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49 North Resources Inc. (TSXV: FNR) announced that in connection with the closing of a private placement offering by Wescan Goldfields Inc. on December 31, 2012 it acquired ownership of 1,000,000 common shares and 1,000,000 common share purchase warrants of Wescan. Each Warrant entitles the holder thereof to acquire one additional common share of Wescan at a price of $0.10 until December 31, 2014. In the event that the warrants are fully exercised, these holdings represent approximately 9.72% of the total issued and outstanding common shares of Wescan as of February 12, 2013, calculated on a partially diluted basis assuming the exercise of the Warrants only. Prior to the closing of the private placement, FNR owned 507,612 common shares of Wescan (representing 2.59% of Wescan's outstanding common shares). Mr. Tom MacNeill, the President, Chief Executive Officer and a director of FNR also owns 280,587 common shares of Wescan directly (representing 1.43% of Wescan's outstanding common shares) and 398 commons shares of Wescan indirectly through T&N Holdings Inc. (representing 0.002% of Wescan's outstanding common shares), and pursuant to a portfolio management agreement, controls 1,666,667 common shares and 833,334 Warrants owned by 49 North 2012 Resource Flow-Through Limited Partnership.

Upon completion of the acquisition, FNR holds 1,507,612 common shares (representing 7.70% of Wescan's outstanding common shares), and when combined with Mr. MacNeill's direct and indirect holdings and the holdings of the 2012 Fund, Tom MacNeill will control 3,455,264 common shares (representing 17.65% of Wescan's outstanding common shares). FNR also holds 1,000,000 Warrants (representing 19.42% of the Warrants), and when combined with the holdings of the 2012 Fund, Mr. MacNeill will control 1,833,334 Warrants (representing 35.6% of the Warrants).

In connection with the acquisition of securities, FNR and Wescan entered a subscription agreement providing for the issuance of 1,000,000 units for $0.05 per unit, each unit comprised of 1 common share and 1 Warrant.

FNR acquired the securities in the private placement for investment purposes. FNR may in the future take such actions in respect of its holdings as it may deem appropriate in light of the circumstances then existing, including acquiring ownership or control over additional common shares, Warrants or other securities of Wescan or the disposition of all or a portion of its holdings in open market or in privately negotiated transactions.