TORONTO, July 7, 2015 /CNW/ - Wesdome Gold Mines Ltd. (TSX: WDO) is pleased to announce the appointment of Charles Page, P.Geo to the Board of Directors effective immediately.
Rolly Uloth, President and CEO, commented, "On behalf of the board of directors, I would like to welcome Charles to the Wesdome team. As the Company's growth plans are anchored around increasing production rates at the Eagle River Complex, at both the Mishi Open Pit and Eagle River underground mines, Charles' knowledge and work experience in the camp will be a tremendous asset, as he is credited with the discovery of the No Name Lake zone on the property."
Charles Page is a professional geologist with over 30 years' experience in the mineral exploration and mining industry. Most recently, he was president and CEO of Queenston Mining, leading the discovery and development of the Upper Beaver deposit in the Kirkland Lake Gold camp until the Company's acquisition by Osisko Mining. He is currently a director of Osisko Gold Royalties Ltd. and Unigold Inc. Mr. Page holds a Master of Science degree from the University of Waterloo.
Charles Page replied, "As part of the original team that discovered the first gold showing at Eagle River I am excited in joining the Board. The potential for new discoveries on the property is exceptional and I am looking forward in working with the Wesdome team."
Wesdome also wishes to report it has appointment Reg Howe as a consultant. Reg will provide analytic and strategic advisory services to the Company.
Reginald (Reg) Howe, JD, is a former gold analyst, beginning his business career in 1964 as a financial analyst with the international division of the Kendall Company, and a retired partner of the Boston law firm Palmer and Dodge, where in addition to his litigation practice he also served on the firm's investment committee. In 1983, Mr. Howe started Golden Sextant Associates, a general partnership for investing in developing North American gold assets, and later in a successor endeavor of like name provided consulting, management and investment banking services to companies in the same space as well as founding the Golden Sextant website. Reg is a graduate of Harvard College, Harvard Law School, and the Bologna Centre of the John Hopkins School for Advanced International Studies.
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, [email protected]; or Rolly Uloth, CEO, 416-360-3743 ext. 29, [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