Business
WESCAN GOLDFIELDS INC. ANNOUNCES SECOND QUARTER RESULTS
WESCAN GOLDFIELDS INC. ANNOUNCES SECOND QUARTER RESULTS
About this update from Wescan Goldfields Inc.
[{"type":"text","content":"\n\n\n\n Aug. 26, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nStock Symbol: WGF: TSX-V\n\nSASKATOON, Aug. 26 /CNW/ - Wescan Goldfields Inc. ("Wescan" or the "Company") reports the unaudited results of Wescan's operations for the quarter ended June 30, 2010 have been filed and may be viewed at www.sedar.com.\n\nOverview of activities\n\nDuring the quarter, Wescan announced the successful completion of a private placement. The Company issued 3,461,539 units for $0.13 per unit for gross proceeds of $450,000; each unit consisted of one common share and one-half of one common share purchase warrant. The proceeds from this financing will be used partially for working capital requirements and also for the continued advancement of the Company's highly prospective coal properties.\n\nResults of Operations\n\nFor the quarter ended June 30, 2010, the Company recorded a net loss of $306,018 ($0.00 per share) compared to a net loss of $215,244 ($0.00 per share) for the same period in 2009. For the six-month period ended June 30, 2010, the Company recorded a net loss of $491,579 ($0.01 per share) compared to a net loss of $370,562 ($0.00 per share) for the same period in 2009. The difference from 2010 to 2009 is primarily the result of future income tax recoveries recorded during 2009.\n\n\n >\n\n\nOutlook\n\nWescan's focus for the remainder of 2010 will be the continued exploration on the Hudson Bay and Pinehouse Lake coal projects. The Company is currently evaluating financing options to allow it to pursue exploration programs on these highly prospective coal properties as well as to continue exploration on its portfolio of gold properties. The Company will also 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 Inform...