Wesdome Announces 2020 First Quarter Production of 25,122 Ounces of Gold Produced
Wesdome Announces 2020 First Quarter Production of 25,122 Ounces of Gold
Produced
TORONTO, April 16, 2020 -- Wesdome Gold Mines Ltd. (TSX:WDO) (“Wesdome” or the “Company”) today announces its gold
production results for the first quarter of 2020 (“Q1”).
Mr. Duncan Middlemiss, President and CEO commented, “First quarter production of 25,122 ounces was within budget,
however grade was slightly lower due to stope sequencing. Mill feed increased by 34% to 735 tonnes per day compared to Q1
2019. With the COVID-19 pandemic occurring at the end of Q1 and subsequent health and safety actions taken, we expect
slightly lower production in Q2 compared to Q1. As part of these health and safety protocols, we have shut down the Mishi
Open Pit and have moved to a reduced workforce in other areas at the Eagle River Complex. Despite these reductions in
activities, we are maintaining our full year production guidance of 90,000 – 100,000 ounces due to flexibility in stope
sequencing. On behalf of management and the board of directors I would like to thank all employees for their cooperation and
dedication in these unprecedented times. Currently the Company expects to resume drilling and development work at Kiena
during the week of May 4, 2020 and the impact of this six week shutdown has significantly tightened our timeframe of getting
to a restart decision by the end of 2020. The timing of this will be evaluated and communicated to the market in Q3.”
Amounts are denominated in Canadian dollars First Quarter
2020 2019 Variance % +/(-)
Ore milled (tonnes)
Eagle River 55,874 30,941 24,933 81%
Mishi 11,047 18,470 (7,423) (40%)
66,922 49,411 17,511 35%
Head grade (grams per tonne, “g/t”)
Eagle River 14.0 18.5 (4.5) (24%)
Mishi 2.5 2.2 0.3 14%
Gold production (ounces)
Eagle River 24,457 17,955 6,502 36%
Mishi 665 1,055 (390) (37%)
Total Gold Production 25,122 19,010 6,112 32%
Production sold (ounces) 26,500 18,760 7,740 41%
Revenue from gold sales ($ millions) $57.3 $32.5 $24.8 76%
Average realized price per ounce 2 $2,162 $1,733 429 25%
Notes:
1. Operating numbers may not add due to rounding.
2. Average realized price per ounce is a non-IFRS performance measure and is calculated by dividing the revenue from gold
sales by the number of ounces sold for a given period.
Technical Disclosure
The technical content of this release has been compiled, reviewed and approved by Marc-Andre Pelletier, P. Eng, Chief
Operating Officer, a "Qualified Person" as defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects.
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 137.2 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. 2029
or Lindsay Carpenter Dunlop
VP Investor Relations
416-360-3743 ext. 2025
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.
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