Wesdome Announces Third Quarter Gold Production of 29,344 Ounces, Including First 5,511 Ounces From Successful Restart of the Kiena Mine
14 Octobre 2021 - 1:30PM
Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”)
today announces its gold production results for the third quarter
of 2021 (“Q3”).
Mr. Duncan Middlemiss, President and CEO commented, “At the
Eagle River Underground Mine, Q3 production of 23,621 ounces was
20% lower than Q2 (29,836 ounces), which was anticipated due to two
weeks of scheduled downtime for the installation of a new cone
crusher and the annual mill maintenance. No project maintenance
downtime is planned in the fourth quarter. Year to date production
at the Eagle River Complex of 76,773 ounces leaves us very well
positioned to achieve the mid to high point of our guidance range
of 92,000 – 105,000 ounces.
During the quarter, we commenced operations at the Kiena Mine,
producing 5,511 ounces from the lower grade S-50 zone. Mill
start-up in July went according to plan with no major issues. Mine
operations were halted for 18 days in September for upgrading of
the hoist system which has now been completed. Progress on the
paste fill plant and tailings management area construction is on
schedule. All key mobile has been ordered and we have already
received four underground haulage trucks with the remainder of the
equipment scheduled to arrive by Q2 of 2022. Late in Q3, first
stope production began at the higher grade A Zone, and this is
expected to increase significantly in the coming quarters.
Kiena guidance for 2021 is 15,000 – 25,000 ounces, which we expect
to achieve. We are extremely pleased that our second mining
operation is successfully coming on line and is contributing to the
greater gold production of the company.”
Amounts are denominated in Canadian dollars |
Third Quarter |
Year-to-Date |
|
2021 |
2020 |
Variance |
% +/(-) |
2021 |
2020 |
Variance |
% +/(-) |
|
|
|
|
|
|
|
|
|
Ore
milled (tonnes) |
|
|
|
|
|
|
|
|
Eagle River |
56,003 |
44,667 |
11,336 |
25% |
172,600 |
142,890 |
29,710 |
21% |
Mishi |
3,727 |
11,533 |
-7,806 |
(68%) |
30,293 |
36,301 |
-6,008 |
(17%) |
Kiena |
30,470 |
0 |
30,470 |
100% |
30,470 |
0 |
30,470 |
100% |
|
90,200 |
56,200 |
34,000 |
60% |
233,363 |
179,191 |
54,172 |
30% |
|
|
|
|
|
|
|
|
|
Head
grade (grams per tonne, “g/t”) |
|
|
|
|
|
|
|
|
Eagle River |
13.4 |
13.8 |
(0.4) |
(3%) |
13.8 |
15.1 |
(1.3) |
(9%) |
Mishi |
2.3 |
2.5 |
(0.2) |
(8%) |
2.4 |
2.7 |
(0.3) |
(11%) |
Kiena |
5.8 |
0.0 |
5.8 |
100% |
5.8 |
0.0 |
5.8 |
100% |
|
|
|
|
|
|
|
|
|
Gold
production (ounces) |
|
|
|
|
|
|
|
|
Eagle River |
23,621 |
19,319 |
4,302 |
22% |
74,853 |
67,893 |
6,960 |
10% |
Mishi |
212 |
689 |
-477 |
(69%) |
1,920 |
2,379 |
-459 |
(19%) |
Kiena |
5,511 |
0 |
5,511 |
100% |
5,511 |
0 |
5,511 |
100% |
Total
Gold Production |
29,344 |
20,008 |
9,336 |
47% |
82,284 |
70,272 |
12,012 |
17% |
|
|
|
|
|
|
|
|
|
Production sold (ounces)3 |
30,000 |
21,700 |
8,300 |
38% |
80,957 |
71,340 |
9,617 |
13% |
|
|
|
|
|
|
|
|
|
Revenue
from gold sales ($ millions)4 |
$67.5 |
$55.0 |
$12.5 |
23% |
$177.2 |
$167.0 |
$10.2 |
6% |
|
|
|
|
|
|
|
|
|
Average
realized price per ounce2 |
$2,249 |
$2,532 |
-283 |
(11%) |
$2,239 |
$2,341 |
-102 |
(4%) |
|
|
|
|
|
|
|
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|
Notes:
- Operating numbers may not add due to rounding.
- 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.
- YTD 2021 production sold includes 1,793 ounces of gold sold
from the Kiena bulk sample which was processed in Q4 2020 and sold
in Q1 2021.
- YTD 2021 revenue excludes $3.9 million of revenue from the
Kiena bulk sample, which was processed in Q4 2020 and sold in Q1
2021. The incidental revenue was credited against the cost of the
Kiena exploration asset.
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.
COVID-19
The health and safety of our employees,
contractors, vendors, and consultants is the Company’s top
priority. In response to the COVID-19 pandemic, Wesdome has adopted
all public health guidelines at its mine operations and corporate
offices. In addition, our internal COVID-19 Taskforce continues to
monitor developments and implement policies and programs intended
to protect those who are engaged in business with the Company.
Through care and planning, to date the Company
has successfully maintained operations; however, there can be no
assurance that this success will continue despite our best efforts.
Future conditions may warrant reduced or suspended production
activities which could negatively impact our ability to maintain
projected timelines and objectives. Consequently, the Company’s
actual future production and production guidance is subject to
higher levels of risk than usual. We are continuing to monitor the
situation closely and will provide updates as they become
available.
ABOUT WESDOMEWesdome is
Canadian focused with two producing underground gold mines. The
Company’s strategy is to build Canada’s next intermediate gold
producer, producing 200,000+ ounces from two mines in Ontario and
Québec. The Eagle River Underground Mine in Wawa, Ontario is
currently producing gold at a rate of 92,000 – 105,000 ounces per
year. The Kiena Complex is a fully permitted mine with a 930-metre
shaft and 2,000 tonne-per-day mill, and a restart of operations was
announced on May 26, 2021. The Company has completed a PFS in
support of the production restart decision. Wesdome is actively
exploring both underground and on surface within the mine area and
more regionally at both the Eagle River and Kiena Complex. The
Company also retains meaningful exposure to the Moss Lake gold
deposit, located 100 kilometres west of Thunder Bay, Ontario
through its equity position in Goldshore Resources Inc. The Company
has approximately 140.9 million shares issued and outstanding and
trades on the Toronto Stock Exchange under the symbol “WDO”.
For further information, please
contact: |
|
|
|
Duncan Middlemiss |
or |
Lindsay Carpenter Dunlop |
President and CEO |
|
VP Investor Relations |
416-360-3743 ext. 2029 |
|
416-360-3743 ext. 2025 |
duncan.middlemiss@wesdome.com |
|
lindsay.dunlop@wesdome.com |
|
|
|
|
|
|
220 Bay Street, Suite 1200 |
|
|
Toronto, ON, M5J 2W4 |
|
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Toll Free: 1-866-4-WDO-TSX |
|
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Phone: 416-360-3743, Fax: 416-360-7620 |
|
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Website: www.wesdome.com |
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|
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 statements 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 the Company’s 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.
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