Stock Symbol: WGF: TSX-V
SASKATOON, Oct. 4 /CNW/ - Mr. M. F. (Moe) Lindsay, President of Wescan Goldfields Inc. ("Wescan" or the "Company") is pleased to announce the commencement of drilling programs on its 100% owned Jojay and Fork Lake Projects in Northern Saskatchewan's Greenstone Belt. Both projects are approximately 135 road kilometers north of La Ronge Saskatchewan. Wescan has awarded contracts to carry out drill programs valued at approximately $900,000 for these two projects with possible extensions to the contract based on the results of the initial phases of the drilling programs.
Fork Lake Project
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Drilling on the Fork Lake project will include the follow-up of targets identified from soil sampling programs carried out during the summer of 2006 and 2007. An initial drill program of an estimated 2,500 meters will be carried out and additional holes may be added depending on the results of the initial program. As of October 3rd, 2007, drilling has commenced with 126 meters of drilling completed.
Jojay Project
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Drilling on Wescan's advanced stage Jojay project is planned for October 2007 following completion of the drill program on the Company's Fork Lake project. An initial drill program of approximately 3,500 meters is planned for phase I with a possible extension to a phase II and phase III. Wescan previously announced (Wescan News Release June 13, 2007) the award of a contract to a Saskatoon based consulting engineering firm (AMEC) to carry out a scoping study of the Jojay project to evaluate the economics of the project in anticipation of moving to an underground bulk sample phase and with the intention of completing a NI 43-101 compliant technical report and resource estimate. The initial program will be targeted as an infill program to assist in the completion of the resource estimate. The additional phases of the program will be focused on extending the resource and testing for new areas of mineralization.
Wescan is a Canadian-based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of Wescan trade on the TSX Venture Exchange under the trading symbol "WGF".
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.
"The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release."
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