November 23, 2006 14:21 ET

eResearch Issues Initiating Report on Western Goldfields, Inc.

TORONTO, ONTARIO--(CCNMatthews - Nov. 23, 2006) - eResearch analysts, George Cargill, Ph.D., P.Eng. and Bob Weir, B.Sc., B.Comm., CFA, have written an Initiating Report on Western Goldfields, Inc. (TSX:WGI)(OTCBB:WGDF). Western Goldfields is a U.S.-incorporated but Canadian-managed junior mining company engaged in gold production and mine development in southeast California, U.S.A.

In the Report, the Analysts state that, "Western Goldfields has one principal asset, the fully permitted gold-producing Mesquite Mine, which it acquired from Newmont Mining Corporation in 2003. To date, a total of 154.01 million tons of material has been placed on leach pads over the mine's life, making Mesquite a significant asset. The Company's new management team intends to restart production beginning in April 2008 at an average annual rate of approximately 165,000 oz. of gold over the next 9 1/2 years."

The Analysts go on to say, "...we believe there are some interesting challenges..." facing management, but that "...the Company has considerable potential to achieve its goals."

eResearch is Canada's primary source for independent, quality, investment research, focused primarily on small- and mid-cap companies. Our research and analysis is of institutional quality, and has the potential of reaching millions of global investors through our extensive Internet distribution network. eResearch does not trade in the securities of the companies it covers, nor does it accept any stock related compensation for research services. eResearch does not engage in retail or institutional sales, trading, or corporate finance activities, nor does it conduct investment banking or investor relations services for the companies covered. Our sole business is providing quality, unbiased research.

Western Goldfields, Inc. paid eResearch a fee of C$17,500 + GST to conduct research on the Company, on an Annual Continuous Coverage basis.

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