ALTO 50/50 with WGFDon't forget WGF owns 50% of Mud Lake Project
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Wescan-Alto finalize drill contract for Mud Lake Project, Beardmore-Geraldton Gold Belt
Thursday October 4, 9:30 am ET
Stock Symbol: WGF: TSX-V
SASKATOON, SK, Oct. 4 /CNW/ - Wescan Goldfields Inc. (Wescan) (WGF: TSX-V) and Alto Ventures Ltd. (Alto) (ATV: TSX-V) are pleased to announce that a contract has been executed for diamond drilling on the Wescan-Alto Mud Lake Project in the Beardmore-Geraldton Gold Belt. The drill contract stipulates a minimum of 1,200 m of drilling in 18 to 20 holes and the drilling is scheduled to start in November. The Mud Lake property lies adjacent to the Hercules Property where Kodiak Exploration Ltd. recently reported drilling results confirming significant gold mineralization, including 38.47 g/t gold across 1.6 m in drill core and 32.96 g/t gold across 11.6 m in surface channel samples (see Kodiak Exploration news release dated October 1, 2007).
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Previous work at Mud Lake included the discovery of twelve gold showings associated with a major shear zone (Mud Lake Shear - MLS). The MLS was traced for more than six kilometres on the property but had not been drilled prior to Alto's 2007 winter program which tested three of the twelve surface gold showings and intersected gold-bearing quartz veins at each of those showings. Gold values up to 13.9 g/t across 1.0 m were intersected within a wider zone of gold mineralization that assays 3.39 g/t across 6.1 m. (see Alto news releases dated March 6 and March 20, 2007).
The November drilling will, in part follow-up on gold mineralization intersected at two of the three occurrences drilled previously and test for the first time, another three occurrences along the MLS which have yet to be drill tested. This work is part of a longer term strategy to evaluate each of the surface occurrences with diamond drilling and start to delineate in detail those that display continuity of mineralization and grade and show potential for the concentration of economic mineralization.
Surface trenching, washing and sampling programs were completed in September in two areas along the MLS to fill gaps along strike between previously discovered gold showings. Samples from the trenched areas were delivered for analyses and results are expected within the next four to six weeks.
In June, 2007, Wescan and Alto entered into an Option Agreement on the Mud Lake Property. Under the terms of the Option Agreement, Wescan can earn 50% in the property by funding $600,000 in exploration and issuing a total of 150,000 Wescan shares to Alto over two years. The surface trenching, washing and sampling and upcoming diamond drilling programs are funded by Wescan in accordance with the terms of the Option Agreement.
Mike Koziol, P. Geo., P.Eng. and Alto's President and Director is the Qualified Person for the project and has reviewed and approved this news release.
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 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.
For further information
M. F. (Moe) Lindsay, President at (306) 664-2422
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Source: Wescan Goldfields Inc.