Post by Zoinkers on Jun 23, 2006 13:44:52 GMT -5
Press Release Source: Wescan Goldfields Inc.
Wescan Goldfields Inc. announces first quarter results
Tuesday May 30, 6:51 pm ET
Stock Symbol: WGF: TSX-V
SASKATOON, May 30 /CNW/ - Wescan Goldfields Inc. ("Wescan" or the "Company") reports the unaudited results of Wescan's operations for the quarter ended March 31, 2006 have been filed and may be viewed at www.sedar.com. A summary of key financial and operating results for the quarter follows:
Highlights
- Expansion of the Company's uranium land holdings in the Athabasca
Basin region of northern Saskatchewan.
- Approximately $1.0 million spent advancing Wescan's drill program
on the Fork Lake gold property.
- Working capital of $5.6 million at March 31, 2006.
- Issued and outstanding shares of 49,101,638 at March 31, 2006.
Property Acquisitions
In early 2006, Wescan acquired an additional 50% interest in five claims in the same area as the Company's previously acquired interest in the Athabasca Basin region. These additions bring the total land package in the area to 159,965 hectares. As of May 8, 2006, Santoy Resources Inc., the operator of these properties had completed or was about to complete airborne geophysics surveys on approximately 140,000 hectares of the total land package.
Fork Lake Gold Property Exploration
During the quarter, the Company spent approximately $1.0 million advancing its drill program on the Fork Lake gold property. The majority of the results related to this program were released on April 7, 2006. The Company was encouraged by the drilling thus far and announced on May 4, 2006 an additional 9,500 metre drill program.
Quarter End Results
As at March 31, 2006, Wescan's cash balance, which included cash and short-term investments, totaled $5.7 million. Wescan recorded net income of $146,716 ($0.00 per share), which compares with a net income of $249,754 ($0.01 per share) for the quarter ended March 31, 2005. Operating expenses increased to $152,759 compared to $92,801 for the quarters ended March 31, 2006 and 2005, respectively. Wescan is an exploration company that normally has operating deficits. However, for the quarters ended March 31, 2006 and 2005 the Company generated income due to income tax recoveries as the result of the Company having tax assets that offset the future income tax liabilities created upon the renunciation of flow-through expenditures to investors during the quarters.
Selected financial highlights include:
--------------------------------------------------------------------------
March 31, December 31,
Balance Sheets 2006 2005
-------------------------------------------------------------------------
Current assets $ 5,907,919 $ 6,369,236
-------------------------------------------------------------------------
Capital and other assets 2,696,971 1,479,705
-------------------------------------------------------------------------
Current liabilities 307,721 276,716
-------------------------------------------------------------------------
Future income tax liability 788,000 -
-------------------------------------------------------------------------
Share capital 7,581,455 7,749,253
-------------------------------------------------------------------------
Contributed surplus 203,042 245,016
-------------------------------------------------------------------------
Deficit 275,328 422,044
-------------------------------------------------------------------------
-------------------------------------------------------------------------
March 31, March 31,
Statements of Income 2006 2005
-------------------------------------------------------------------------
Interest Income $ 52,475 $ 12,867
-------------------------------------------------------------------------
Operating Expenses 152,759 92,801
-------------------------------------------------------------------------
Loss for the period before income taxes (100,284) (79,934)
-------------------------------------------------------------------------
Net income for the period 146,716 249,754
-------------------------------------------------------------------------
Income per share 0.00 0.01
-------------------------------------------------------------------------
-------------------------------------------------------------------------
March 31, March 31,
Statements of Cash Flows 2006 2005
-------------------------------------------------------------------------
Cash flows from operating activities $ (133,524) $ (120,489)
-------------------------------------------------------------------------
Cash flows from investing activities (1,264,745) (18,237)
-------------------------------------------------------------------------
Cash flows from financing activities 825,228 848,952
-------------------------------------------------------------------------
Net (decrease) increase in cash (573,041) 710,226
-------------------------------------------------------------------------
Cash - beginning of period 6,231,459 2,146,121
-------------------------------------------------------------------------
Cash - end of period 5,658,418 2,856,347
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Outlook
As at May 30, 2006, the Company had $5.4 million in cash and cash
equivalents that will partially be used to complete future drill programs on
the Fork Lake property as well as fund its 50% share of future airborne
surveys on the Company's recently acquired uranium interests. The Company will
spend a minimum of $2.5 million on exploration programs on the Company's gold
and uranium properties during 2006 to fulfill its flowthrough expenditure
requirements. Surplus cash will be used for future drill programs, general
corporate matters and other opportunities as they may arise.
Caution Regarding Forward-looking Information
From time to time, Wescan makes written or oral forward-looking
statements within the meaning of certain securities laws, including the "safe
harbour" provisions of the Ontario Securities Act. Wescan may make such
statements in this news release, in other filings with Canadian regulators, 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
Mr. Kenneth E. MacNeill, Chief Executive Officer, 300 - 224 4th Avenue South, Saskatoon, SK, S7K 5M5, PH: (306) 664-2422, FAX: (306) 664-7181
OR Mr. Harvey Bay, Chief Financial Officer, 300 - 224 4th Avenue South, Saskatoon, SK, S7K 5M5, PH: (306) 664-2422, FAX: (306) 664-7181
--------------------------------------------------------------------------------
Source: Wescan Goldfields Inc.
