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Wesdome Announces 2020 First Quarter Production of 25,122 Ounces of Gold Produced

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Wesdome Announces 2020 First Quarter Production of 25,122 Ounces of Gold Produced

 

 

 

 

 

Wesdome Gold Mines Ltd. (TSX:WDO) announces its gold production results for the first quarter of 2020.

 

Mr. Duncan Middlemiss, President and CEO commented, “First quarter production of 25,122 ounces was within budget, however grade was slightly lower due to stope sequencing. Mill feed increased by 34% to 735 tonnes per day compared to Q1 2019. With the COVID-19 pandemic occurring at the end of Q1 and subsequent health and safety actions taken, we expect slightly lower production in Q2 compared to Q1. As part of these health and safety protocols, we have shut down the Mishi Open Pit and have moved to a reduced workforce in other areas at the Eagle River Complex. Despite these reductions in activities, we are maintaining our full year production guidance of 90,000 – 100,000 ounces due to flexibility in stope sequencing. On behalf of management and the board of directors I would like to thank all employees for their cooperation and dedication in these unprecedented times. Currently the Company expects to resume drilling and development work at Kiena during the week of May 4, 2020 and the impact of this six week shutdown has significantly tightened our timeframe of getting to a restart decision by the end of 2020. The timing of this will be evaluated and communicated to the market in Q3.”

 

 

  Amounts are denominated in Canadian dollars First Quarter
      2020   2019 Variance % +/(-)  
             
  Ore milled (tonnes)          
  Eagle River   55,874   30,941   24,933 81%  
  Mishi   11,047   18,470   (7,423)  (40%)  
      66,922   49,411   17,511 35%  
             
  Head grade (grams per tonne, “g/t”)          
  Eagle River   14.0   18.5   (4.5)  (24%)  
  Mishi   2.5   2.2   0.3 14%  
             
  Gold production (ounces)          
  Eagle River   24,457   17,955   6,502 36%  
  Mishi   665   1,055   (390)  (37%)  
  Total Gold Production   25,122   19,010   6,112 32%  
             
  Production sold (ounces)   26,500   18,760   7,740 41%  
             
  Revenue from gold sales ($ millions) $57.3 $32.5 $24.8 76%  
             
  Average realized price per ounce 2 $2,162 $1,733   429 25%  
             

 

Notes:

  1. Operating numbers may not add due to rounding.
    2.  Average realized price per ounce is a non-IFRS performance measure and is calculated by dividing the revenue from gold sales by the number of ounces sold for a given period.

 

Technical Disclosure

 

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.

 

ABOUT WESDOME

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. 

 

Posted April 16, 2020

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