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Wesdome Announces First Quarter 2024 Production Results

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Wesdome Announces First Quarter 2024 Production Results






Wesdome Gold Mines Ltd. (TSX: WDO) (OTCQX: WDOFF) announces first quarter 2024  production results. The Company is also providing notice that it will release first quarter 2024 financial results after market close on Wednesday, May 8, 2024.


All figures are expressed in Canadian dollars unless otherwise indicated.


Q1 2024 Production Performance


    Q1 2024 Q1 2023
Ore milled      
Eagle River (tonnes) 51,632 54,283
Kiena (tonnes) 45,344 42,324
Head grade      
Eagle River (g/t) 15.5 12.2
Kiena (g/t) 5.9 5.9
Gold production      
Eagle River (ounces) 24,899 20,491
Kiena (ounces) 8,423 7,877
Total Gold production (ounces) 33,322 28,368
Production sold (ounces) 35,700 30,000


Anthea Bath, President and CEO of Wesdome, commented:


“The first quarter of 2024 saw combined production which was in line with expectations, as we begin a year focused on delivering significant production and free cash flow growth. Further to our annual guidance update in January, the remaining three quarters are expected to see stronger output levels, supporting total planned production of 160,000 to 180,000 ounces this year.


At Eagle River, processing of higher grade material drove outperformance compared to plan. Development performance related to the 300 Zone continues to perform in line with budget.


At the Kiena Mine, development and stope preparation activities advanced during the quarter as the site readies to ramp up and process higher grade material in the second quarter. We note that grade processed during the first quarter reflects a greater proportion of ore from the lower grade Martin Zone.


On the back of gold price strength and an increase in cash generation by our operations, we also took the opportunity late in the quarter to reduce the outstanding balance under our revolving credit facility by $10 million. With cash flows expected to increase in the coming months, we remain on track to close out the remaining balance on the facility by the third quarter,” Ms. Bath added.


About Wesdome Gold Mines Ltd.


Wesdome is a Canadian focused gold producer with two high grade underground assets, the Eagle River mine in Ontario and the recently commissioned Kiena mine in Quebec. The Company’s primary goal is to responsibly leverage this operating platform and high-quality brownfield and greenfield exploration pipeline to build Canada’s next intermediate gold producer.


Posted April 16, 2024

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