TSX:WDO
TORONTO, Sept. 16, 2015 /CNW/ - Wesdome Gold Mines Ltd. (TSX: WDO) today
announces the following management changes.
Mr. Brian Ma, CFO, has tendered his resignation as Chief Financial
Officer. The Company thanks Mr. Ma for his commitment and contributions
to the Company and wishes him all the best in his future endeavours.
Mr. Hemdat Sawh has been appointed as Chief Financial Officer, effective
September 15, 2015. Mr. Sawh currently serves on the Company's Board of
Directors.
Mr. Sawh is a Certified Professional Accountant, and holds an MBA degree
in accounting from York University, a BSc degree in geology from
Concordia University and a graduate diploma in geology from McGill
University. Mr. Sawh has over 16 years of accounting and auditing
experience at Grant Thornton LLP, culminating in the position of
principal, where he acted as lead supervisor for auditing teams of
businesses with a concentration in publicly listed mining companies.
Most recently, Mr. Sawh served as Chief Financial Officer for Scorpio
Mining Corporation, a TSX listed company with polymetallic operations
in Mexico. Mr. Sawh also served as Chief Financial Officer for Goldbelt
Resources Ltd. and Crystallex International Corporation, both TSX
listed gold mining companies.
Rolly Uloth, CEO commented, "On behalf of the Company and the Board of
directors I would like to thank Brian for his efforts as Chief
Financial Officer and wish him every success in the future. I would
also like to welcome Hemdat to the Wesdome management team. His
extensive public mining company experience will be an asset to the
Company as we execute our growth plans to reduce costs, and raise our
profile in the investment community."
ABOUT WESDOME
Wesdome Gold Mines Ltd. is in its 28th year of continuous gold mining operations in Canada. The Company is
currently producing from its Eagle River and Mishi gold mines in Wawa,
Ontario, which have earned consistent free cash flow during times of
low gold prices. Wesdome's corporate goal is to build a profitable,
long-life, sustainable gold mining Company with modest initial capital
costs. This strategy has enabled the Company to acquire strategic
property and infrastructure assets in two politically stable and
historically proven mining camps. Wesdome has significant upside
through ownership of its two other properties, the Kiena Mine Complex
in Val d'Or, Quebec and the Moss Lake gold deposit located 100
kilometres west of Thunder Bay, Ontario. These assets are being
explored and evaluated to be developed in the appropriate gold price
environment. The Company has approximately 111.0 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. The Company has included in this news
release certain non-IFRS performance measures, including, but not
limited to, mine operating profit, mining and processing costs and cash
costs. Cash costs per ounce reflect actual mine operating costs
incurred during the fiscal period divided by the number of ounces
produced. These measures are not defined under IFRS and therefore
should not be considered in isolation or as an alternative to or more
meaningful than, net income (loss) or cash flow from operating
activities as determined in accordance with IFRS as an indicator of our
financial performance or liquidity. The Company believes that, in
addition to conventional measures prepared in accordance with IFRS,
certain investors use this information to evaluate the Company's
performance and ability to generate cash flow
SOURCE Wesdome Gold Mines Ltd.