Mr. Duncan Middlemiss reports
WESDOME ANNOUNCES 2018 SECOND QUARTER PRODUCTION RESULTS; 16,628 OUNCES OF GOLD PRODUCED
Wesdome Gold Mines Ltd. has released its gold production results for the second quarter of 2018 (Q2).
Duncan Middlemiss, president and chief executive officer, commented: "The first half of 2018 is off to a strong start, with 34,576 ounces produced to date, demonstrating achievability of the upper end of our guidance range of 68,000 ounces. Eagle River head grades of 11.0 grams per tonne were lower than head grades in Q1 of 12.0 grams per tonne due to stope sequencing, but were in line with internal expectations. During the quarter, underground development was completed in the high-grade 303 area in preparation for stope production in Q3. We expect production to increase in the second half of the year with the commencement of stoping from the 303 area of the underground mine.
"At the Mishi pit, gold production was higher compared to Q1, with 1,860 ounces produced (1,550 ounces in Q1). The operational initiatives implemented throughout the year have resulted in head grades of 2.7 grams per tonne in Q2, compared to 1.8 grams per tonne in Q1."
Second quarter of Year to date (YTD) in
2018 2017 2018 2017
Ore milled (tonnes)
Eagle River 43,378 34,960 87,858 73,538
Mishi 25,233 39,117 58,079 75,758
68,610 74,077 145,937 149,296
Head grade (grams per tonne) (g/t)
Eagle River 11.0 9.8 11.5 10.7
Mishi 2.7 1.8 2.2 1.8
Gold production (ounces)
Eagle River 14,767 10,597 31,166 24,185
Mishi 1,860 1,932 3,411 3,506
Total gold production 16,628 12,529 34,576 27,691
Production sold (ounces) 18,573 13,030 34,003 25,350
Revenue from gold sales
($ millions) (2) $ 31.4 $ 23.2 $ 57.6 $ 43.3
Average realized price per ounce (3) $ 1,692 $ 1,715 $ 1,694 $ 1,674
Dollar amounts in the table are denominated in Canadian dollars.
(1) Numbers may not add due to rounding.
(2) Revenue for Q2 and YTD 2017 includes $900,000 in gold sales from the cleanup
of the Kiena mill.
(3) Average realized price per ounce is a non-GAAP (generally accepted accounting
principles) measure and is calculated by dividing the reported revenue from gold
sales by the number of ounces sold for a given period.
The technical and scientific disclosure in this press release has been prepared and approved by Marc-Andre Pelletier, chief operating officer of Wesdome and qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Gold Mines Ltd.
Wesdome Gold Mines has had over 30 years of continuous gold mining operations in Canada. The company is 100 per cent Canadian focused with a pipeline of projects in various stages of development. The Eagle River complex in Wawa, Ont., 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, Que. The Kiena complex is a fully permitted former mine with a 930-metre shaft and 2,000-tonne-per-day mill.
We seek Safe Harbor.
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