Wescan Acquires Athabasca Uranium Targets
March 2, 2005
George Sanders, President of Wescan Goldfields Inc. (Wescan) is pleased to report that
the Company has acquired a 50% working interest in several mineral properties that are
prospective for uranium mineralization. The prospecting permits are all located in the
Athabasca Basin of northern Saskatchewan. These properties, totalling 139,000 hectares
(343,500 acres), cover a range of geologic settings within the Athabasca basin.
The various properties were selected on the basis of regional geology, structural setting,
regional magnetic coverage, and proximity to known uranium mineralization. Two of the
properties are in the northeast sector of the basin, south of the Fond du Lac River. Also in
the northeast sector is a permit on Fir Island on Black Lake, just west of known
significant uranium mineralization including the historic Nisto mine. Another permit sits
immediately south of Lake Athabasca just east of the Alberta border. The remaining
property in the portfolio is located south of the Key Lake mine and covers an area of
known uranium mineralization and is transacted by the Key Lake Road. A considerable
amount of historic data exists for many of these properties. A complete review and
compilation of data will be undertaken immediately. It is anticipated that a number of the
properties will be flown with state-of-the-art electromagnetic and magnetic surveys.
These uranium properties strengthen Wescan’s northern Saskatchewan mineral portfolio,
presently consisting of its La Ronge area gold properties.
Wescan is fully funded for all exploration activities in 2005 with current working capital
of $2.9 million.
Wescan is a Canadian-based corporation engaged in the acquisition, exploration and
development of mineral properties. Shore Gold Inc. owns 22% of Wescan’s fully diluted
common shares.
For further information please contact:
Kenneth E. MacNeill, Chairman and C.E.O. or George Sanders, President at (306) 664-2202.
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