Wesdome {TSX: WDO}
Announced an excellent quarter in terms of grade, and they are tracking very well towards their first half guidance of 31,000 ounces to 35,000 ounces, having produced 19,010 ounces.
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2019-04-02 13:38 ET – News Release
Mr. Duncan Middlemiss reports
WESDOME ANNOUNCES 2019 FIRST QUARTER PRODUCTION OF 19,010 OUNCES OF GOLD PRODUCED
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Wesdome Gold Mines Ltd. has released its gold production results for the first quarter of 2019.
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Duncan Middlemiss, president and chief executive officer, commented: “We had an excellent quarter in terms of grade, and we are tracking very well towards our stated first half guidance of 31,000 ounces to 35,000 ounces, having produced 19,010 ounces. Grades were positively impacted due to early mining of the high-grade 303 lens. We will report on cost metrics, along with our first quarter financials; however, with gold sales and production ahead of budget, we expect these performance measures will be better than our first quarter budget. Accordingly, our cash position stood strong at the end of the quarter at $27.8-million. With our 2019 production and cost guidance announced earlier this year and at current gold prices, we anticipate to fund out our 2019 exploration and development programs at both the Eagle River and Kiena complexes through internal cash.”
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FINANCIAL HIGHLIGHTS
First quarter
2019 2018
Ore milled (tonnes)
Eagle River 30,941 44,480
Mishi 18,470 32,846
49,411 77,326
Head grade (grams per tonne, g/t)
Eagle River 18.5 12.0
Mishi 2.2 1.8
Gold production (ounces)
Eagle River 17,955 16,398
Mishi 1,055 1,550
Total gold production 19,010 17,948
Production sold (ounces) 18,760 15,430
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Revenue from gold sales ($ millions) (1) $32.5 $26.2
Average realized price per ounce (2) $1,733 $1,698
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Notes:
(1) Numbers may not add due to rounding.
(2) Average realized price per ounce is a
non-generally accepted accounting principle
measure and is calculated by dividing the
reported revenue from gold sales by the
number of ounces sold for a given period.
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Technical disclosure
The technical and scientific disclosure in this press release has been prepared and approved by Marc-Andre Pelletier, chief operating officer of Wesdome, a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
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About Wesdome Gold Mines Ltd.
Wesdome Gold Mines has had over 30 years of continuous gold mining operations in Canada. The Eagle River complex in Wawa, Ont., is currently producing gold from two mines, the Eagle River underground mine and the Mishi open pit, from a central mill. Wesdome is actively exploring its brownfield asset, the Kiena complex in Val d’Or, Que. The company has further upside at its Moss Lake gold deposit, located 100 kilometres west of Thunder Bay, Ontario, Canada.
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