Wesdome Announces First Quarter Production Results; Provides Conference Call Details
April 10 2023 - 4:30PM
Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”)
today announces first quarter (“Q1”) results.
Warwick Morley-Jepson, Board Chair and Interim
CEO commented, “2023 is off to a strong start with total combined
first quarter production of 28,369 ounces. We are also pleased to
see progressive ramp up and development at Kiena and continue to
expect production at both sites to be higher in the second half of
the year. We remain on track to deliver on guidance.”
At the Eagle River Complex, the Company saw
strong operational performance combined with continued positive
grade reconciliation from the Falcon Zone, resulting in production
of 20,492 ounces. Also as expected, the last of the stockpiled
Mishi ore was processed during the Quarter.
At the Kiena Mine, continued operational focus
resulted in production of 7,877 ounces, in line with budget. The
pastefill plant, which was commissioned in Q4 of 2022, has
performed well, achieving its design throughput and yielding the
expected improvements in stope cycle times and reduction in
dilution. Albeit, the mine continues to work it’s way through the
lower grade ore as it advances the ramp in 2023. Development
performance in the ramp to Kiena Deep continued to track ahead of
schedule during the quarter.
Q1 2023 Operating Performance
|
|
|
|
Q1 2023 |
Q1 2022 |
|
|
|
Ore milled (tonnes) |
|
|
Eagle River |
48,133 |
53,217 |
Mishi |
6,150 |
11,873 |
Kiena |
42,324 |
21,162 |
Total Ore Milled |
96,607 |
86,252 |
|
|
|
Head grade (grams per tonne, “g/t”) |
|
|
Eagle River |
13.5 |
11.6 |
Mishi |
2.3 |
3.6 |
Kiena |
5.9 |
7.7 |
|
|
|
Gold production (ounces) |
|
|
Eagle River |
20,159 |
19,334 |
Mishi |
332 |
1,165 |
Kiena |
7,877 |
5,112 |
Total Gold Production |
28,368 |
25,611 |
|
|
|
Production sold (ounces) |
30,000 |
28,000 |
|
|
|
Notes:1. Numbers may not add due to rounding.
First Quarter 2023 Conference Call and
Webcast
The Company will release its first quarter 2023 financial
results after market close on Wednesday, May 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 Thursday May 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/BI10a0c8d0e83a4371b94467e2f3eb1722
- Webcast
Link:https://edge.media-server.com/mmc/p/zcqburxt
- The webcast can also be accessed
under the news and events section of the company’s website
ABOUT WESDOMEWesdome 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 also retains
meaningful exposure to the Moss Lake gold deposit in Ontario
through its equity position in Goldshore Resources Inc. 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:
Warwick
Morley-Jepson |
or |
Lindsay
Carpenter Dunlop |
Chair of the Board and Interim CEO |
|
VP Investor Relations |
416-360-3743 ext. 2029 |
|
416-360-3743 ext. 2025 |
w.morley-jepson@wesdome.com |
|
lindsay.dunlop@wesdome.com |
|
|
|
220 Bay St, Suite 1200 |
|
|
Toronto, ON, M5J 2W4 |
|
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Toll Free: 1-866-4-WDO-TSX |
|
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416-360-3743, Fax: 416-360-7620 |
|
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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.
PDF
available: http://ml.globenewswire.com/Resource/Download/e96128f2-b9ab-45a2-8f5e-28e3e3993440
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