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 follows:
|Eagle River Mine||42,850 ozs|
|Mishi Mine||2,360 ozs|
|Kiena Mine||7,770 ozs|
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 gold prices.
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 confidence.
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 "WDO".
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 forward-looking statements.
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