Corporate Properties News Investors
 
 
Last 0.07 Volume 36000 Day High 0.07 Day Low 0.07 Last Trade Date 9/20/2017 - 3:50pm
Archive 2017
Archive 2016
Archive 2015
Archive 2014
Archive 2013
Archive 2012
Archive 2011
Archive 2010
Archive 2009
Archive 2008
Archive 2007
Archive 2006
Archive 2005
Archive 2004

Wescan Goldfields Inc. Announces New Option Agreement With Alto Ventures Ltd. To Explore The Beardmore Gold Belt

June 13, 2007

Maurice (Moe) F. Lindsay, President of Wescan Goldfields Inc. (Wescan), (WGF: TSX-V) is pleased to announce that Wescan has entered into an option agreement with Alto Ventures Ltd. (Alto), (ATV: TSX-V). Under the terms of the agreement, Wescan has an exclusive and irrevocable option to acquire an undivided 50% interest in Alto’s Mud Lake Project by making $600,000 in exploration expenditures and issuing 150,000 Wescan shares to Alto over a two year period. Upon exercising the option by Wescan at the completion of the two year term, the parties will enter into a 50:50 joint venture agreement to carry out on-going exploration and or development. Alto will remain the project operator until the completion of a positive pre-feasibility study, at which time Wescan will have the option to assume the role of operator. The agreement is subject to the approval of the TSX Venture Exchange.

The Mud Lake Project consists of 2,592 hectares (ha) and is located 25 kilometers (km’s) northeast of Beardmore, Ontario, in the Beardmore-Geraldton gold belt where historical production has exceeded 4.0 million ounces of gold. A major auriferous shear extends for over 6.0 km’s on the property but was never drilled prior to Alto’s 2006/2007 winter drill program. This drilling program tested three of twelve surface gold showings and confirmed the existence of the strong shear system, the Mud Lake Shear, which contains gold-bearing quartz veins at each of the three showings. Gold values up to 13.9 grams/tones (g/t) across 1.0 meter (m) were intersected within a wider zone of gold mineralization that assays 3.39 g/t across 6.1 m. (See Alto news releases dated March 6 and March 20, 2007.)

Wescan is excited about this opportunity in a well known gold camp which has recently seen a significant growth in the number of companies exploring in the Beardmore-Geraldton area. Moe Lindsay, President of Wescan, stated that “Alto’s management is well known to Wescan and we have complete confidence in their ability to carry out the exploration of the Mud Lake Project in a professional and thorough manner. This opportunity is consistent with Wescan’s growth objectives and we look forward to working with Alto on the exploration of the Mud Lake Project.”

Wescan Goldfields Inc. is a growth oriented exploration company based in Saskatchewan engaged in the acquisition, exploration and development of mineral properties. Wescan has a portfolio of properties that include prospects for gold, uranium and base metals located in northern Saskatchewan’s “Greenstone Belt” and “Athabasca Basin”. Shares in the company trade on the TSX Venture exchange under the trading symbol “WGF”. For further information please contact:
Maurice (Moe) F. Lindsay - President or Darren Anderson – Investor Relations at (306) 664-2422. “The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.” Caution Regarding Forward-looking Information

From time to time, Wescan makes written or oral forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the Ontario Securities Act. Wescan may make such statements in this news release, in other filings with Canadian regulators, 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.

 
 
© Copyright Wescan Goldfields Inc. 2007 Home  |  Corporate  |  Properties  |  News  |  Investors  |  Contact Us
 
Designed & Powered by Blender Media