Wheels Group Inc GRFJF

Western Goldfields Announces Share Repurchase Prog

[infojoe]

Attention Business Editors

Western Goldfields Announces Share Repurchase Program

 TORONTO, Nov. 4 /CNW/ - Western Goldfields Inc. (TSX:WGI, NYSE  

Alternext:WGW) today announced a share repurchase program by way of a normal  

course issuer bid (the "Bid") to purchase, through the facilities of the  

Toronto Stock Exchange (the "TSX") and the NYSE Alternext, certain of its  

outstanding Common Shares.  

Western Goldfields believes that the market price of the Common Shares  

may not be reflective of the Company's underlying value and therefore the  

Company has decided to undertake the Bid, which will also increase the  

proportionate interest of, and be advantageous for, the remaining  

shareholders. Western Goldfields had cash on hand of $45.4 million (including  

$7.5 million of restricted cash) as of September 30, 2008. The Company is  

trading at a significant discount to net asset value and the Mesquite Mine is  

generating net cash flow. As at November 4, 2008, there were 136,761,919  

Common Shares issued and outstanding.  

The number of Common Shares to be purchased through the facilities of the  

exchanges during the period of the Bid from November 7, 2008 to November 6,  

2009 will not exceed 12,838,011 Common Shares, or approximately 10% of the  

Company's public float, the maximum number of shares allowable as defined by  

the TSX. Purchases will be made at the market price at the time of the  

acquisition. Common Shares purchased pursuant to the Bid will be cancelled.  

Western Goldfields has appointed RBC Capital Markets to make the purchases on  

its behalf.  

"Western Goldfields has never been financially stronger. We view a  

repurchase of Western Goldfields shares as a truly unique opportunity for our  

shareholders. The Mesquite Mine represents a fully permitted and constructed  

mine which generates net cash flow and is located in the United States. The  

shares are trading at a significant discount to their net asset value", said  

Mr. Randall Oliphant, Chairman, Western Goldfields.  

  

This news release shall not constitute an offer to sell or the  

solicitation of an offer to buy the shares in any jurisdiction.  

  

<<  

Western Goldfields Inc.  

-----------------------  

>>  

  

Western Goldfields Inc. is an independent gold production and exploration  

company with a focus on precious metal mining opportunities in North America.  

The Mesquite Mine, currently the Company's sole asset, was brought into  

production in January 2008, and the Company's focus is now on achieving the  

anticipated rate of production and completing planned improvements to the  

property. The Company has 2.8 million ounces in Proven and Probable Reserves  

as outlined in more detail in its latest annual report on Form 10K filed on  

  www.sedar.com. Western Goldfields common shares trade on the Toronto Stock
  

Exchange under the symbol WGI, and on the NYSE Alternext under the symbol WGW.  

For further details, please visit   www.westerngoldfields.com.
  

  

Mr. Wes Hanson, P.Geo., Vice President of Mine Development, Western  

Goldfields Inc., is the qualified person under National Instrument 43-101 who  

supervised the preparation of the technical information contained in this news  

release. Mr. Hanson is an officer of the Company.  

  

<<  

Forward-Looking Information  

---------------------------  

>>  

  

Certain statements contained in this news release and subsequent oral  

statements made by and on behalf of the Company may contain forward-looking  

information within the meaning of the United States Private Securities  

Litigation Reform Act of 1995 and similar Canadian legislation. Such  

forward-looking statements are identified by words such as "intends",  

"anticipates", "believes", "expects", "plans" and "hopes" and include, without  

limitation, statements regarding the Company's plan of business operations,  

production and cost estimates, potential contractual arrangements, receipt of  

working capital, anticipated revenues, and capital and operating expenditures.  

These forward-looking statements are based on the best estimates of management  

at the time such statements are made. There can be no assurance that such  

statements will prove to be accurate; actual results and future events could  

differ materially from such statements. Factors that could cause actual  

results to differ materially include, among others, those set forth in the  

Company's Annual Report on Form 10-KSB for the year ended December 31, 2007  

filed with the U.S. Securities and Exchange Commission and the Ontario  

Securities Commission, under the caption, "Risk Factors". Most of these  

factors are outside the control of the Company. Investors are cautioned not to  

put undue reliance on forward-looking statements. Except as otherwise required  

by applicable securities statutes or regulation, the Company disclaims any  

intent or obligation to update publicly these forward-looking statements,  

whether as a result of new information, future events or otherwise.  

  

  

  

  

  

  

-30-

 /For further information: please visit   www.westerngoldfields.com, or
  

contact: Raymond Threlkeld, President and CEO, [phone],  

  [e-mail]; Brian Penny, Chief Financial Officer, (416)
  

324-6002,   [e-mail]; Hannes Portmann, Director, Corporate
  

Development and Investor Relations, [phone],  

  [e-mail]/