Wesdome Announces Second Quarter Production Results; Provides Conference Call Details
Wesdome Announces Second Quarter Production Results; Provides
Conference Call Details
TORONTO, July 13, 2023 -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces second
quarter (“Q2”) results.
Anthea Bath, President and CEO commented, “Combined gold production for the second quarter of 30,992 ounces was in line
with budget. With a similar production profile expected in H2, our year-to-date performance of 59,360 ounces has us tracking
to the mid-point of our 110,000 – 130,000 ounce guidance range.
At Eagle River, Q2 production of 22,845 ounces was 13% higher than Q1 as a result of record productivity from the
underground mine, offsetting a slightly lower grade cycle related to mine plan sequencing.
At Kiena, despite the impacts from the regional forest fires, production of 8,147 ounces was an improvement over Q1. As
previously guided, we continued to supply the mill with lower grade ore from the Martin and S50 zones to supplement the
Kiena Deep material that is available to mine, which is mostly lower grade fringe material and diluted ore from previously mined
areas. Importantly, we continue to prioritize the development of the production ramp, which remains ahead of schedule,
positioning us well to ramp-up production in 2024.”
Q2 2023 Operating Performance
Q2 2023 Q2 2022 YTD 2023 YTD 2022
Ore milled (tonnes)
Eagle River 64,672 59,964 112,805 113,181
Mishi 0 7,685 6,150 19,558
Kiena 51,824 26,478 94,148 47,640
Total Ore Milled 116,496 94,127 213,103 180,379
Head grade (grams per tonne, “g/t”)
Eagle River 11.4 9.6 12.3 10.6
Mishi 0.0 2.8 2.3 3.3
Kiena 5.0 10.6 5.4 9.3
Gold production (ounces)
Eagle River 22,845 17,756 43,004 37,090
Mishi 0 570 332 1,735
Kiena 8,147 8,914 16,024 14,026
Total Gold Production 30,992 27,240 59,360 52,851
Production sold (ounces) 32,000 26,000 62,000 54,000
1. Numbers may not add due to rounding.
Technical Disclosure
The technical content of this release has been compiled, reviewed and approved by Frédéric Langevin, Eng, Chief Operating
Officer of the Company a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral
Projects.
Second Quarter 2023 Conference Call and Webcast
The Company will release its second quarter 2023 financial results after market close on Thursday, August 10, 2023. At that
time, the financial statements and management discussion and analysis will be available on the company’s website at
www.wesdome.com and on SEDAR www.sedar.com A conference call and webcast to discuss these results will be held on
Friday, August 11 at 10:00 am ET.
• Participants may register for the call at the link below to obtain dial in details. Preregistration is required for this event. It
is recommended you join 10 minutes prior to the start of the event.
• Participant Registration Link: https://register.vevent.com/register/BI252d24d221d547208182c6cda6381b58
• Webcast Link: https://edge.media-server.com/mmc/p/5gdxhx26
• The webcast can also be accessed under the news and events section of the company’s website
ABOUT WESDOME
Wesdome is a Canadian focused gold producer with two high grade underground assets, the Eagle River mine in Ontario and
the recently commissioned Kiena mine in Quebec. The Company’s primary goal is to responsibly leverage this operating
platform and high-quality brownfield and greenfield exploration pipeline to build Canada’s next intermediate gold
producer. Wesdome trades on the Toronto Stock Exchange under the symbol “WDO,” with a secondary listing on the OTCQX
under the symbol “WDOFF.”
For further information, please contact:
Anthea Bath 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
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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