Wesdome announces shares for debt transaction
TORONTO, Sep. 24, 2008 (Canada NewsWire via COMTEX News Network) --
Wesdome Gold Mines Ltd. ("Wesdome") is pleased to announce that it has acquired 1,228,141 additional common shares (the "Shares") of Moss Lake Gold Mines Ltd. ("Moss Lake") pursuant to a Shares for Debt Settlement Agreement which provides that the issuance of the Shares extinguishes $307,035.25 of Moss Lake's indebtedness to Wesdome. All of the Shares were acquired at a price of $0.25 per Share. As at the date hereof after giving effect to the issuance of the Shares, Wesdome owns or exercises control or direction over 25,282,586 common shares of Moss Lake, representing approximately 56.04% of the total number of outstanding common shares of Moss Lake.
A copy of the report filed by Wesdome pursuant to the applicable early warning requirements can be found on SEDAR at www.sedar.com or by contacting Donovan Pollitt at 416-360-3743.
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
SOURCE: Wesdome Gold Mines Ltd.
Rowland Uloth, President; Donovan Pollitt, VP Corporate Development; 8 King St. East, Suite 1305, Toronto, ON, M5C-1B5, Toll Free: 1-866-4-WDO-TSX, Phone: (416) 360-3743, Fax: (416) 360-7620, Email: invest@wesdome.com, Website: www.wesdome.com
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