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Wescan Goldfields Inc. Completes Closing Of Its Initial Public Offering

October 7, 2004

Kenneth E. MacNeill, Chairman and C.E.O. of Wescan Goldfields Inc. ("Wescan"), is pleased to announce the completion of its Initial Public Offering of an aggregate of 14,000,000 common shares of Wescan at a price of $0.10 per share for gross proceeds to Wescan of $1,400,000. The shares were offered for sale on a best efforts basis (the "Offering") by Wellington West Capital Inc. acting as agent (the "Agent"). Wescan paid a commission to the Agent equal to 3% of the gross proceeds of the Offering.

Proceeds of the Offering will be used for the exploration of Wescan’s gold properties and for general working capital purposes.

Wescan is a Canadian-based corporation engaged in the acquisition, exploration and development of mineral properties. The common shares of Wescan have received conditional listing approval to trade on the TSX Venture Exchange under the trading symbol "WGF", and it is expected that trading will commence as soon as Wescan files the requisite documents with the TSX Venture Exchange.

For further information please contact:

Kenneth E. MacNeill, Chairman and C.E.O. or George Sanders, President at (306) 664-2202.

-END-

“The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.”

 
 
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