TORONTO, Feb. 10, 2014 /CNW/ - Wesdome Gold Mines Ltd. (TSX-WDO) is pleased to release updated mineral reserves and resources estimates for its 100% owned, operating Eagle River and Mishi gold mines, located west of Wawa, Ontario.  Estimates are updated as at December 31, 2013.

HIGHLIGHTS

• Proven and Probable Reserves increase 28%
• Additional Measured and Indicated Resources flat (down 1%)
• Additional Inferred Resources increase 32%

Rolly Uloth, President, comments "These results increase the longevity of our outlook.  Importantly, these are quality ounces with fully-diluted underground reserve grades over 10 gAu/tonne and open-pit reserve grades over 2 gAu/tonne.  Ongoing investments in improving efficiency and capacity of our mill is our obvious priority.  We are in a good position to drill off recently discovered parallel zones and hopefully incorporate resources into the mine plan and thus reserves.  These new zones remain open in all directions."

RESERVES AND RESOURCES

At the Eagle River Mine, proven and probable reserves increased 21% net of depletion in terms of contained ounces sufficient for in excess of 4-years production at a nominal rate of about 40,000 ounces per year.  Significant increases in Indicated Resources (up 69% year over year) and Inferred Resources (up 128%) reflect the incorporation of new parallel zones No. 7 and 300, discovered in 2013.  Further drilling to be done in 2014 aims to increase confidence in these zones and hopefully incorporate them into the mine plan and, therefore, reserves.

At the Mishi Mine, the mill stockpile grew to stand at 81,400 tonnes at 2.82 gAu/tonne at year end.  Contract mining was suspended in the summer to work through the stockpile.  We currently anticipate resuming mining activities in the latter half of 2014.  The refurbishment of milling and tailings management facilities is progressing in a stepwise fashion and we expect a 50% improvement in throughput compared to 2013.

The anticipated improvements and throughput will reduce unit costs and increase production.  Proven and probable reserve estimates at Mishi have thus increased 41% year over year.  Mineral reserves within the current mine plan demonstrate a life-of-mine stripping ratio of 2.7 to 1.  To date, we have mined 1,685,711 tonnes of waste and 180,476 tonnes of ore at a stripping ratio of 9.3 to 1.  A lot of the heavy lifting and high-strip early benches of the mine are now substantially behind us.

The current mine plan is about 20% of the overall resource (mineral reserves plus indicated resources).  Drilling planned for 2014 and onwards provides the opportunity to cost-effectively reassess mine planning and mineral reserves and mineral resources estimates moving forward.

In addition to its operating mines, Wesdome's resource base is complemented by significant indicated and inferred resources found on its 100% owned Kiena and Wesdome properties in Val d'Or, Quebec, and through its 57.6% owned subsidiary Moss Lake Gold Mines Ltd.  For details on these other assets please view 43-101 compliant technical disclosure available at www.wesdome.com or www.sedar.com.

ABOUT WESDOME

Wesdome is in its 27th year of continuous mining operations in Canada.  It currently has two producing gold mines in Wawa, Ontario, and owns the Kiena Complex in Val d'Or, Québec.  The Company has 105.8 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol "WDO".

This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. 

SOURCE Wesdome Gold Mines Ltd.