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Wescan Completes Private Placements For Gross Proceeds Of $1,400,000

December 16, 2004

George Sanders, President of Wescan Goldfields Inc. (“Wescan”), reports that Wescan has completed, subject to final regulatory approval, a private placement of 2,394,000 Units of Wescan at a price of $0.25 per Unit and 2,680,393 Flow-Through Shares of Wescan at a price of $0.30 per share. Gross proceeds of $598,500 were received from the Unit offering and $805,920 from the Flow-Through offering all from subscribers resident in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. Each Unit consists of one common share and one half of one common share purchase warrant. Each whole warrant is exercisable into one common share for a period of 12 months from the closing date upon payment by the holder of $0.30 per share.

Wescan will pay $60,546 in finders’ fees, equal to 5 per cent of the gross proceeds raised by a finder under the offerings and will issue 242,183 compensation warrants equal to 5 percent of the gross proceeds sold by such finder pursuant to the offering. Each compensation warrant will entitle the holder to acquire one common share at an exercise price of $0.30 per share for a period of 12 months following the closing date. All securities will be subject to a four month hold period in accordance with applicable securities laws.

Wescan will use the proceeds from the private placements for exploration of its La Ronge, Saskatchewan area gold properties and for working capital.

Wescan is a Canadian-based corporation engaged in the acquisition, exploration and development of mineral properties.

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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