NORTH BERWICK, Scotland, April 27,
2021 /CNW/ - WESTERN GOLD EXPLORATION
LTD. (TSXV: WGLD) (the "Company") announces that it
has filed its audited consolidated financial statements and
Management's Discussion and Analysis for the year ended
December 31, 2020, which can be found
under the Company's profile on SEDAR (www.sedar.com), and which
sets forth detailed operating and financial results for the Company
for 2020.
The year 2020 was a transformational year for the Company, and
the following are the highlights:
- The Company completed its "Qualifying Transaction" under the
Policies of the TSX Venture Exchange, including a CAD$1.7 million concurrent financing, a
consolidation and name change – see the Company's October 27, 2020 press release.
- Exploration and evaluation advances in Scotland – see the Company's December 2, 2020 press release.
- The Company completed a CAD$1,300,000 non-brokered private placement of
common shares – see the Company's December
23, 2020 press release.
- The Company is well funded at this time and remains on target
to execute on its proposed Q2 2021 drilling campaign. This drilling
campaign is expected to include:
- The completion of the deep overburden survey over the
interpreted 1,800-metre strike length of the Stronchullin
(Knapdale) vein system, which was commenced in September 2020.
- An initial phase of diamond drilling based on the results of
exploration and geological surveys, with the subsequent planned
phases subject to further modifications based on the initial phase
results.
- Further investigation of Gossan Burn at Knapdale, already
identified as a prospect for copper.
Following the completion of this drilling campaign, the Company
plans to develop further exploration programs for Knapdale,
Lagalochan, and other exploration targets in the region. Potential
prospects include Lagalochan, where mineral rights are already
held, neighbouring sites to the Stronchullin site and other sites
across the Dalradian belt being considered by the Company.
About Western Gold Exploration
The Company is an exploration company that is listed on the TSX
Venture Exchange under the symbol "WGLD". The Company is focused on
the exploration of mineral properties in Western Scotland and discovering new
opportunities in the Dalradian Belt, targeting historic mines with
gold and copper occurrences in the area to develop an initial
resource estimate. Preliminary prospects include the Stronchullin
mine, Gossan Burn and Allt Dearg which are all located in the
Knapdale District.
Additional information about the Company is available on SEDAR
at www.sedar.com under the Company's profile.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This news release includes certain "forward-looking
statements" under applicable Canadian securities legislation.
Forward-looking statements include, but are not limited to,
statements with respect to the Company's proposed drilling
campaign, the timing, results and interpretation and analysis of
such drilling campaign, the ability to obtain additional mining
interests or prospects, and plans and future action of the Company
that may be described herein. Forward-looking statements consist of
statements that are not purely historical, including any statements
regarding beliefs, plans, expectations or intentions regarding the
future. Such information can generally be identified by the use of
forwarding-looking wording such as "may", "expect", "estimate",
"anticipate", "intend", "believe" and "continue" or the negative
thereof or similar variations. Readers are cautioned not to place
undue reliance on forward-looking statements, as there can be no
assurance that the plans, intentions or expectations upon which
they are based will occur.
By their nature, forward-looking statements involve numerous
assumptions, known and unknown risks and uncertainties, both
general and specific, that contribute to the possibility that the
predictions, estimates, forecasts, projections and other
forward-looking statements will not occur. These assumptions, risks
and uncertainties include, among other things, the state of the
economy in general and capital markets in particular, as well as
those risk factors discussed or referred to in the Company's
Management's Discussion and Analysis for the year ended
December 31, 2020 available at
www.sedar.com, many of which are beyond the control of
the Company. Forward-looking statements contained in this press
release are expressly qualified by this cautionary
statement.
The forward-looking statements contained in this press
release are made as of the date of this press release. Except as
required by law, the Company disclaims any intention and assumes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Additionally, the Company undertakes no obligation to comment on
the expectations of, or statements made by, third parties in
respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Western Gold Exploration Ltd