Business
Wescan Goldfields Inc. Announces First Quarter Results
Stock Symbol: WGF: TSX-V SASKATOON, May 29, 2013 /CNW/ - Wescan Goldfields Inc. ("Wes...
About this update from Wescan Goldfields Inc.
[{"type":"text","content":"\n\n\nStock Symbol: WGF: TSX-V\n\n\nSASKATOON, May 29, 2013 /CNW/ - Wescan Goldfields Inc. (\"Wescan\" or the\n \"Company\") reports the unaudited results of Wescan's operations for the quarter ended March\n 31, 2013 have been filed today on SEDAR and may be viewed at www.sedar.com.\n\n\nOverview of activities\n\n\nDuring the first quarter of 2013, Wescan continued the exploration of\n its portfolio of gold properties in the La Ronge Gold Belt in northern\n Saskatchewan, with the primary focus being the Munro Lake property. \n The Company holds a 100% interest in the Munro Lake gold property\n (Shane Resources Ltd. retains a 10% net profit interest). During 2011\n the Company conducted a magnetic and electromagnetic airborne\n geophysical survey on the Munro Lake property (see Wescan News Release\n dated June 22, 2011). A prospecting program carried out during the\n third quarter of 2012 was designed to follow-up the geophysical survey\n on the ground and further investigate gold showings from past\n prospecting programs. During the fourth quarter the Company announced\n the commencement of a winter drilling program on the Munro Lake gold\n property (see Wescan News Release dated December 7, 2012). Areas of\n interest selected for diamond drilling included geophysical anomalies\n and prospecting structural gold anomalies. Results of the winter\n drilling program will be announced once available.\n\n\nThe Company recently announced that Mr. Harvey Bay resigned from his\n role as Chief Financial Officer of the Company effective April 30, 2013\n (see Wescan News Release dated May 3, 2013). Mr. Greg Shyluk has been\n appointed Chief Financial Officer of the Company. The Company wishes to\n thank Mr. Bay for contributions to the Company in his former role as\n Chief Financial Officer. Mr. Bay will remain on as a Director of the\n Company.\n\n\nResults of Operations\n\n\nFor the quarter ended March 31, 2013 the Company recorded a net and\n comprehensive loss of $199,399 ($0.01 per share) compared to a net and\n comprehensive loss of $526,630 ($0.04 per share) for the same period in\n 2012.  The difference between the quarter ended March 31, 2013 and 2012\n is primarily due to the Company expending approximately $0.4 million\n more on exploration during the first quarter of 2012 compared to the\n same period in 2013.  Ex...