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Wescan Identifies New Exploration Targets

November 27, 2006

Wescan Goldfields Inc. (“Wescan”) is pleased to report updated results from its recent exploration activities on the Jasper, Fork Lake, Jojay, and Athabasca uranium projects.

Jasper Project – Drilling Confirms Continuation of the DJ and Roxy Zones

This summer’s drill program successfully confirmed the continuation of the Deep Jasper Zone (DJ) and the Roxy Zone in all holes drilled in the pattern. Wescan’s previous drill program delineated a new Deep Jasper Zone (see Wescan Press Release dated April 7, 2006) that is down plunge and similar in size to that previously mined by the property’s former owners at the Jasper Gold Mine. In addition, a “wildcat hole” intersected a new zone, named the South Broeder Zone that Wescan intends to actively explore in the near term.

In April, 2006 Wescan reported that the DJ Zone had a strike length of over 250 meters and a vertical extent of approximately 250 meters and the new results show that the strong structure continues to the east. The same holes also intersected the Roxy Zone and continue to extend this large low grade zone that is located near surface.

Based on these continued encouraging results, Wescan intends to evaluate the merits of dewatering the underground workings of the Jasper Mine and to delineate the DJ zone with an underground exploration program. 

Summary of Results: Drill holes JN-06-31, JN-06-33 and JN-06-34 are wide spaced holes that were designed to test the continuation of the Roxy and DJ zones as far to the north-east as the terrain would allow (i.e. to lakeshore). Encouraging results were realized as all three holes intersected strong structural zones at the projected locations of the Roxy and DJ zones indicating that both zones do continue to the northeast. The significant widths of the structural zones and grades are listed below.

JS-06-31

  Zone From To Core Length (m) Au Grade (g/t)
Significant Assays Roxy 86.8 87.4 0.60 5.63
  Roxy 93.4 94.3 0.90 6.30
Strong Structure DJ 540.5 543.7 3.2 Anomalous

JS-06-33

  Zone From To Core Length (m) Au Grade (g/t)
Significant Assays Roxy 338.1 338.1 1.60 3.62
Strong Structure Roxy 238.1 262.9 24.8 Anomalous
Strong Structure DJ 337.5 430 52.5 Anomalous

JS-06-34

  Zone From To Core Length (m) Au Grade (g/t)
Strong Structure Roxy 278.2 382.5 104.3 Anomalous
Strong Structure DJ 645.3 655.1 9.8 Anomalous

Three additional drill holes (JN-06-35, JN-06-36, JN-06-37) were also designed to test for the potential extension of the JN-Footwall and JN-East zones. Drill holes JN-06-36 intersected a 10 meter wide anomalous shear zone and JN-06-37 intersected a 2.5 meter wide anomalous shear zone, confirming the existence of the JN-East zone to the north-east and to depth, again providing promising results that prompts a follow-up program.

Drill hole JN-06-32 is a “wildcat hole” drilled under the south arm of Broeder Lake that intersected a 1.9 meter wide grey quartz vein mineralized with pyrite and native copper. This intersection has characteristics similar to zones that host significant gold mineralization in this area and is considered an entirely new and promising exploration target. This new zone has been named the “South Broeder Zone”.

Fork Lake Project – New Drill Targets Identified

The results of a ground geochemical sampling program completed this fall produced very encouraging results, with 11 new drill targets being identified.

A drill program was also completed during this summer with every hole intersecting favorable structural and mineralogical targets, providing evidence of the continuation of the zone previously intersected in drill hole DL-06-03 (Transect Zone-Boulder area) with intersections of up to 12.07 g/t Au over 1.0 meters (core length) reported.

Summary of Geochemical Sampling: The southwest portion of the Fork Lake property hosts a geological setting that is favorable to host large gold deposits and historic exploration of this area has been sparse. A four (4) kilometer long field grid was set up over the most favorable portion and the area was sampled by Wescan employees (soil and grab samples) on a 25 meter by 100 meter grid pattern (over 2,000 samples). The preliminary results from the ground geochemical sampling program are very encouraging and indicate there are at least eleven (11) new areas that require drill-testing.

Summary of Drill Results: 3,373 meters were drilled around previously drilled DL-06-03 (12.07 g/t Au over 1.0 meter) to test the continuation of this gold mineralized zone along strike and to depth. Strong structural zones, quartz veining, extensive mineralization and faults were encountered in many places in every drill hole, demonstrating that large scale ore-forming processes were once active in this area. The highlights are listed below.

DL-06-22

  Zone From To Core Length (m) Au Grade (g/t)
Quartz Vein Transect-Boulder 55.3 66.3 11.0 Trace

JS-06-23 (Below DL-06-22)

  Zone From To Core Length (m) Au Grade (g/t)
Shear and Quartz Transect-Boulder 56.1 59.4 3.3 See Below
Assay Transect-Boulder 56.1 57.0 0.90 2.9
Assay Transect-Boulder 57.0 57.8 0.80 2.23
Assay Transect-Boulder 57.8 58.6 0.80 1.55

 

No drilling was conducted in the area of previously drilled DL-06-09 (Transect Zone – Transom West area) (7.55 g/t Au over 0.70 meters) as the swampy nature of the terrain prohibits summer drill access. It is intended that this will be followed up as part of a winter drill program currently being developed.

