Wesdome Announces 2018 First Quarter Production Results; 17,949 Ounces of GOLD Produced
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PRESS
RELEASE
APRIL 11 2018
TSX:WDO
WESDOME ANNOUNCES 2018 FIRST QUARTER PRODUCTION
RESULTS; 17,949 OUNCES OF GOLD PRODUCED
Toronto, Ontario – April 11 2018 – Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the
“Company”) today announces its gold production results for the first quarter of 2018 (“Q1”).
Mr. Duncan Middlemiss, President and CEO commented, “2018 is off to a strong start, with total
gold production and sales above our budget. Grade improvements continue at the Eagle River
Underground Mine, with Q1 2018 head grade of 12.0 grams per tonne (“g/t”) compared to 11.3 g/t
in the previous quarter and 11.5 g/t in Q1 2017. These improvements are largely a function of
stopes in all zones, 8 Zone, 7 Zone, and 300 Zone contributing more tonnes at higher grades than
anticipated, and strong ore development improving production flexibility. As illustrated in the below
table, we are pushing forward with our strategy to increase the ratio of underground tonnes to open
pit tonnes. The Eagle River underground exploration and definition program is progressing well,
with three underground drills fully manned, thereby giving encouragement to the addition of
underground workplaces which could fill the mill.”
Amounts are denominated in Canadian dollars First Quarter
2018 2017 Variance % +/(-)
Ore milled (tonnes)
Eagle River 44,480 38,578 5,902 15%
Mishi 32,846 36,641 (3,795) (10%)
77,326 75,219 2,107 3%
Head grade (grams per tonne, “g/t”)
Eagle River 12.0 11.5 0.5 4%
Mishi 1.8 1.7 0.1 6%
Gold production (ounces)
Eagle River 16,398 13,588 2,810 21%
Mishi 1,550 1,574 (24) (2%)
Total Gold Production 17,949 15,162 2,787 18%
Production sold (ounces) 15,430 12,320 3,110 25%
Revenue from gold sales ($ millions) $26.2 $20.1 $6.1 30%
Average realized price per ounce 2 $1,698 $1,631 $67 4%
Notes:
1. Numbers may not add due to rounding.
2. Average realized price per ounce is a non-GAAP 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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“Looking ahead into Q2 and beyond, our second stope development of the high grade 303 lens
above the 844 metre level is commencing, putting this high grade area into production for the
second half of 2018. Additionally, the exploration program at Eagle will add a surface drill to follow
up on some prospective parallel zone targets. We are continuing our compilation of the 2017
exploration drilling data at Mishi, and expect to provide an update on this asset later in the year.”
The Company’s 2018 production guidance stands at 62,000 – 68,000 ounces of gold.
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 and “Qualified Person” as defined by
National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”)
ABOUT WESDOME
Wesdome Gold Mines has had over 30 years 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 Complex in Wawa, Ontario is currently producing gold from two mines, the Eagle
River Undergro und 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 .
The Company has approximately 133.9 million shares issued and outstanding and trades on the
Toronto Stock Exchange under the symbol “WDO.”
For further information, please contact:
Duncan Middlemiss or Lindsay Carpenter Dunlop
President and CEO VP Investor Relations
416-360-3743 ext. 29 416-360-3743 ext. 25
[email protected] [email protected]
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
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
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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