VAL-D'OR, QC, Oct. 14 /CNW/ - An encouraging new gold find in a previously unexplored portion of the Val-d'Or mining camp has geologists at Wesdome Gold Mines Ltd. excited. The new find is located three kilometres east of Wesdome's Kiena Gold Mine and three kilometres north of Agnico-Eagle's new Goldex Mine. Please refer to Figure 1 for a location map.

Initial encouragement came from a barge-mounted drilling program designed to systematically evaluate under-explored regions beneath Lac DeMontigny when hole S-507 encountered two 0.6 metre intervals grading 21.22gAu/tonne and 12.61gAu/tonne. Hole S-510, located 1.4 kilometres to the southeast, encountered a 5.1 metre long interval grading 4.45gAu/tonne. Hole S-523 was drilled 100 metres northwest of S-510 and returned 3.91gAu/tonne over 1.6 metres. Hole S-524 was drilled 100 metres southeast of S510 and returned 6.82gAu/tonne over 7.7 metres.

DRILL HOLE LOCATIONS
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Hole No.      Easting      Northing      Azimuth      Dip      Depth
               (UTM)        (UTM)       (degrees)  (degrees)  (metres)
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 S-507         285283       5334753        213        -53        501
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 S-510         286114       5333672        210        -54        495
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 S-522         286060       5333591        205        -46        399
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 S-523         285990       5333658        216        -52        410
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 S-524         286153       5333541        203        -50        465
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 S-527         286153       5333541        215        -61        485
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 S-528         286025       5333713        210        -50        501
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SIGNIFICANT INTERSECTIONS
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Hole No.        From           To      Core length    Assay    Remarks
              (metres)      (metres)    (metres)   (gAu/tonne)
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 S-507          321.9         322.5        0.6        21.22
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                347.9         348.5        0.6        12.61
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 S-510          243.4         244.6        1.2         7.92
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                409.9         410.4        0.5         8.42
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                419.1         420.9        1.8         5.92
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                450.0         455.1        5.1         4.45
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 S-522                                                     In progress
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 S-523          110.0         111.6        1.6         3.91
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                129.9         132.6        2.7         1.58
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 S-524          357.3         365.0        7.7         6.82
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   inc.         359.1         364.0        4.9         9.32
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 S-527                                                     In progress
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 S-528                                                     In progress
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Gold occurs in quartz vein stockworks in albitized diorite hosted by komatiitic volcanic rocks.

Wesdome's exploration chief, George Mannard, cautions it is still early days and much more work is required to substantiate the new find and determine its ultimate size. "People have been mining gold here since 1929 and it is remarkable the region continues to reveal new secrets. We are currently rushing to drill more holes before the ice comes. This will help unravel the geometry and dimensions of the new find."

Technical information in this press release was compiled and verified by Paul Arscott, PGeo and Chief Geologist, Kiena mine, and Marc Ducharme, PGeo and Exploration Geologist in their capacity as "Qualified Persons" as per National Instrument 43-101. Assaying was done by fire assay methods at the Kiena mine assay office. In addition to internal duplicate, standards and blanks, the geology department inserts blind standards and blanks into the sample stream at a frequency of one in twenty to monitor quality control.

Wesdome is an established Canadian gold producer with wholly-owned mining and milling complexes located in Val d'Or, Quebec and Wawa, Ontario. It has been producing gold continually for 20 years on an unhedged basis and to date has produced in excess of 1.0 million ounces. The Company has 99.7 million shares issued and outstanding and trades on the TSX Exchange under the symbol "WDO".

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.