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Wesdome Announces 2020 Third Quarter Production of 20,008 Ounces of Gold Produced

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Wesdome Announces 2020 Third Quarter Production of 20,008 Ounces of Gold Produced

 

 

 

 

 

Wesdome Gold Mines Ltd. (TSX:WDO) announces its gold production results for the third quarter of 2020. 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
    2020   2019 Variance   % +/(-)     2020   2019 Variance   % +/(-)  
                 
Ore milled (tonnes)                
Eagle River   44,667   39,453   5,214   13 %   142,890   99,148   43,742   44 %
Mishi   11,533   204   11,329   5553 %   36,301   37,297   -996   (3 %)
    56,200   39,657   16,543   42 %   179,191   136,445   42,746   31 %
                 
Head grade (grams per tonne, “g/t”)                
Eagle River   13.8   23.4   (9.6 ) (41 %)   15.1   21.9   (6.7 ) (31 %)
Mishi   2.5   2.8   (0.3 ) (9 %)   2.7   2.6   0.0   0 %
                 
Gold production (ounces)                
Eagle River   19,319   28,894   -9,575   (33 %)   67,893   67,723   170   0 %
Mishi   689   15   674   4493 %   2,379   2,633   -254   (10 %)
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 %
                 
                 

 

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.

 

At Kiena, the Prefeasibility Study is ongoing and on track to be completed by H1 2021.

 

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 October 15, 2020

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