Mr. Ken MacNeill reports

WESCAN GOLDFIELDS INC. ANNOUNCES PROPOSED PRIVATE PLACEMENT AND EXCHANGE LISTING UPDATE

Wescan Goldfields Inc. intends to complete a private placement of up to 3,333,333 flow-through common shares in the capital of the company at a price of six cents per flow-through share and up to two million units of the company at a price of five cents per unit, for aggregate gross proceeds of up to $300,000. Each unit will consist of one common share in the capital of the company and one common share purchase warrant of the company. Each warrant will entitle the holder thereof to purchase one common share at an exercise price of six cents for a period of 12 months from the date of issuance thereof. The company intends to use the proceeds from the offering to incur Canadian exploration expenses on the company's gold properties and for general working capital purposes. Wescan will renounce the qualifying expenditures to subscribers of the flow-through shares.

Insiders may participate at greater than 25 per cent of the offering.

The offering will be conducted pursuant to available exemptions from the registration and prospectus requirements of applicable securities legislation, including sales to accredited investors and to close personal friends and business associates of directors and officers of the company. The company intends to solicit subscriptions from subscribers who are not currently shareholders of the company pursuant these exemptions.

The company may also issue: (a) common shares from treasury; and (b) warrants, in an amount equal to 6 per cent of the aggregate number of flow-through shares and units issued pursuant to the offering that are attributable to finders. Each finder's warrant will entitle the holder thereof to purchase one common share at a price of six cents for a period of 12 months from the date of issuance thereof.

Closing of the offering is subject to the receipt of the approval of the TSX Venture Exchange. The offering is expected to close on or about Sept. 20, 2023, provided that the offering may close in one or more tranches, but in any event no later than Sept. 27, 2023. All securities issued pursuant to the offering are subject to a statutory hold period of four months and one day in accordance with applicable securities legislation and exchange regulations.

Exchange listing update

The company received a notice from the exchange, in which the exchange notified the company of deficiencies in meeting certain Tier 2 continued listing requirements (CLR) outlined in exchange Policy 2.5 and a possible transfer to the NEX. As determined by the exchange, the company does not currently meet the activity and assets requirements set out in the policy.

The company was unable to meet CLR due to the impact of COVID-19, delays in obtaining regulatory approvals and the inability to access its properties. However, the company has addressed these issues and does not anticipate any further obstacles to restarting operations.

Following a discussion with the exchange, the company does not expect that the notice will have any immediate impact on the listing of the company's securities. The company has prepared a work program that has been reviewed to the satisfaction of the exchange and, subject to the successful completion of the offering, expects to meet CLR going forward and maintain its listing on the exchange.

About Wescan Goldfields Inc.

Wescan is a Canadian-based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of Wescan trade on the exchange under the trading symbol WGF.

We seek Safe Harbor.