Wesdome Announces 2020 Second Quarter Production of 25,142 Ounces of Gold Produced
Wesdome Announces 2020 Second Quarter Production of 25,142 Ounces of
Gold Produced
TORONTO, July 14, 2020 -- Wesdome Gold Mines Ltd. (TSX:WDO) (“Wesdome” or the “Company”) today announces its gold
production results for the second quarter of 2020 (“Q2”). All figures are in Canadian dollars unless otherwise stated.
Mr. Duncan Middlemiss, President and CEO commented, “First and foremost I would like to thank our employees,
contractors, and suppliers, without whose dedication and perseverance we would not succeed during these unprecedented
times. Our second quarter production of 25,142 ounces brings total H1 production to 50,264 ounces, and we are confident on
achieving our full year guidance of 90,000 – 100,000 ounces. With the COVID-19 pandemic occurring at the end of Q1, and
subsequent health and safety protocols immediately implemented, the mine was operating at a significantly reduced capacity,
where we focused primarily on production and development, however had to cease our diamond drilling activities to allow for
enhanced distancing in the Eagle River Camp. Production was better than anticipated due to increased ounces from the high
grade 303 zone. We are now at a point where we can begin to add diamond drills back into our plans and as such, we now are
operating four drills, down from the seven drills we operated pre-pandemic. At Kiena, the Quebec government allowed for the
resumption of activities in mid-May and we are now back to almost 100% drilling capacity at the Kiena Complex. Concurrent
with the exploration drilling at Kiena, we are conducting the infill drilling to upgrade the resources in Q4 and this new resource
will be used for the subsequent Pre-Feasibility Study to follow.”
Amounts are denominated in Canadian
dollars Second Quarter Year-to-Date
2020 2019 Variance % +/(-) 2020 2019 Variance % +/(-)
Ore milled (tonnes)
Eagle River 42,349 28,754 13,595 47% 98,223 59,695 38,528 65%
Mishi 13,721 18,623 -4,902 (26%) 24,768 37,093 -12,325 (33%)
56,070 47,377 8,693 18% 122,991 96,788 26,203 27%
Head grade (grams per tonne, “g/t”)
Eagle River 18.1 23.4 (5.3) (23%) 15.8 20.9 (5.1) (24%)
Mishi 2.9 3.0 (0.1) (3%) 2.7 2.6 0.1 3%
Gold production (ounces)
Eagle River 24,117 20,873 3,244 16% 48,574 38,828 9,746 25%
Mishi 1,026 1,564 -538 (34%) 1,690 2,618 -928 (35%)
Total Gold Production 25,142 22,437 2,705 12% 50,264 41,446 8,818 21%
Production sold (ounces) 23,140 24,113 -973 (4%) 49,640 42,873 6,767 16%
Revenue from gold sales ($ millions) $54.7 $42.2 $12.5 30% $112.0 $74.7 $37.3 50%
Average realized price per ounce 2 $2,365 $1,752 $613 35% $2,257 $1,743 $514 29%
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 138.8 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. 2029 416-360-3743 ext. 2025
[email protected] [email protected]
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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