan will initially explore a large block of coal permits,
approximately 86 kilometres wide lying north of the Pasquia Hills in an area
where potential depth to coal may be shallow. Within this northern block,
Fugro has identified a number of priority geophysical anomalies that may be
related to laterally extensive coal deposits. These geophysical anomalies are
interpreted to be very large, some in excess of 15 kilometres in diameter.
Wescan will also explore for coal on two of its southern coal permit blocks,
which lie south of the massive coal discovery by Goldsource Mines Inc. These
southern blocks have also been identified by Fugro to potentially host
numerous coal bearing sub-basins. The first phase of drilling will be
extensive and will utilize helicopter support to maximize efficiency and
reduce the impact to the environment.
Vice President of Exploration, Kirsten Marcia, Professional Geoscientist
in the Province of Saskatchewan, is Wescan's Qualified Person responsible for
the design and execution of the program.
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".
"Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
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 MD&A, 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.
Unless otherwise required by applicable securities laws, Wescan does not
undertake to update any written forward-looking statement that may be made
from time to time by Wescan or on our behalf.
For further information:
For further information: Darren Anderson, President or Kirsten Marcia,
Vice President of Exploration at (306) 664-2422