TORONTO, Oct. 19 /CNW/ - Wesdome Gold Mines Ltd. is pleased to announce very strong preliminary gold production and bullion sales for the third quarter ended September 30, 2009.
Rolly Uloth, President, commented, "Both grades and volumes at both mines increased from the second quarter. We are now on track to clearly exceed 90,000 ounces for the year."
Gold production in the third quarter was 26,000 ounces, bringing year-to-date production to about 75,000 ounces.
The Eagle River mine produced 17,000 ounces from 37,000 tonnes milled at an average grade of 14.5 gAu/tonne. Year-to-date production totals 48,000 ounces from 102,000 tonnes milled at 14.6 gAu/tonne.
The Kiena mine produced 9,000 ounces from 87,000 tonnes milled at 3.3 gAu/tonne during the third quarter. This brings year-to-date production to 27,000 ounces from 212,000 tonnes milled at 3.9 gAu/tonne.
These production results are preliminary and subject to final refining and metallurgical balances.
Bullion sales in the third quarter totalled $21.4 million with 20,000 ounces sold at an average price of $1,071 Cdn per ounce. This will bring year-to-date bullion sales to over $75 million.
At September 30, 2009, unsold bullion inventory stood at 16,000 ounces with a market value of $17.2 million.
THIRD QUARTER FINANCIAL RESULTS - OUTLOOK
We expect to release our third quarter financial results the week of November 9, 2009. The very strong preliminary third quarter production results and favourable underlying economic conditions are expected to translate into a strong third quarter financial performance. Production results have prompted us to further increase our annual production guidance to in excess of 90,000 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 100.2 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 forward-looking statements.
SOURCE Wesdome Gold Mines Ltd.
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