Wescan-Alto start drilling Mud Lake project, Beardmore-Geraldton gold belt
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 thatdiamond drilling has commenced on the Mud Lake Project in theBeardmore-Geraldton Gold Belt. The Mud Lake Property shares a common boundarywith the Hercules Property, located to the north of Mud Lake, where KodiakExploration Ltd. recently reported the discovery of significant goldmineralization. To the south of Mud Lake, Ontex Resources Ltd. is exploringtheir Brookbank Gold Deposit which is reported to contain 629,900 ounces ofgold (see Ontex news release dated November 15, 2007).The planned drill program consists of 18 to 20 holes and will testtargets along the Mud Lake Shear Zone (MLS). Previous work identified twelvesurface gold occurrences along a six kilometre segment of the MLS and onlythree were drilled in the past (see Alto news releases dated March 6 andMarch 20, 2007). The drilling will follow-up on gold mineralizationintersected at the three previously drilled occurrences (up to 13.9 g/t goldacross 1.0 m were intersected within a wider zone of gold mineralization thatassays 3.39 g/t across 6.1 m) and test for the first time another threetargets along the MLS which have yet to be drilled. This work is part of alonger term strategy to evaluate each of the gold targets with diamonddrilling and start to delineate in detail those that display continuity ofmineralization and grade.
The drill program is estimated to take up to four weeks to complete andbecause of the approaching Christmas Holidays and overwhelming industry demandfor assay-laboratory services, the gold assay results will not be anticipatedbefore January 2008.
In June 2007, Wescan entered into an Option Agreement with Alto on theMud Lake Property. Under the terms of the Option Agreement, Wescan can earn50% in the property by funding $600,000 in exploration and issuing a total of150,000 Wescan shares to Alto over two years. The diamond drilling program isfunded by Wescan in accordance with the terms of the Option Agreement.
Mike Koziol, P. Geo., P.Eng. and Alto's President and Director is theQualified Person who has reviewed and approved this news release.
Wescan is a growth oriented mineral exploration company based inSaskatoon, Saskatchewan, focused on the exploration of its current portfolioof gold, uranium and base metal properties and the acquisition of new advancedstage exploration targets.
Wescan is actively exploring its advanced stage Jojay as well as its ForkLake gold properties in the greenstone belt of northern Saskatchewan with theobjective of expanding known gold resources and advancing them to thedevelopment stage. Wescan is also pursuing exploration of its uraniumproperties in the Athabasca Basin through its joint ventures withSantoy Resouces Ltd. The company is continuing to expand its interests withthe addition of claim blocks in north-eastern Saskatchewan adjacent to theformer producing Hanson Lake Mine and the McIlvenna Bay deposit as well as theMud Lake Project. Wescan continues to pursue new opportunities and is carryingout on-going evaluations of acquisition targets with the full intention togrow the company.
Shares of Wescan trade on the TSX Venture Exchange under the tradingsymbol "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 StatementsFrom time to time, Wescan makes written or oral forward-lookingstatements within the meaning of certain securities laws, including the "safeharbor" provisions of the Ontario Securities Act and the United States PrivateSecurities Litigation Reform Act of 1995. Wescan may make such statements inthis press release, in other filings with Canadian regulators or the UnitedStates Securities and Exchange Commission, in reports to shareholders or inother communications. These forward-looking statements include, among others,statements with respect to Wescan's objectives for the ensuing year, ourmedium and long-term goals, and strategies to achieve those objectives andgoals, 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 ofsimilar import are intended to identify forward-looking statements. Inparticular, statements regarding Wescan's future operations, futureexploration and development activities or other development plans containforward-looking statements.
All forward-looking statements and information are based on Wescan'scurrent beliefs as well as assumptions made by and information currentlyavailable to Wescan concerning anticipated financial performance, businessprospects, strategies, regulatory developments, development plans,exploration, development and mining activities and commitments. Althoughmanagement considers these assumptions to be reasonable based on informationcurrently available to it, they may prove to be incorrect.
By their very nature, forward-looking statements involve inherent risksand uncertainties, both general and specific, and risks exist thatpredictions, forecasts, projections and other forward-looking statements willnot be achieved. We caution readers not to place undue reliance on thesestatements as a number of important factors could cause the actual results todiffer materially from the beliefs, plans, objectives, expectations,anticipations, estimates and intentions expressed in such forward-lookingstatements. These factors include, but are not limited to, developments inworld gold markets, risks relating to fluctuations in the Canadian dollar andother currencies relative to the US dollar, changes in exploration,development or mining plans due to exploration results and changing budgetpriorities of Wescan or its joint venture partners; the effects of competitionin the markets in which Wescan operates; the impact of changes in the laws andregulations regulating mining exploration and development; judicial orregulatory judgments and legal proceedings; operational and infrastructurerisks and the additional risks described in Wescan's most recently filedannual and interim MD&A and Wescan's anticipation of and success in managingthe foregoing risks.
Wescan cautions that the foregoing list of factors that may affect futureresults is not exhaustive. When relying on our forward-looking statements tomake decisions with respect to Wescan, investors and others should carefullyconsider the foregoing factors and other uncertainties and potential events.Wescan does not undertake to update any forward-looking statement, whetherwritten or oral, that may be made from time to time by Wescan or on ourbehalf.
For further information
M. F. (Moe) Lindsay, President or DarrenAnderson - Investor Relations - at (306) 664-2422
·Golden China Files Preliminary
·TransForce Announces Amendment
·lululemon athletica inc. Annou
·Golden Goose Resources Inc. -
·Legg Mason Names Head of Corpo
·Sonoco to Present at Wachovia
·Bank of Canada Interest Rate A
·EnCana to present at the Lehma
·Oxbow Carbon LLC Completes the
·Bell introduces the powerful b
·CNQ Bulletin 2007 - New CNQ De
·Increased mining rate for Kalu
·INVESCO PLC: Transaction in Ow
·TK Aluminum Ltd. Announces Sal
·TSX Group Inc. Expands Fixed I
·Market Regulation Services - T
·Breakwater provides exploratio
·Alhambra Resources Ltd. and DO
·Herbert Abramson - Announcemen
·Mission Hills Makes Available
·Mission Hills Makes Available
·Mission Hills Makes Available
·Media Advisory/Photo Opportuni
·Market Regulation Services - T
·Héroux-Devtek signs a p
·Market Regulation Services - T
·Isotechnika Inc. completes cri
·Business Media Alert: Latest e
·Kootenay Energy Inc. announces
·Canadian Arrow Acquires Key La
·North West Upgrading Completes
·Gladstone Pacific Nickel Limit
·Clearford Announces Results fo
·Reitmans (Canada) Limited - No
·Market Regulation Services - T
·Domtar Inc. sends notices of r
·Baby Boomers Feeling the Squee
·Notice of OneMove's Annual Gen
