In Wescan WGF
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Wescan Goldfields receives "Letter of Comfort" stating priority sequence for coal permit applications
09:00 EDT Tuesday, May 27, 2008
Stock Symbol: WGF: TSX-V
SASKATOON, May 27 /CNW/ - Wescan Goldfields Inc. (WGF: TSX-V) ("Wescan") is pleased to announce that it has received a "Letter of Comfort" from Saskatchewan Energy and Resources stating that the majority of the coal permit applications made on behalf of Wescan are "first in line" and will be given priority sequence. The letter lists all applications made on behalf of Wescan and details the land description, hectares, priority sequence and the allocated Coal Prospecting Permit (CPP) numbers. The grant of permits is dependent upon government regulatory approval and time required to process the applications. A map of Wescan's permit applications is available on the company website at www.wescangoldfields.com.
Wescan's priority sequenced coal permit applications total 253,000 hectares (2,530 square kilometres) and are adjacent to and partially surround the near surface coal discovered by Goldsource Mines Inc. ("Goldsource") in an area 50 kilometres north of Hudson Bay, Saskatchewan. The criteria for targeting the coal permit applications were: proximity to the recent coal discovery made by Goldsource; regional extent of the Cretaceous Mannville Group; and glacial overburden thickness.
Patrick Hannon, M.A.Sc., P.Eng. is Wescan's Qualified Person and is experienced both in the exploration and evaluation of coal deposits in Canada. Wescan is currently designing an electromagnetic airborne geophysical survey to define targets for core drilling. The company is also conducting a localized and regional study to investigate coal depositional environments during the Cretaceous Period.
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".
"The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release."
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 Canadian securities legislation. Wescan may make such statements in this press release, in other filings with Canadian securities regulators in reports to shareholders or in other communications. These forward-looking statements include, among others, statements with respect to the receipt of dispositions and permits from Saskatchewan Energy and Resources, 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, the receipt of dispositions and permits from Saskatchewan Energy and Resources, 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.
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For further information: Darren Anderson, Investor Relations; or Kirsten Marcia, Vice President of Exploration at (306) 664-2422
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