05/30/2005- announces first quarter results

[Franko10 ™]

Wescan Goldfields Inc. announces first quarter results

Stock Symbol: WGF: TSX-V
WESCAN GOLDFIELDS INC.

SASKATOON, SK, May 30 /CNW/ - Wescan Goldfields Inc. ("Wescan") reports
the unaudited results of Wescan's operations for the quarter ended March 31,
2005 have been filed and may be viewed at www.sedar.com. A summary of key
financial and operating results for the quarter follows:

Highlights

- Successful completion of a private placement for gross proceeds of
$877,500 on February 23, 2005
- Acquisition of a 50% working interest in several uranium properties
was announced March 2, 2005
- Working capital of $2.8 million at March 31, 2005
- Issued and outstanding shares of 34,324,493 at March 31, 2005

Property Acquisitions

On March 2, 2005, Wescan acquired a 50% working interest in 7 prospecting
permits in northern Saskatchewan. These properties total 139,000 hectares and
are situated in and around the Athabasca Basin and cover a range of geologic
settings normally prospective for uranium mineralization.

Financing

During the quarter ended March 31, 2005, the Company completed a private
placement of 3,250,000 million units at $0.27 per unit for gross proceeds of
$877,500. Each unit consisted of one common share and one half of one common
share purchase warrant. Each whole warrant entitles the holder to acquire an
additional common share in the capital of Company for a period of 12 months
from closing at a price of $0.32 per share.

Quarter End Results

As at March 31, 2005, Wescan's cash balance, which included cash and
short-term investments, totaled $2.9 million. Wescan recorded net income of
$249,754 ($0.01 per share), which compares with a net loss of $43,281 ($432.81
per share) for the quarter ended March 31, 2004. Operating expenses increased
to $92,801 compared to $43,281 for the quarters ended March 31, 2005 and 2004,
respectively. The large fluctuation in earnings is the result of income tax
recovery due to the Company having unrecorded loss carryforwards and tax pools
in excess of the future income tax liabilities created upon the renunciation
of flow-through expenditures to investors during the quarter.

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Selected financial highlights include:
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March 31, December 31,
Balance Sheets 2005 2004
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Current assets $ 2,896,332 $ 2,157,888
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Capital and other assets 368,908 287,745
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Current liabilities 88,086 37,497
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Share capital 3,204,663 2,685,399
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Contributed surplus 59,290 59,290
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Deficit 86,799 336,553
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March 31, March 31,
Statements of Income (Loss) 2005 2004
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Interest Income $ 12,867 $ -
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Operating Expenses 92,801 43,281
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Loss for the period before income taxes 79,934 43,281
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Net income (loss) for the period 249,754 (43,281)
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Income (loss) per share 0.01 (432.81)
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March 31, March 31,
Statements of Cash Flows 2005 2004
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Cash flows from operating activities $ (120,489) $ -
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Cash flows from investing activities (18,237) -
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Cash flows from financing activities 848,952 -
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Net increase in cash 710,226 -
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Cash - beginning of period 2,146,121 -
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Cash - end of period 2,856,347 -
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Outlook

The primary focus during the remaining portion of 2005 will be to
commence specific exploration programs on the Company's existing gold property
portfolio as well as to perform a complete review and compilation of data on
its newly acquired uranium interests. The Company anticipates that a number of
the uranium properties will be surveyed with state-of-the-art electromagnetic
equipment. In addition, the Company plans to carry out due diligence on other
potential property positions as opportunities arise.

Caution Regarding Forward-looking Information

Some of the statements contained in this report are forward-looking
statements, such as estimates that describe the Company's future plans,
objectives or goals. This includes words to the effect that the Company or
management expects a stated condition or result to occur. Since
forward-looking statements address future events or conditions, by their very
nature they involve inherent risks and uncertainties. Actual results in each
case could differ materially from those currently anticipated in such
statements.

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For further information: please contact: Mr. George Sanders, President,
300 - 224 4th Avenue South, Saskatoon, SK, S7K 5M5, PH: [phone], FAX:
[phone]; OR Mr. Harvey Bay, Chief Financial Officer, 300 - 224 4th
Avenue South, Saskatoon, SK, S7K 5M5, PH: [phone], FAX: [phone]