Wesdome 2008 production tops 90,000 ounces, sales exceed $80 million



    TORONTO, Feb. 3 /CNW/ - Wesdome Gold Mines Ltd. is pleased to announce
its 2008 gold production and sales figures (all figures in Canadian dollars).

    
    2008 Production and Sales
    -------------------------
    
    Gold production from Wesdome's 100%-owned Eagle River and Kiena mines for
the year ended December 31, 2008 totalled 90,004 ounces exceeding our 80,000
ounce forecast by 12.5%. Sales for the year totalled $80.1 million with 86,100
ounces sold at an average price of $931.25 per ounce. In 2007, 73,200 ounces
were sold at an average price of $747 per ounce. Unsold gold bullion inventory
at year end, 2008, stood at 10,580 ounces.
    Operations benefited from above-average grade production at both mines.
The Eagle River mine, Wawa, Ontario, produced 49,660 ounces from 118,961
tonnes milled at an average recovered grade of 13.0 gAu/tonne. The Kiena mine,
Val d'Or, Quebec, produced 40,344 ounces from 241,641 tonnes at an average
recovered grade of 5.2 gAu/tonne.

    
    Fourth Quarter, 2008, Production and Sales
    ------------------------------------------
    
    In the fourth quarter, Wesdome's production totalled 23,089 ounces. Sales
during the quarter totalled $21.4 million with 21,700 ounces sold at an
average price of $988 per ounce.
    The Eagle River mine produced 11,301 ounces of gold from 32,069 tonnes
milled at an average recovered grade of 11.0 gAu/tonne. The Kiena mine
produced 11,788 ounces from 49,906 tonnes milled at an average recovered grade
of 7.3 gAu/tonne.
    We expect these strong grades to translate to a strong fourth quarter
financial performance.

    
    Outlook
    -------
    
    For 2009 we forecast approximately 75,000 ounces production with about
40,000 ounces from Eagle River and about 35,000 ounces from Kiena. We expect
lower grades in the mining sequence to be offset by lower input costs,
throughput increases and higher gold prices. Gold sales to date in 2009 have
averaged $1062 per ounce, the most recent transaction generating $1,116 per
ounce.
    We are already seeing decreases in input costs and labour and services
costs due to declining demand and increasing competition.

    
    2008 Year End Financial Results
    -------------------------------
    
    Wesdome Gold Mines expects to release the Q4 and 2008 year end financial
results during the week of March 23rd, 2009. We expect strong grades and gold
prices to translate into solid financial performance for the fourth quarter,
2008.

    
    2008 Year End Reserves and Resources
    ------------------------------------
    
    Wesdome Gold Mines expects to release updated Reserves and Resources for
the Eagle River and Kiena mines for the year ended December 31, 2008 in the
week of February 9th, 2009. This release will contain detailed information
about 2009 drilling programs at the Eagle River mine and Kiena, as well as on
the new Dubuisson zone.

    
    2009 Annual General Meeting
    ---------------------------
    
    Wesdome Gold Mines will host its 2008 Annual General Meeting at 4 PM on
Monday, May 4th, 2009, at the Alberta Room, at the Royal York Hotel. 100 Front
St. West, Toronto, ON.

    
    Technical Information
    ---------------------
    
    The technical information in this release has been reviewed by George
Mannard, P.Geo., Vice President of Exploration and "Qualified Person" within
the meaning of National Instrument 43-101.

    
    About Wesdome
    -------------
    
    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 99.68
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.





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: invest@wesdome.com, Website: www.wesdome.com

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