TORONTO, July 28 /CNW/ - Wesdome Gold Mines Ltd. (TSX: WDO) is pleased to
announce increased gold production and sales figures for the second quarter
ended June 30, 2008.
Rolly Uloth, President, commented "It's refreshing to see a gold mining
company exceed forecasts in the current tough operating environment. We can
attribute our strong production results to the efforts of the operating team.
We expect stable costs and good grades to continue."
During the second quarter, 2008, combined gold production from the
Company's Eagle River and Kiena mines totaled 22,700 ounces, a 12% increase
over first quarter production. Production for the first half, 2008, stands at
43,000 ounces. We are on pace to exceed our 2008 production target of 80,000
The Eagle River mine produced 13,600 ounces from 25,500 tonnes milled at
a head grade of 17.1 gAu/tonne. Metallurgical recoveries averaged 97.2%.
Recovered grades increased 25% compared to the first quarter, 2008.
The Kiena mine produced 9,100 ounces of gold from 65,800 tonnes milled at
a head grade of 4.4 gAu/tonne. Metallurgical recoveries averaged 98.5%.
Recovered grades increased 10% compared to the first quarter, 2008.
Increased production and grades with stable costs are expected to
increase gross margins in the second quarter.
Gold sales in the second quarter totaled 22,600 ounces at an average
realized price of $913Cdn per ounce. This compares to 17,300 ounces sold at an
average price of $931Cdn per ounce during the first quarter, 2008. For the
first half of 2008, gold sales have averaged $921Cdn per ounce, or $161Cdn per
ounce more than they did during the first half of 2007.
Bullion inventory at the end of the second quarter stood at 9,900 ounces.
Second Quarter Financial Results
We expect to release our second quarter, 2008, financial results the week
of August 11, 2008.
Gold production figures are preliminary in nature subject to final
refining balances and metallurgical balances. 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
Wesdome is an established Canadian gold producer with wholly-owned mining
and milling complexes located in Val d'Or, Quebec and Wawa, Ontario. It 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 99.8 million
shares issued and outstanding and trades on the TSX Exchange under the symbol
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: firstname.lastname@example.org, Website: www.wesdome.com