Wesgold Completes $2.0 Million Financing; Appoints Chairman of the Board

VANCOUVER, Aug. 18, 2011 /PRNewswire/ - Wesgold Minerals Inc. (TSX-V: WSG) is pleased to announce that it has closed its previously announced $2.0 million private placement of convertible debentures.  The debentures are convertible into a maximum of 4,255,318 common shares of the Company at the rate of $0.47 per share on or before July 31, 2012, and bear interest at the rate of 8% per annum.

The debentures and any shares which may be issued thereunder have a resale restriction until December 19, 2011.

Simon Ridgway Appointed as Chairman

Wesgold is also pleased to announce that Simon Ridgway has been appointed a Director and Chairman of the Board.  Mr. Ridgway is a well known financier with over 20 years of mining and exploration experience worldwide.  He is currently the Chairman of Fortuna Silver Mines Inc, and President and director of Radius Gold Inc.

About Wesgold Minerals

Wesgold Minerals Inc. is a Vancouver-based mineral exploration company focused on the acquisition and exploration gold and copper projects in Colombia. Wesgold recently optioned the Cordoba property, covering 25,790 hectares in the Department of Cordoba, Colombia, 200km north of the city of Medellin. These claims cover underexplored marine volcano-sedimentary rocks and are prospective for porphyry copper/gold and iron-oxide-copper-gold-style (IOCG) mineral deposits. Numerous artisanal gold workings occur throughout the Cordoba property, which has seen small-scale artisanal production for over 30 years. Recent gold discoveries in Colombia, including Anglogold Ashanti's La Colossa gold porphyry, have highlighted the world-class potential of the country.

ON BEHALF OF THE BOARD

     "Ralph Rushton"

Ralph Rushton, Director

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this news release.

SOURCE Wesgold Minerals Inc.

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