TORONTO, Dec. 18 /PRNewswire-FirstCall/ -- Western Goldfields, Inc. (TSX:WGI, OTCBB:WGDF.OB) today announced that Ray Threlkeld, President and Chief Executive Officer, is scheduled to appear on ROBTV's Power Breakfast on Tuesday, December 19 at 8:50 a.m. to discuss recent positive drilling results at the company's Mesquite Mine in California.
Western Goldfields commenced a 70,000-foot reverse circulation exploration drilling program at the property in September 2006. Initial results reported December 13, 2006, indicate the potential to increase reserves and add mine life at the Mesquite Mine, confirming management's view of the Mesquite Mine as a unique and outstanding opportunity in the gold mining industry. The company plans a first-quarter 2007 announcement updating the Mesquite Mine's reserves and resources.
Western Goldfields, Inc.
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Under a new, highly experienced, and dynamic management team, Western Goldfields is a gold producer focused on completing the expansion of its Mesquite Mine, located in Imperial County, California, and returning the mine to full production. Western Goldfields acquired the Mesquite property in 2003 from Newmont Mining Corporation. Newmont Mining originally operated the mine until 2001 when it ceased operations, as the low gold prices at that time did not support expansion plans. However, Newmont continued the permitting process for expansion, and the permits were approved in 2002. Western Goldfields has continued producing gold from ore placed on heaps by the previous owners, and expects gold production in 2006 to be about 14,000 ounces. Plans are in place to ramp up gold production to 165,000 ounces a year commencing in April 2008.
Western Goldfields, Inc. is listed on the Toronto Stock Exchange and trades under the symbol WGI. For further details, please visit http://www.westerngoldfields.com/.
Forward-Looking Information
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Certain statements contained in this news release and subsequent oral statements made by and on behalf of the Company may contain forward-looking information within the meaning of the United States Private Securities Litigation reform Act of 1995 and similar Canadian legislation. Such forward-looking statements are identified by words such as "intends", "anticipates", "believes", "expects", and "hopes" and include, without limitation, statements regarding the Company's plan of business operations, financing options and the consequences thereof, potential contractual arrangements, receipt of working capital, anticipated revenues, and related expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, those set forth in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2005 filed with the U.S. Securities and Exchange Commission, under the caption, "Risk Factors". Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulation, the Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.
