Wesdome Gold Mines Ltd. announces its gold production results for the third quarter of 2020 (“Q3”). All figures are in Canadian dollars unless otherwise stated.
Mr. Duncan Middlemiss, President and CEO commented, “Production in the third quarter of 20,008 ounces was lower than the previous quarter due to annual planned mill maintenance from May deferred to August, and the upgrade of the hoist control system affecting the productivity of the Eagle River mine. Year to date production of 70,272 ounces leaves us well positioned to achieve our full year guidance range of 90,000 – 100,000 ounces.”
Operations at the Eagle River Complex have continued in the third quarter with several measures in place to facilitate enhanced physical distancing to limit the potential spread of the COVID-19 virus. We are now operating a total of five diamond drills, four underground and one on surface. Mishi open pit operations resumed during the quarter as planned.
|Amounts are denominated in Canadian dollars||Third Quarter||Year-to-Date|
|Ore milled (tonnes)|
|Head grade (grams per tonne, “g/t”)|
|Gold production (ounces)|
|Total Gold Production||20,008||28,910||-8,902||(31||%)||70,272||70,356||-84||(0||%)|
|Production sold (ounces)||21,700||23,450||-1,750||(7||%)||71,340||66,323||5,017||8||%|
|Revenue from gold sales ($ millions)||$55.0||$45.9||$9.1||20||%||$167.0||$120.6||$46.4||38||%|
|Average realized price per ounce 2||$2,532||$1,957||575||29||%||$2,341||$1,819||522||29||%|
At Kiena, the Prefeasibility Study (“PFS”) is ongoing and on track to be completed by H1 2021.
The technical content of this release has been compiled, reviewed and approved by Marc-Andre Pelletier, P. Eng, Chief Operating Officer, a “Qualified Person” as defined in National Instrument 43-101 –Standards of Disclosure for Mineral Projects.
Wesdome Gold Mines has had over 30 years of continuous gold mining operations in Canada. The Company is 100% Canadian focused with a pipeline of projects in various stages of development. The Eagle River Complex in Wawa, Ontario is currently producing gold from two mines, the Eagle River Underground Mine and the Mishi Open pit, from a central mill. Wesdome is actively exploring its brownfields asset, the Kiena Complex in Val d’Or, Quebec. The Kiena Complex is a fully permitted former mine with a 930-metre shaft and 2,000 tonne-per-day mill. The Company has further upside at its Moss Lake gold deposit, located 100 kilometres west of Thunder Bay, Ontario. The Company has approximately 139.4 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO”.
For further information, please contact:
President and CEO
416-360-3743 ext. 2029
|or||Lindsay Carpenter Dunlop
VP Investor Relations
416-360-3743 ext. 2025
|220 Bay St. East, Suite 1200
Toronto, ON, M5J 2W4
Toll Free: 1-866-4-WDO-TSX
Phone: 416-360-3743, Fax: 416-360-7620