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Wescan Goldfields Inc. Announces Year End Results

April 28, 2005

Wescan Goldfields Inc. (“Wescan”) reports the audited results of Wescan’s operations for the year ended December 31, 2004 have been filed and may be viewed at www.sedar.com. A summary of key financial and operating results for the year follows:

Highlights 

-      Successful completion of Initial Public Offering for gross proceeds of $1.4M on October 7,         2004
-       A prospective portfolio of gold properties acquired from Shore Gold Inc.
-       Successful completion of additional financing for $1.4M in December 2004
-       Working capital of $2.1M at year end
-       Issued and outstanding shares of 31,074,493 at December 31, 2004

Property Acquisitions

During 2004, the Company acquired mineral property interests in three gold properties with a carried value of $271,063 from its then parent company, Shore Gold Inc. in exchange for 12,000,000 common shares of Wescan.  Specifically, these properties include a 100% interest in the Fork Lake property (Jasper Mine), a 51% interest in the Munro Lake property and a 25% interest in the Jojay property.  These properties are located in the La Ronge gold belt in northern Saskatchewan and are favoured with good access and infrastructure.

Financing

Wescan closed its Initial Public Offering (“IPO”) on October 7, 2004.  The IPO resulted in the issuance of 14,000,000 shares for gross proceeds of $1.4 M that will be used for exploration activities as well as for general working capital purposes.  The Company undertook a private placement financing towards the end of 2004 to further complement its cash position to insure that cash reserves would be sufficient to pursue opportunities as they present themselves. This financing was made up of 2,394,000 units for gross proceeds of $598,500 and 2,680,393 flow-through shares for gross proceeds of $804,118.

Year End Results

As at December 31, 2004, Wescan’s cash balance, which included cash, cash-in-trust, and short-term investments totaled $2.1M.  Wescan recorded a loss of $228,400 ($0.02 per share), which compares with a loss of $108,153 ($1,081.53 per share) for the year ended December 31, 2003.  Operating expenses increased to $236,029 compared to $108,153 for the year ended December 31, 2003.

Selected financial highlights include (as at December 31):
2004
($)
2003
($)
Current assets
2,157,888
535
Capital and other assets
287,745
-
Current liabilities
37,497
108,688
Share capital
2,685,399
-
Contributed surplus
59,290
-
Deficit
336,553
108,153
 
 
 
 
 
 
Operating Expenses
236,029
108,153
Loss for the period before income taxes
228,400
108,153
Net loss for the period
228,400
108,153
Loss per share
0.02
1,081.53
 
 
 
 
 
 
Cash flows from operating activities
(251,533)
-
Cash flows from investing activities
(16,682)
-
Cash flows from financing activities
2,414,336
-
Net increase in cash
2,146,121
-
Cash – beginning of period
-
-
Cash – end of period
2,146,121
-
 
 
 

Outlook

The primary focus during 2005 will be to commence specific exploration programs on the Company’s existing property portfolio as well as carrying out due diligence on other potential property positions to further enhance the Company’s existing property portfolio with a view to becoming a junior producing company in the near future.  At the time of writing this news release, drill crews had been mobilized on two of the properties in which Wescan has an interest.  Also, on March 2, 2005 the Company acquired a 50% working interest in 7 prospecting permits in northern Saskatchewan. These properties are situated in and around the Athabasca Basin and cover a range of geologic settings normally prospective for uranium mineralization.

Caution Regarding Forward-looking Information

Some of the statements contained in this report are forward-looking statements, such as estimates that describe the Company’s future plans, objectives or goals.  This includes words to the effect that the Company or management expects a stated condition or result to occur.  Since forward-looking statements address future events or conditions, by their very nature they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

For further information please contact:

Mr. George Sanders
President
300 – 224 4th Avenue South 
Saskatoon, SK S7K 5M5
PH: (306) 664-2422 
FAX: (306) 664-7181

OR

Mr. Harvey Bay
Interim Chief Financial Officer
300 – 224 4th Avenue South
Saskatoon, SK S7K 5M5
PH: (306) 664-2422
FAX: (306) 664-7181

 
 
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