TORONTO, Feb. 4, 2016 /CNW/ - Wesdome Gold Mines Ltd. (TSX: WDO)("Wesdome" or the "Company") today announces changes to its Board of Directors.
Mr. Charles Page has been appointed as Chairman of the Board. Mr. Barry Smith will continue his directorship as an independent board member. In addition, Mr. Hemdat Sawh, having accepted the position of Chief Financial Officer of the Company in September 2015, has resigned from the board of directors. All changes are effective immediately.
Ms. Nadine Miller, P. Eng has been appointed as an independent director. Ms. Miller is a trained Geotechnical Engineer with over 15 years of experience in geotechnical engineering and project management in the mining and transportation industries, and has worked on mining projects in Australia, Europe, North and South America. She has undertaken geotechnical mandates for projects ranging in size from less than $100k to projects greater than $1B. She was most recently a Business Development Manager with SNC-Lavalin's Mining and Metallurgy business unit. Ms. Miller is a graduate of the Massachusetts Institute of Technology (MIT) with a Master's degree in Civil and Environmental Engineering (specializing in geotechnical engineering), and has a Bachelor of Applied Science degree from the University of Toronto in Mineral and Geological Engineering. She is a licensed professional Engineer in the Province of Ontario.
Mr. Rolly Uloth, President and CEO commented, "I would like to thank Barry for his contributions as Chairman of the Board, having been instrumental in overseeing the Company's vision and turnaround at the Eagle River Complex. Now is the right time in the Company's evolution for Charlie to step in to the Chairman role, as the Company is conducting the most aggressive exploration campaign in its history to assess the full potential of the Company's properties which host the high grade Eagle River Mine and the Mishi Mine. Charlie was part of the original team that discovered the first gold showings on the property."
Mr. Charlie Page added, "On behalf of the board I would like to welcome Nadine to the Wesdome team. Nadine's technical expertise and experience in the construction and permitting of mining expansion projects will be a valuable asset to our Board. These changes reflect the Company's commitment to best practises in corporate governance with the board now 80% independent."
Ms. Nadine Miller, concluded, "I am pleased to join Wesdome's board of directors at this exciting stage in the Company's transformation from junior to intermediate gold producer in a proven Ontario gold camp. Having visited the operations, I believe the growth plan management has laid out is solid and the potential for new gold discoveries is remarkable."
Wesdome Gold Mines Ltd. is in its 28th year of continuous gold mining operations in Canada. The Company is currently producing gold at the Eagle River Complex located near Wawa, Ontario from the Eagle River and Mishi gold mines. Wesdome's goal is to expand current operations at both mines over the next four years through mill expansion and exploration. Wesdome has significant upside through ownership of its two other properties, the Kiena Mine Complex in Val d'Or, Quebec and the Moss Lake gold deposit located 100 kilometres west of Thunder Bay, Ontario. These assets are being explored and evaluated to be developed in the appropriate gold price environment. The Company has approximately 118 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. 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.
SOURCE Wesdome Gold Mines Ltd.
For further information: Lindsay Carpenter Dunlop, Vice President, Investor Relations, 416-360-3743 ext. 25, firstname.lastname@example.org or Rolly Uloth, CEO, 416-360-3743 ext. 29, email@example.com; 8 King St. East, Suite 811, Toronto, ON, M5C 1B5, Toll Free: 1-866-4-WDO-TSX, Phone: 416-360-3743, Fax: 416-360-7620, Website: www.wesdome.com