Wesdome Announces Filing of NI 43-101 Technical Report at the Kiena Mine in Val d’Or, Quebec
Wesdome Announces Filing of NI 43-101 Technical Report at the Kiena Mine in
Val d’Or, Quebec
TORONTO, June 09, 2021 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX:WDO) (“Wesdome” or the “Company”)
announces filing of a National Instrument 43-101 Technical Report of the pre-feasibility study “PFS”) and mineral reserve
estimate for the Kiena Mine. Initial results were released on May 26, 2021. The full technical report is available on SEDAR at
www.sedar.com and on the Company website, www.wesdome.com
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”.
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 and / or project
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.
The potential impact of COVID-19 or other risks have not been included in the financials of the project. A summary of risks will
be included in the technical reports to be posted on SEDAR.
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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