Business
Wescan Goldfields Inc. announces first quarter results
Wescan Goldfields Inc. announces first quarter results
About this update from Wescan Goldfields Inc.
[{"type":"text","content":"\n\n\n\n May 27, 2010 (Canada NewsWire Group) -- Stock Symbol: WGF: TSX-V\n\n Wescan Goldfields Inc. ("Wescan" or the "Company") reports the audited results of Wescan's operations for the quarter ended March 31, 2010 have been filed and may be viewed at www.sedar.com. A summary of key financial and operating results for the year follows:\n\nHighlights\n\n\n >\n\n\nOverview of activities\n\nDuring the first quarter of 2010, Wescan announced the completion of Phase 1 drilling on its Hudson Bay and Pinehouse Lake coal properties in east central Saskatchewan (see Wescan News Release dated January 18, 2010) and also announced the completion of a NI 43-101 compliant gold resource for the Company's Jojay Gold Project in northern Saskatchewan (see Wescan News Release dated February 4, 2010).\n\nResults of Operations\n\nFor the quarter ended March 31, 2010 the Company recorded a net loss of $185,561 ($0.00 per share) compared to a net loss of $155,317 ($0.00 per share) for the same period in 2009. The Company's net loss for the first 3 months of 2010 was the result of on-going general and administration expenditures while the net loss for the same period in 2009 was the result of on-going general and administration expenditures offset by the effect of future incomes taxes.\n\nSelected financial highlights include:\n\n\n >\n\n\nOutlook\n\nThe Company is currently evaluating financing options to allow it to pursue exploration programs of its highly prospective coal properties as well as to continue exploration on its portfolio of gold properties. Wescan's focus over the next twelve months will be the continued exploration on the Hudson Bay and Pinehouse Lake coal projects. The Company will continue to evaluate the potential for the acquisition of other mineral properties that fit its strategic direction. Management is confident the Company will have sufficient access to financial markets to continue its planned activities in 2010.\n\nTechnical Information\n\nAll technical information in this report has been prepared under the supervision of Kirsten Marcia, Professional Geoscientist in the Province of Saskatchewan, and is the Company's "Qualified Person" under the definition of NI 43-101.\n\nCaution Regarding Forward-looking Information\n\nThis press release contains forward-looking statements within the meanin...