Wesdome Announces 2018 Third Quarter Production of 19,795 Ounces of Gold Produced
Wesdome Announces 2018 Third Quarter Production of 19,795 Ounces of Gold
Produced
TORONTO, Oct. 10, 2018 -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces its gold
production results for the third quarter of 2018 (“Q3”).
Mr. Duncan Middlemiss, President and CEO commented, “Production in Q3 benefitted from initial mining of the wide, high
grade 303 lens, which commenced stope production late in the quarter. We expect this area to continue production well into
2019. Year to date production of 54,371 ounces has us well positioned to achieve our raised guidance range of 70,000 –
75,000 ounces.”
Amounts are denominated in
Canadian dollars Third Quarter Year-to-date
2018 2017 Variance % +/(-) 2018 2017 Variance % +/(-)
Ore milled (tonnes)
Eagle River 46,777 44,421 2,356 5% 134,635 117,959 16,676 14%
Mishi 4,076 38,638 (34,562) (89)% 62,155 114,396 (52,241) (46)%
50,854 83,058 (32,204) (39)% 196,790 232,355 (35,565) (15)%
Head grade (grams per tonne,
“g/t”)
Eagle River 13.3 9.7 3.6 38% 12.2 10.3 1.9 18%
Mishi 3.4 2.0 1.4 69% 2.3 1.8 0.5 27%
Gold production (ounces)
Eagle River 19,437 13,313 6,124 46% 50,602 37,498 13,104 35%
Mishi 358 2,181 (1,823) (84)% 3,769 5,687 (1,918) (34)%
Total gold production 19,795 15,493 4,302 28% 54,371 43,185 11,186 26%
Production sold (ounces) 18,401 13,069 5,332 41% 52,404 38,419 13,985 36%
Revenue from gold sales ($
millions) 2 $28.9 $21.2 $7.7 36% $86.6 $64.5 $22.1 34%
Average realized price per ounce
3 $1,571 $1,619 ($48) (3)% $1,651 $1,656 ($5) -%
Notes:
1. Numbers may not add due to rounding.
2. Revenue for year-to-date 2017 includes $0.9 million in gold sales from the cleanup of the Kiena mill.
3. 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.
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 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. The Company has approximately 134.2 million shares
issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO”.
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
220 Bay St. East, Suite 1200
Toronto, ON, M5J 2W4
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 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