Stock Symbol: WGF: TSX-V
SASKATOON, Oct. 16 /CNW/ - Wescan Goldfields Inc. (WGF: TSX-V) ("Wescan")
is pleased to announce that diamond drilling has commenced on the Wescan -
Alto Ventures Ltd. (ATV: TSX-V) ("Alto") Mud Lake Joint Venture. Ten to twelve
core holes will be drilled to test gold mineralization along the six kilometre
Mud Lake Shear Zone, a region where gold occurs on surface and in drill
intercepts that assay up to 13.9 grams per tonne ("g/t") gold across 1.0
metres ("m"). The high grade gold occurs within a wider zone of mineralization
averaging 3.39 g/t gold across 6.1 m. This program is part of a longer term
strategy to evaluate each of the gold targets with diamond drilling.
Significant gold intercepts are highlighted on the Alto's website at
The Mud Lake Project is operated under the terms of the Mud Lake Option
Agreement which grants Wescan the right to earn 50% interest in the property
by funding $600,000 in exploration and issuing a total of 150,000 Wescan
shares to Alto over two years. Upon completion of this program, Wescan will
have satisfied the expenditure commitments to earn its interest in the
The Mud Lake Property lies 25 km northeast of Beardmore and shares a
common boundary with the Hercules Property located to the north of Mud Lake
and where Kodiak Exploration Limited reported the discovery of significant
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 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 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 Canadian securities legislation. Wescan may make such
statements in this press release, in other filings with Canadian securities
regulators in reports to shareholders or in other communications. These
forward-looking statements include, among others, statements with respect to
the receipt of dispositions and permits from Saskatchewan Energy and
Resources, 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, the receipt of
dispositions and permits from Saskatchewan Energy and Resources, 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: Darren Anderson, Investor Relations; or Kirsten
Marcia, Vice President of Exploration at (306) 664-2422