- Attention shareholders who already voted in connection with the AGM previously scheduled on May 17, 2016: You need to vote again for your vote to count at the rescheduled June 14, 2016 AGM
- In order for shareholders to see long-term value creation at Wesdome it is imperative to stay the course with the strong leadership of the enhanced board the Company has nominated
TORONTO, June 8, 2016 /CNW/ - Wesdome Gold Mines Ltd. (TSX: WDO) ("Wesdome" or the "Company") reminds shareholders to vote their BLUE proxies by 11:00am EST on June 10th, 2016. Support for the enhanced board Wesdome has nominated is critical to delivering long-term value for all shareholders.
As some shareholders may be aware, there has been a last minute approach by a single shareholder –Resolute Performance Fund led by Mr. Tom Stanley to postpone the Annual General Meeting, which Wesdome cooperated with and reset the date to June 14. Wesdome reminds shareholders that in order for the Company to deliver on its growth plans and steer the Company through the most aggressive exploration and expansion campaign in its history, the expertise and experience that only Wesdome's director nominees can provide is imperative.
Now is not the time to risk Wesdome's future with Resolute's proposed fire sale versus Wesdome's organic growth strategy. Shareholders are encouraged to exercise their voting rights and revote in favour of Wesdome's proposed board of directors which, it should be noted, includes Nadine Miller, a candidate supported by Mr. Stanley, thereby ensuring representation on the board for Wesdome's largest shareholder.
The board is NOT supporting Mr. Raykov because he appears to be unduly influenced by Mr. Stanley, is not aligned with the long-term interests of the Company and his extremely disruptive behavior has negatively impacted the functionality of the board and the senior management team. The Company included Mr. Raykov on the proxy card in order to acknowledge its largest shareholder's desire, however the board strongly believes that his election will not be additive, will cause continued disruption, and will potentially create significant value destruction.
Wesdome's slate of nominees not only meet the highest governance standards but also provides enhanced experience and expertise in mining operations, mining company management, technical expertise and capital markets. Since announcing its nominees Wesdome has received nothing but positive commentary in terms of its ability to recruit this talent to the Wesdome board and how additive they will be. Executing Wesdome's plan of low risk, low-cost expansion of existing operations and ensuring it realizes the full potential of its development projects will only happen with a highly qualified and experienced board that can be trusted to work in the best interests of all shareholders.
Only the recommended board has the plan and experience needed to create value for all shareholders. The board recommends shareholders vote FOR the election of the following persons:
- Duncan Middlemiss was the President and Chief Executive Officer and a director of St. Andrew Goldfields Ltd. ("SAS") until its acquisition by Kirkland Lake Gold Inc. in January 2016. Mr. Middlemiss joined SAS in July 2008 as General Manager and Vice President Operations, later assuming the role of Chief Operating Officer. He was appointed as President and Chief Executive Officer in October 2013. He earned a B. Sc. in mining engineering at Queen's University in 1989 and worked for Inco Limited (now Vale Canada Limited) as Mine Design Engineer until 1995. At that time, he joined Barrick Gold Inc. at their Holt-McDermott Mine, where he held the position of Chief Mine Engineer. In 2002 he joined Foxpoint Resources (now Kirkland Lake Gold Inc.) where he was instrumental in overseeing the rehabilitation, development, and commencement of production at the Macassa Mine beginning as Engineering & Production Manager, and later as Mine Manager. Mr. Middlemiss is a native of Kirkland Lake, Ontario and has extensive experience in the mining of gold deposits in the Abitibi Greenstone Belt.
- Nadine 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 from 2012 to 2015. 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.
- Charles Page is a Professional Geologist with over 40 years' experience in the mineral exploration and mining industry. Most recently, he was President and Chief Executive Officer of Queenston Mining Inc. until its acquisition by Osisko Mining Company in 2012. He is currently a director of Osisko Gold Royalties Ltd. and Unigold Inc. He is a member of the Association of Professional Geoscientists of Ontario, the Association of Professional Engineers and Geoscientists of Saskatchewan, is a Fellow of the Geological Association of Canada and a member of the Canadian Institute of Mining, Metallurgy and Petroleum. Mr. Page holds a Master of Science degree from the University of Waterloo.
