TORONTO, Jan. 28, 2014 /CNW/ - Wesdome Gold Mines Ltd. (TSX: WDO) is
pleased to announce strong fourth quarter production results.
Production numbers are subject to final refining balances to be
reported in the 2013 year-end financial report, expected to be released
in the second week of March, 2014. Revenues are rounded to the nearest
million and all amounts are in Canadian dollars.
Rolly Uloth, President, comments "Improving grades and processing
reliability are expected to continue over the course of 2014."
Fourth Quarter Production and Sales
Fourth quarter gold production totaled 15,950 ounces. Gold sales of
14,914 ounces at an average realized price of $1,336 per ounce
generated bullion revenue of $20 million.
Production came primarily from the Eagle River Mine with a minor
contribution from Mishi. Eagle River produced 15,730 ounces from
39,766 tonnes milled at a recovered grade of 12.3gAu/tonne.
2013 Annual Production and Sales
Full year production totaled 52,980 ounces of gold. Sales for the year
totaled 54,914 ounces generating bullion revenue of $80 million at an
average sales price of $1,452 per ounce. The production breakdown
Eagle River Mine
Production came primarily from the Eagle River Mine, which produced
42,850 ounces of gold from 125,000 tonnes milled at an average
recovered grade of 10.7gAu/tonne.
Kiena Mine operations were suspended June 30, 2013, due to declining
In 2014 we forecast 50,000 ounces of gold production, or a 10% increase
from Eagle River and Mishi over 2013. Production will come primarily
from Eagle River Mine and the Mishi stockpile. Mill throughput is
expected to increase 50% for the year and strong grades are expected to
persist. Producing 15,950 ounces in the last quarter gives us
2013 Annual General Meeting
Wesdome will host its 2013 Annual General Meeting at 4pm on May 6, 2014,
at the TSX Gallery, 130 King Street West, Toronto, ON.
The technical information in this release has been verified by Philip
Ng, P.Eng.,Chief Operating Officer and "Qualified Person" within the
meaning of National Instrument 43-101.
Wesdome is in its 27th year of continuous mining operations in Canada. It currently has two
producing gold mines in Wawa, Ontario and owns the Kiena Complex in Val
d'Or, Québec. The Company has 105.8 million shares issued and
outstanding and trades on the Toronto Stock Exchange under the symbol
This press 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
SOURCE: Wesdome Gold Mines Ltd.
For further information:
President & CEO
416-360-3743 ext 25
George Mannard, P.Geo.
Vice President, Exploration
416-360-3743 ext 22
Philip Ng, P.Eng.
Chief Operating Officer
416-360-3743 ext 23
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