TORONTO, Sept. 16, 2015 /CNW/ - Wesdome Gold Mines Ltd. (TSX: WDO) today announces the following management changes.
Mr. Brian Ma, CFO, has tendered his resignation as Chief Financial Officer. The Company thanks Mr. Ma for his commitment and contributions to the Company and wishes him all the best in his future endeavours.
Mr. Hemdat Sawh has been appointed as Chief Financial Officer, effective September 15, 2015. Mr. Sawh currently serves on the Company's Board of Directors.
Mr. Sawh is a Certified Professional Accountant, and holds an MBA degree in accounting from York University, a BSc degree in geology from Concordia University and a graduate diploma in geology from McGill University. Mr. Sawh has over 16 years of accounting and auditing experience at Grant Thornton LLP, culminating in the position of principal, where he acted as lead supervisor for auditing teams of businesses with a concentration in publicly listed mining companies. Most recently, Mr. Sawh served as Chief Financial Officer for Scorpio Mining Corporation, a TSX listed company with polymetallic operations in Mexico. Mr. Sawh also served as Chief Financial Officer for Goldbelt Resources Ltd. and Crystallex International Corporation, both TSX listed gold mining companies.
Rolly Uloth, CEO commented, "On behalf of the Company and the Board of directors I would like to thank Brian for his efforts as Chief Financial Officer and wish him every success in the future. I would also like to welcome Hemdat to the Wesdome management team. His extensive public mining company experience will be an asset to the Company as we execute our growth plans to reduce costs, and raise our profile in the investment community."
Wesdome Gold Mines Ltd. is in its 28th year of continuous gold mining operations in Canada. The Company is currently producing from its Eagle River and Mishi gold mines in Wawa, Ontario, which have earned consistent free cash flow during times of low gold prices. Wesdome's corporate goal is to build a profitable, long-life, sustainable gold mining Company with modest initial capital costs. This strategy has enabled the Company to acquire strategic property and infrastructure assets in two politically stable and historically proven mining camps. 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 111.0 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
416-360-3743 ext. 29
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