Wescan Goldfields Inc. announces first quarter results
Tuesday May 30, 6:51 pm ET
Stock Symbol: WGF: TSX-V
SASKATOON, May 30 /CNW/ - Wescan Goldfields Inc. ("Wescan" or the "Company") reports the unaudited results of Wescan's operations for the quarter ended March 31, 2006 have been filed and may be viewed at www.sedar.com. A summary of key financial and operating results for the quarter follows:
Highlights
- Expansion of the Company's uranium land holdings in the Athabasca
Basin region of northern Saskatchewan.
- Approximately $1.0 million spent advancing Wescan's drill program
on the Fork Lake gold property.
- Working capital of $5.6 million at March 31, 2006.
- Issued and outstanding shares of 49,101,638 at March 31, 2006.
Property Acquisitions
In early 2006, Wescan acquired an additional 50% interest in five claims in the same area as the Company's previously acquired interest in the Athabasca Basin region. These additions bring the total land package in the area to 159,965 hectares. As of May 8, 2006, Santoy Resources Inc., the operator of these properties had completed or was about to complete airborne geophysics surveys on approximately 140,000 hectares of the total land package.
Fork Lake Gold Property Exploration
During the quarter, the Company spent approximately $1.0 million advancing its drill program on the Fork Lake gold property. The majority of the results related to this program were released on April 7, 2006. The Company was encouraged by the drilling thus far and announced on May 4, 2006 an additional 9,500 metre drill program.
Quarter End Results
As at March 31, 2006, Wescan's cash balance, which included cash and short-term investments, totaled $5.7 million. Wescan recorded net income of $146,716 ($0.00 per share), which compares with a net income of $249,754 ($0.01 per share) for the quarter ended March 31, 2005. Operating expenses increased to $152,759 compared to $92,801 for the quarters ended March 31, 2006 and 2005, respectively. Wescan is an exploration company that normally has operating deficits. However, for the quarters ended March 31, 2006 and 2005 the Company generated income due to income tax recoveries as the result of the Company having tax assets that offset the future income tax liabilities created upon the renunciation of flow-through expenditures to investors during the quarters.
Selected financial highlights include:
--------------------------------------------------------------------------
March 31, December 31,
Balance Sheets 2006 2005
-------------------------------------------------------------------------
Current assets $ 5,907,919 $ 6,369,236
-------------------------------------------------------------------------
Capital and other assets 2,696,971 1,479,705
-------------------------------------------------------------------------
Current liabilities 307,721 276,716
-------------------------------------------------------------------------
Future income tax liability 788,000 -
-------------------------------------------------------------------------
Share capital 7,581,455 7,749,253
-------------------------------------------------------------------------
Contributed surplus 203,042 245,016
-------------------------------------------------------------------------
Deficit 275,328 422,044
-------------------------------------------------------------------------
-------------------------------------------------------------------------
March 31, March 31,
Statements of Income 2006 2005
-------------------------------------------------------------------------
Interest Income $ 52,475 $ 12,867
-------------------------------------------------------------------------
Operating Expenses 152,759 92,801
-------------------------------------------------------------------------
Loss for the period before income taxes (100,284) (79,934)
-------------------------------------------------------------------------
Net income for the period 146,716 249,754
-------------------------------------------------------------------------
Income per share 0.00 0.01
-------------------------------------------------------------------------
-------------------------------------------------------------------------
March 31, March 31,
Statements of Cash Flows 2006 2005
-------------------------------------------------------------------------
Cash flows from operating activities $ (133,524) $ (120,489)
-------------------------------------------------------------------------
Cash flows from investing activities (1,264,745) (18,237)
-------------------------------------------------------------------------
Cash flows from financing activities 825,228 848,952
-------------------------------------------------------------------------
Net (decrease) increase in cash (573,041) 710,226
-------------------------------------------------------------------------
Cash - beginning of period 6,231,459 2,146,121
-------------------------------------------------------------------------
Cash - end of period 5,658,418 2,856,347
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Outlook
As at May 30, 2006, the Company had $5.4 million in cash and cash
equivalents that will partially be used to complete future drill programs on
the Fork Lake property as well as fund its 50% share of future airborne
surveys on the Company's recently acquired uranium interests. The Company will
spend a minimum of $2.5 million on exploration programs on the Company's gold
and uranium properties during 2006 to fulfill its flowthrough expenditure
requirements. Surplus cash will be used for future drill programs, general
corporate matters and other opportunities as they may arise.
Caution Regarding Forward-looking Information
From time to time, Wescan makes written or oral forward-looking
statements within the meaning of certain securities laws, including the "safe
harbour" provisions of the Ontario Securities Act. Wescan may make such
statements in this news release, in other filings with Canadian regulators, 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
Mr. Kenneth E. MacNeill, Chief Executive Officer, 300 - 224 4th Avenue South, Saskatoon, SK, S7K 5M5, PH: (306) 664-2422, FAX: (306) 664-7181
OR Mr. Harvey Bay, Chief Financial Officer, 300 - 224 4th Avenue South, Saskatoon, SK, S7K 5M5, PH: (306) 664-2422, FAX: (306) 664-7181
--------------------------------------------------------------------------------
Source: Wescan Goldfields Inc.