Stock Symbol: WGF: TSX-VEN
SASKATOON, May 8 /CNW/ - Wescan Goldfields Inc. ("Wescan") is pleased to
report that an airborne geophysical survey has begun on its jointly held
uranium claims located in the Athabasca Basin in northern Saskatchewan. Santoy
Resources Ltd. ("Santoy") is the operator of the project and Wescan and Santoy
each hold a 50% working interest in these claims.
The Athabasca Basin hosts several of the largest and highest grade
uranium deposits in the world and current exploration activity in the region
is intense. The Wescan-Santoy claims cover approximately 160,000 hectares
(395,360 acres) over a number of diverse geological settings within the
Athabasca Basin and the Wollaston Fold belt. Selection of these claims and
permits was based on favorable geological and geophysical signatures and/or
known mineralization. The current airborne geophysics survey was commissioned
to detect potential electromagnetic conductors that may be present on the
properties and this program is being supervised by Mr. R. Tykajlo, a contract
Geophysicist engaged by Santoy. Mr. Tykajlo is a member of the Association of
Professional Geoscientists in the Province of Ontario and is a qualified
person in accordance with National Instrument 43-101. Mr. Tykajlo has reviewed
the contents of this news release.
The general locations of the uranium properties include the following
areas: Black Lake (Fir Island), Hazempa Lake, Pattyson Lake, Dowler Lake, and
Richards Lake.
The status of the current airborne geophysical program is as follows:
1. Black Lake area (Fir Island): Company: GEOTECH - System: VTEM, Area:
25,179 ha, flown at 200 meter line spacing for 1,221 kilometers. This
survey is now complete and the preliminary interpretation is being
reviewed.
2. Hazempa Lake area: Company: FUGRO - System: MEGATEM, Area: 44,296 ha,
flown at 400 meter line spacing, total of 1,418 line kilometers. This
survey is now complete and the data is being interpreted by
Mr. Tykajlo.
3. Richards Lake area: Company: FUGRO - System: MEGATEM, Area: 5,387 ha,
flown at 400 meter line spacing, total 229 line kilometers. This
survey is now complete and the data is being interpreted by
Mr. Tykajlo.
4. Pattyson Lake area: Company: FUGRO - System: MEGATEM, Area:
44,864 ha, flown at 400 meter line spacing, total 1,461 line
kilometers. This survey will be flown shortly.
5. Dowler Lake area: Company: FUGRO - System: MEGATEM, Area: 21,418 ha,
flown at 600 meter line spacing, total 452 line kilometers. This
survey will be flown shortly.
Significant results generated by this survey will be used to plan a more
detailed ground exploration program to locate drill targets.
Wescan is a Canadian based corporation engaged in the acquisition,
exploration and development of mineral properties. Shares of the Company 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 of this release"
