TORONTO, Aug. 4 /CNW/ - Wesdome Gold Mines Ltd is pleased to announce
strong second quarter and first half gold production and bullion sales
Rolly Uloth, President, commented "Healthy gold prices and strong
operating results have prompted us to increase our production guidance to
80,000 ounces for 2009."
During the second quarter ended June 30, 2009, combined gold production
from the Company's Eagle River and Kiena mines totalled 20,959 ounces.
Production for the first half 2009 totalled 48,393 ounces, a 12% increase over
2008's first half performance.
During the second quarter, the Eagle River mine produced 14,183 ounces
from 32,908 tonnes milled at a recovered grade of 13.4 gAu/tonne. First half
production totalled 31,068 ounces from 65,195 tonnes milled at a grade of 14.8
In the second quarter, the Kiena mine produced 6,776 ounces of gold from
67,216 tonnes milled at an average recovered grade of 3.1 gAu/tonne.
Production year to date totals 17,325 ounces from 125,234 tonnes milled at a
grade of 4.3 gAu/tonne.
We expect favourable economic conditions to translate into a strong
second quarter financial performance.
Gold sales in the second quarter totalled $30.2 million with 28,000
ounces sold at an average realized price of $1,076Cdn per ounce. Year to date
sales total $53.8 million with 48,700 ounces sold at an average of $1,102 per
ounce, or $181 per ounce more than during the first half of 2008.
At June 30, 2009, bullion inventory stood at 10,272 ounces with a market
value of $11.2 million.
SECOND QUARTER FINANCIAL RESULTS - OUTLOOK
We expect to release our second quarter financial results the week of
August 10, 2009. Economic conditions continue to favour Canadian gold mines.
Although we forecast lower grades in the mining sequence during the second
half of the year, our strong first half performance prompts us to raise our
annual production guidance to 80,000 ounces.
Wesdome is an established Canadian gold producer with wholly-owned mining
and milling complexes located in Wawa, Ontario and Val d'Or, Québec. Wesdome
has been producing gold continually for 20 years on an unhedged basis and to
date has produced in excess of 1.0 million ounces. The Company has 99.8
million shares issued and outstanding and trades on the Toronto Stock Exchange
under the symbol "WDO".
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
For further information:
For further information: Rowland Uloth, President or Donovan Pollitt,
P.Eng., VP Corporate Development; 8 King St. East, Suite 1305, Toronto, ON,
M5C 1B5, Toll Free: 1-866-4-WDO-TSX, Phone: (416) 360-3743, Fax: (416)
360-7620, Email: email@example.com, Website: www.wesdome.com