Wesdome Announces 2021 Second Quarter Production of 30,375 Ounces of Gold Produced at the Eagle River Complex
Wesdome Announces 2021 Second Quarter Production of 30,375 Ounces of
Gold Produced at the Eagle River Complex
TORONTO, July 13, 2021 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX:WDO) (“Wesdome” or the “Company”)
today announces its gold production results for the second quarter of 2021 (“Q2”).
Mr. Duncan Middlemiss, President and CEO commented, “Q2 production at the Eagle River underground mine of 29,836
ounces was 39% higher than Q1 (21,396 ounces) driven by an 18% increase in both recovered gold grades and in Eagle River
tonnes milled. Higher production rates from the 311 Zone stope allowed production throughput to reach over 693 tonnes per
day ('tpd') during the quarter. Total H1 2021 production at the Eagle River Complex is 52,939 ounces, leaving us very well
positioned to deliver on our guidance of 92,000 – 105,000 ounces.
“At Kiena, development is proceeding on track to produce our first commercial ounces of gold from this asset in Q3 2021,
where guidance is 15,000 – 25,000 for H2 2021. This is a transformational time for Wesdome as we begin to realize our vision
of becoming Canada’s next mid-tier gold producer.”
Amounts are denominated in
Canadian dollars Second Quarter Year-to-Date
2021 2020 Variance % +/(-) 2021 2020 Variance % +/(-)
Ore milled (tonnes)
Eagle River 63,057 42,349 20,708 49% 116,596 98,223 18,373 19%
Mishi 9,347 13,721 -4,374 (32%) 26,567 24,768 1,799 7%
72,404 56,070 16,334 29% 143,163 122,991 20,172 16%
Head grade (grams per tonne,
“g/t”)
Eagle River 15.1 18.1 (3.0) (17%) 14.1 15.8 (1.7) (11%)
Mishi 2.4 2.9 (0.5) (17%) 2.4 2.7 (0.3) (11%)
Gold production (ounces)
Eagle River 29,836 24,117 5,719 24% 51,232 48,574 2,658 5%
Mishi 539 1,026 -487 (47%) 1,707 1,690 17 1%
Total Gold Production 30,375 25,142 5,233 21% 52,939 50,264 2,675 5%
Production sold (ounces) 3 28,500 23,140 5,360 23% 50,957 49,640 1,317 3%
Revenue from gold sales ($
millions) 4 $63.8 $54.7 $9.1 17% $109.7 $112.0 ($2.3) (2%)
Average realized price per
ounce 2 $2,239 $2,365 -126 (5%) $2,232 $2,257 -25 (1%)
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.
3. YTD 2021 production sold includes 1,793 ounces of gold sold from the Kiena bulk sample which was processed in Q4
2020 and sold in Q1 2021.
4. YTD 2021 revenue excludes $3.9 million of revenue from the Kiena bulk sample, which was processed in Q4 2020 and
sold in Q1 2021. The incidental revenue was credited against the cost of the Kiena exploration asset.
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.
COVID-19
The health and safety of our employees, contractors, vendors, and consultants is the Company’s top priority. In response to
the COVID-19 outbreak, Wesdome has adopted all public health guidelines regarding safety measures and protocols at all of
its mine operations and corporate offices. In addition, our internal COVID-19 Taskforce continues to monitor developments and
implement policies and programs intended to protect those who are engaged in business with the Company.
Through care and planning, to date the Company has successfully maintained operations, however there can be no assurance
that this will continue despite our best efforts. Future conditions may warrant reduced or suspended production activities which
could negatively impact our ability to maintain projected timelines and objectives. Consequently, the Company’s actual future
production and production guidance is subject to higher levels of risk than usual. We are continuing to closely monitor the
situation and will provide updates as they become available.
ABOUT WESDOME
Wesdome 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 Company’s strategy is to build Canada’s next intermediate
gold producer, producing 200,000+ ounces from two mines in Ontario and Québec. The Eagle River Underground Mine in
Wawa, Ontario is currently producing gold at a rate of 92,000 – 105,000 ounces per year. Wesdome is actively exploring its
brownfields asset, the Kiena Complex in Val d’Or, Québec. The Kiena Complex is a fully permitted former mine with a 930-
metre shaft and 2,000 tonne-per-day mill, and a restart of operations was announced on May 26, 2021. The Company has
completed a PFS in support of the production restart decision. The Company also retains meaningful exposure to the Moss
Lake gold deposit, located 100 kilometres west of Thunder Bay, Ontario through its equity position in Goldshore Resources
Inc. The Company has approximately 139.7 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. 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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