Wesdome Announces 2017 Second Quarter Production Results at Eagle River Mine and Update on Kiena Exploration Ramp
Wesdome Announces 2017 Second Quarter Production Results
at Eagle River Mine and Update on Kiena Exploration Ramp
TORONTO, July 12, 2017 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX:WDO) ( “Wesdome” or
the “Company”) today announces second quarter 2017 ( “Q2”) gold production results of 12,529 ounces
bringing year to date produced ounces to 27,691 ounces.
Mr. Duncan Middlemiss, President and CEO commented, “Second quarter production results of 12,529
ounces were in line with budget. In the first half of the year, 27,691 ounces have been produced, indicating
we are well on track to meet this year ’s production guidance of 52,000 – 58,000 ounces. During the
quarter, we completed development on the 844 metre level in the 300E Zone. This new production area of
the mine displays above historic average widths and grades, and we expect to be producing from the 303
Lens in the fourth quarter of this year. This development, combined with recent successes in the 300W and
7 Zones bode well for increasing the average grades of our mineral reserves and our near term annual
production profiles. ”
The Company’s guidance remains unchanged at 52,000 – 58,000 ounces for 2017. Ounces sold were
13,030 ounces at an average sales price of CAD$1715 per ounce, (revenue of CAD$22.3 M) exceeding
the Company’s internal forecast of CAD$1550 per ounce.
UPDATE ON KIENA EXPLORATION RAMP
The Company also wishes to announce that it has selected CMAC -Thyssen Mining Group Inc. ( “CMAC”) as
the contractor to drive the exploration ramp at Kiena. CMAC is mobilizing equipment at the Kiena site and
ramp development is expected to begin on or before August 1, 2017.
TECHNICAL DISCLOSURE
The technical and scientific disclosure in this press release has been compiled, reviewed, and approved by
Philip Ng, P. Eng, Chief Operating Officer of Wesdome and “Qualified Person ”as defined in National
Instrument 43-101 -Standards of Disclosure for Mineral Projects .
ABOUT WESDOME
Wesdome Gold Mines is in its 30 th year of continuous gold mining operations in Canada. The Company is
100% Canadian focused with a pipeline of projects in various stages of development. The Eagle River
Tonnes
Milled (t)
Head
Grade
(g/t)
Average Mill
Recovery Rate
(%)
Gold
Produced
(ounces)
Eagle River Mine 34,960 9.8 96.3 10,597
Mishi Open Pit 39,117 1.8 83.1 1,932
Q2 2017 Production 74,077 5.6 94.0 12,529
Complex in Wawa, Ontario 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 brownfields asset, the Kiena
Complex in Val d ’Or, Quebec. The Kiena Complex is a fully permitted former mine with a 930 metre shaft
and 2,000 tonne per day mill. The Company has further upside at its Moss Lake gold deposit, located 100
kilometres west of Thunder Bay, Ontario, which is being explored and evaluated to be developed in the
appropriate gold price environment. The Company has approximately 133.9 million shares issued and
outstanding and trades on the Toronto Stock Exchange under the symbol “WDO.”
This news release contains “forward-looking information ” which may include, but is not limited to,
statements with respect to the future financial or operating performance of the Company and its projects.
Often, but not always, forward -looking statements can be identified by the use of words such as “plans”,
“expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes”
or variations (including negative variations) of such words and phrases, or state that certain actions, events
or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward -looking
statements involve known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by the forward -looking statements. Forward -looking
statements contained herein are made as of the date of this press release and the Company disclaims any
obligation to update any forward -looking statements, whether as a result of new information, future events
or results or otherwise. There can be no assurance that forward -looking statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such
statements. The Company undertakes no obligation to update forward -looking statements if circumstances,
management’s estimates or opinions should change, except as required by securities legislation.
Accordingly, the reader is cautioned not to place undue reliance on forward -looking statements. The
Company has included in this news release certain non -IFRS performance measures, including, but not
limited to, mine operating profit, mining and processing costs and cash costs. Cash costs per ounce reflect
actual mine operating costs incurred during the fiscal period divided by the number of ounces produced.
These measures are not defined under IFRS and therefore should not be considered in isolation or as an
alternative to or more meaningful than, net income (loss) or cash flow from operating activities as
determined in accordance with IFRS as an indicator of our financial performance or liquidity. The Company
believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use
this information to evaluate the Company's performance and ability to generate cash flow
For further information, please contact:
Duncan Middlemiss
President and CEO
416-360-3743 ext. 29
or
Lindsay Carpenter Dunlop
VP Investor Relations
416-360-3743 ext. 25
8 King St. East, Suite 811
Toronto, ON, M5C 1B5
Toll Free: 1-866-4-WDO-TSX
Phone: 416-360-3743, Fax: 416-360-7620
Website: www.wesdome.com