Wesdome 2009 production tops 96,000 ounces, sales exceed $100 million

TORONTO, Feb. 9 /CNW/ - Wesdome Gold Mines Ltd. is pleased to announce its 2009 gold production and sales figures (all figures in Canadian dollars).

    
    2009 Production and Sales
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Gold production from Wesdome's 100%-owned Eagle River and Kiena mines for the year ended December 31, 2009 totalled 96,152 ounces exceeding our initial 75,000 ounce forecast by 28%. Sales for the year totalled $103 million with 92,700 ounces sold at an average price of $1,112.50 per ounce. In 2008, 86,100 ounces were sold at an average price of $931.25 per ounce. Unsold gold bullion inventory at year end, 2009, stood at 14,000 ounces.

The Eagle River mine, Wawa, Ontario, produced 60,754 ounces from 132,000 tonnes milled at an average recovered grade of 14.3 gAu/tonne. Grades exceeded expectations again. The Kiena mine, Val d'Or, Quebec, produced 35,398 ounces from 302,000 tonnes at an average recovered grade of 3.6 gAu/tonne. Lower grades in the mining sequence were offset by higher tonnages.

    
    Fourth Quarter, 2009, Production and Sales
    ------------------------------------------
    

In the fourth quarter, Wesdome's production totalled 21,194 ounces. Sales during the quarter totalled $28.0 million with 24,000 ounces sold at an average price of $1,167.39 per ounce.

The Eagle River mine produced 12,503 ounces of gold from 30,000 tonnes milled at an average recovered grade of 13.0 gAu/tonne. The Kiena mine produced 8,691 ounces from 89,000 tonnes milled at an average recovered grade of 3.0 gAu/tonne.

In the fourth quarter sales exceeded production and gold prices were strong. This will translate to a strong 4th quarter financial performance.

    
    Outlook
    -------
    

For 2010 we forecast approximately 70,000 ounces production with about 38,000 ounces from Eagle River and about 32,000 ounces from Kiena. We expect lower grades at Eagle River, however, refinement in the mining sequence and grade estimates in progress may lead to positive changes in the outlook. Gold sales to date in 2010 have averaged $1,168.00 per ounce.

    
    2009 Year End Financial Results
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Wesdome Gold Mines expects to release the Q4 and 2009 year-end financial results during the week of March 22, 2010. We expect strong grades and gold prices to translate into solid financial performance for the fourth quarter, 2009.

    
    2009 Year End Reserves and Resources
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Wesdome Gold Mines expects to release updated Reserves and Resources for the Eagle River and Kiena mines for the year ended December 31, 2009 in mid February, 2010. Management expects reserves at Eagle River will increase net of depletion and reserves at Kiena to decrease marginally.

    
    2010 Annual General Meeting
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Wesdome Gold Mines will host its 2009 Annual General Meeting at 4PM on Monday, May 10, 2010, at the TSX Gallery, 130 King Street West, Toronto, ON.

    
    Technical Information
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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
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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 100.6 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: Donovan Pollitt, P.Eng., President, 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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