TORONTO, April 9, 2014 /CNW/ - Wesdome Gold Mines Ltd. (TSX: WDO) is pleased to announce preliminary production and sales figures for the first quarter ended March 31, 2014. Gold production numbers are subject to final refining balances.
Rolly Uloth, President, comments "Another strong quarter with excellent grade helps build our treasury."
Gold Production and Sales
During the first quarter, the Company's Eagle River and Mishi Mines produced approximately 13,700 ounces of gold.
The Eagle River Mine produced approximately 12,700 ounces from 30,000 tonnes milled at a recovered grade of 13.0 gAu/tonne.
The Mishi Mine added approximately 1,000 ounces from 12,000 tonnes milled at a recovered grade of 2.5 gAu/tonne.
During the first quarter, 15,985 ounces of gold were sold at an average of $1,447 per ounce generating revenue of $23.1 million (all figures in Canadian dollars).
Financial Results/Annual Meeting
We expect the first quarter financial results to be good and we expect to release them prior to our Annual Shareholder's Meeting on Tuesday, May 6, 2014. The meeting will be held at the TSX Gallery, 130 King Street West, Toronto, Ontario at 4:00 pm.
A strong start under harsh winter conditions gives us confidence that we can meet or exceed our 2014 production target of 50,000 ounces.
Wesdome is in its 28th 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 111.1 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