Jojay Project – Acquisition of 100% allows Re-Focus of Exploration

The acquisition of Claude Resource’s 75% interest to bring Wescan’s ownership in Jojay to 100% (see Wescan Press Release dated November 1, 2006) now permits Wescan to re-focus full attention to the exploration of this advanced stage exploration target; previous drilling has outlined a resource on Jojay (see Wescan Press Release dated July 5, 2005) and a Gemcom Model was developed during the third quarter as the next stage in pursuing the Jojay Project. This model is a key tool in developing the next phase of exploration which is planned to commence in early 2007.

At this time, it is expected that the next phase will include a surface drilling program, an in-house study to evaluate and permit an underground exploration program designed to confirm gold grade and ore continuity.

Athabasca Basin Uranium Properties – Interpretation and Planning Underway

During the second quarter of 2006, the Wescan-Santoy Joint Venture completed a helicopter-borne time domain electromagnetic survey of the Black Lake block (Fir Island project) and an airborne magnetic and MEGATEM survey of the Hozempa Lake, Pattyson Lake-Umpherville Lake, Dowler Lake and Richards Lake blocks. In the third quarter of 2006, interpretation and evaluation of the geophysical results were initiated by Santoy Resources Ltd. (“Santoy”) (the operator) with the expectation of completing and developing a follow-up exploration plan for 2007 prior to year-end.

Frank Hrdy, Wescan’s Exploration Manager, States: “Our exploration of the Jasper Zone continues to give us encouraging results. To date the size of the DJ zone has been defined with wide spaced drilling (75-100 meter spacing) to determine the general outline of this gold mineralized zone. This zone now needs to be better defined with close spaced drilling to increase the level of confidence in the continuity of the mineralization. We are planning to carry out an internal study to determine the merits of dewatering the Jasper Mine and carrying out the next phase as an underground exploration program.”

“I am very pleased with the results from our Fork Lake ground geochemical sampling program as we have discovered many gold anomalies that have resulted in eleven (11) entirely new drill targets. This is particularly encouraging as the area covered by this sampling program displays many similarities to the local geology of the Madson Gold Mine (Red Lake, Ontario), historically the third largest gold mine in the Red Lake camp.”

“Jojay is our most promising project and now that Wescan owns 100% of the Jojay gold veins we can concentrate our efforts to advance this project to the development stage. We are planning to undertake a significant program on Jojay in 2007.”

“Further, with uranium prices at record highs, we are very excited to be participating in uranium exploration in the very prospective Athabasca Basin through our joint venture with Santoy. This was our initial year of participation and we look forward to a more active year in 2007.”

“These results provide us with a solid basis to plan an aggressive program for the coming year.”

Assaying was completed by TSL Laboratories Inc. in Saskatoon, Saskatchewan. 

The exploration program reported herein was designed, supervised and reported on by Frank Hrdy, MSc., MBA, P.Geo., Wescan Exploration Manager. Mr. Hrdy is a member of the Association of Professional Engineers and Geoscientists in the provinces of Saskatchewan and Manitoba. He has reviewed this News Release and is the Qualified Person in accordance with National Instruments 43- 101. Wescan is a Canadian based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of the Company trade on the TSX Venture Exchange under the trading symbol "WGF"

For further information please contact:

Mr. Moe Lindsay, President or Wade MacBain, Corporate Development at (306) 664-2422

Caution Regarding Forward-Looking Statements

From time to time, Wescan makes written or oral forward-looking statements within the meaning of certain securities laws, including the "safe harbor" provisions of the Ontario Securities Act and the United States Private Securities Litigation Reform Act of 1995. Wescan may make such statements in this press release, in other filings with Canadian regulators or the United States Securities and Exchange Commission, in reports to shareholders or in other communications. These forward-looking statements include, among others, statements with respect to Wescan's objectives for the ensuing year, our medium and long-term goals, and strategies to achieve those objectives and goals, 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 of similar import are intended to identify forward-looking statements. In particular, statements regarding Wescan's future operations, future exploration and development activities or other development plans contain forward-looking statements.  All forward-looking statements and information are based on Wescan's current beliefs as well as assumptions made by and information currently available to Wescan concerning anticipated financial performance, business prospects, strategies, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, developments in world gold markets, risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar, changes in exploration, development or mining plans due to exploration results and changing budget priorities of Wescan or its joint venture partners; the effects of competition in the markets in which Wescan operates; the impact of changes in the laws and regulations regulating mining exploration and development; judicial or regulatory judgments and legal proceedings; operational and infrastructure risks and the additional risks described in Wescan's most recently filed annual and interim MD&A and Wescan's anticipation of and success in managing the foregoing risks.

Wescan cautions that the foregoing list of factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to Wescan, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Wescan does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by Wescan or on our behalf.

 
 
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