- Barry Smith is a co-founder, Secretary-Treasurer and Director of Rosedale Transport Limited. He served as a Director of Western Québec Mines Inc. from 1991 and President & CEO from 2001, until Western Québec merged with Wesdome Gold Mines Ltd. in 2007. He holds a degree in Mechanical Engineering from the University of Toronto and an MBA from York University. Mr. Smith is a retired pilot from Air Canada where he was Chief Pilot Training and Chief Pilot B-767, and was involved in negotiations and conflict resolution issues.
- Rowland Uloth serves as the President and Chief Executive Officer of the Company, and is President of Rosedale Transport Limited, which he co-founded in 1969. Mr. Uloth was the Chairman of FR Insurance of Bridgetown, Barbados for two years until March 2013. He was also President of the Company from May 2007 to December 2009 and a Director of the Company from 1999 to 2009, serving as Chairman from 2006 to 2009.
- Bill Washington was the Head of Global Mining & Metals at National Bank Financial Markets from July 2011 until his retirement from the firm at the end of 2015. He joined National Bank as part of the acquisition of Wellington West Capital Markets where he had served as the Head of Investment Banking since August 2004. Prior to joining Wellington, and always focused exclusively on the mining sector, Bill worked as an investment banker at National Bank Financial/First Marathon, Gordon Capital and Lancaster Financial/TD Securities from 1994. Prior to entering investment banking he worked as a civil engineer on major infrastructure projects in the U.K., Spain and Hong Kong for six years. Bill holds a Bachelor of Applied Science (Civil Engineering) from the University of British Columbia, is a Chartered Civil Engineer in the UK and has an MBA from the University of Western Ontario (Ivey).
Shareholders are urged NOT to vote for Mr. Raykov. As noted, Wesdome does recommend a FOR vote for Resolute Fund's other nominee, Ms. Nadine Miller.
Shareholders who have already voted in connection with the previously scheduled annual meeting that was to be held on May 17, 2016 should be aware those votes will not count.
YOUR SHARES WILL NEED TO BE VOTED AGAIN FOR YOUR VOTE TO COUNT.
You must vote only your BLUE proxy or VIF by Friday, June 10, 2016 at 11:00am EST.
SHAREHOLDERS MUST ONLY VOTE FOR SIX OF THE SEVEN NOMINEES TO THE BOARD.
Please contact Kingsdale Shareholder Services toll-free by telephone in North America at 1-855-682-2023, outside North America at 1-416-867-2272 or by email at [email protected] if you have any questions, or require assistance completing your proxy or voting instruction form.
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 129 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol "WDO".
Cautionary Note Regarding Forward-Looking Statements
This press release contains and refers to forward-looking information based on current, assumptions, expectations, intentions, and beliefs of the Company with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. All other statements other than statements of historical fact included in this release including, without limitation, statements regarding processing and development plans, production targets, and future plans and objectives of Wesdome Gold Mines Ltd. (the "Company") are forward-looking statements (or forward-looking information) that involve various risks and uncertainties. These forward-looking statements are made as of the date hereof and there can be no assurance that such statements will prove to be accurate, such statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements that are included herein. Important factors could cause actual results to differ materially from the Company's expectations. Such factors include, among others: the actual results of additional exploration and development activities at the Company's projects; the timing and amount of estimated future production and the costs thereof; capital expenditures; the availability of any additional capital required to bring future projects into production; future prices of commodities; the failure of plant, equipment or processes to operate as anticipated; accidents; labour disputes; Please refer to the "Risk Factors" in materials filed with securities regulatory authorities in Canada.
SOURCE Wesdome Gold Mines Ltd.
For further information: Investors: Lindsay Carpenter Dunlop, Vice President, Investor Relations, 416-360-3743 ext. 25, [email protected]; Media: Ian Robertson, Kingsdale Shareholder Services, Executive Vice President, Communication Strategy, Direct: 416.867.2333; Cell: 647.621.2646, [email protected]; 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