Wesgold Updates Status of Cordoba Property Option

VANCOUVER, Dec. 6, 2011 /PRNewswire/ - Wesgold Minerals Inc. (TSX-V: WSG) (the "Company") provides an update on the status of the option to acquire up to a 51% interest in the Cordoba Property from Minatura International LLC ("Minatura"), which was previously announced on June 6, 2011.

The Company has been informed by Minatura that three of the concession applications that make up part of the Property have been granted and are now legal contracts. This has been confirmed by Wesgold's Colombian legal counsel. However, the applications in respect of those portions of the Cordoba Property for which a NI 43-101 compliant technical report has been prepared have not yet been converted. While Minatura has advised the Company that it expects the remaining concessions to be granted in the coming months, the Company has been informed that in several speeches and interviews, including a conference organized by the Colombian-Canadian Chamber of Commerce, the Colombian Mines and Energy Minister ("Minister") has made statements that have created some uncertainty about when, if ever, such key remaining concessions will be granted. Minatura has assured the Company that the Cordoba Property does not fall under the areas declared "strategic" by the Colombian Mines and Energy Ministry and therefore all concession applications will be granted in due course.

The Company's option on the Cordoba Property is conditional upon the Company having acquired an 11% interest in shares of Minatura, which itself is conditional upon TSX-V approval. The TSX-V has approved the acquisition of the 11% interest subject to the Company completing the necessary financing. The Company remains committed to the agreement with Minatura on the Cordoba Property, however, in light of the recent statements by the Minister regarding the grant of mining concessions in Colombia, several potential investors in the financing transaction have requested that the proceeds of their investment be escrowed until the area of the Cordoba Property that is the subject of the NI 43-101 report is granted as a mining concession. The TSX-V's final approval of the transactions with Minatura may be delayed depending on the amount of the financing proceeds that are subject to the escrow and whether the Company is able to obtain alternative sources of financing on commercially reasonable terms.

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 from Minatura the Cordoba property, covering 25,790 hectares in the Department of Cordoba, Colombia, 200km north of the city of Medellin.

WESGOLD MINERALS INC.

Per:      "Simon Ridgway"
Simon Ridgway, Chairman of the Board

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

Forward-looking Statements
This press release contains "forward-looking statements".  Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors which may cause actual results, performance or achievements of the Company to be materially different from any expectations expressed or implied by the forward-looking statements. Forward-looking information in this press release includes, but is not limited to, statements regarding the expected timing for the grant of further concessions in respect of the Cordoba Property, statements regarding the Company's private placement financing and potential delays in completion of the financing, statements regarding the grant of the option on the Cordoba Property and the Company's acquisition of an 11% interest in Minatura. The forward-looking information disclosed herein is based on a number of assumptions including, among other things: that the information received by the Company regarding the Minister's statements is correct, that the information provided by Minatura regarding the expected timing for the grant of the remaining concessions is correct, that the government of Colombia will proceed in the way suggested by the Minister and/or Minatura, that potential investors in the financing transaction will require an escrow of the financing proceeds and that the Company will complete the necessary financing and acquire the 11% interest in Minatura. Readers are cautioned not to place undue reliance on the forward-looking statement, which is given as of the date it is expressed in this press release, and, except as required by law, the Company assumes no obligations to update or revise forward-looking information to reflect new events or circumstances.

SOURCE Wesgold Minerals Inc.