Wesdome Announces 2022 Third Quarter Production Results
14 October 2022 - 7:30AM
Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”)
today announces third quarter (“Q3”) 2022 production results. All
figures are in Canadian dollars unless otherwise stated.
Duncan Middlemiss, President and CEO commented,
“Eagle River production for the quarter was in line with revised
guidance. During Q3, there was a planned shut down in July to
complete mill upgrades and refurbishment work, which went according
to plan and has already yielded operational gains such as reduced
reagents consumption.
At Kiena, the mine also had a planned shutdown
in July for necessary hoist upgrades. As well, the critical
components of the paste fill plant were delivered and installed in
Q3, with plant commissioning on track for later in Q4. Once the
paste fill system is fully operational, we will have the ability to
focus on mine development which will result in increased
operational flexibility, and be better positioned to operate
successfully in the challenging ground conditions encountered in
Kiena Deep. We are currently tracking to produce towards the lower
end of the 120,000 – 140,000 combined guidance range this
year.”
Amounts are denominated in Canadian dollars |
Third Quarter |
Year-to-Date |
|
|
2022 |
|
2021 |
Variance |
%
+/(-) |
|
2022 |
|
2021 |
Variance |
% +/(-) |
|
|
|
|
|
|
|
|
|
Ore milled (tonnes) |
|
|
|
|
|
|
|
|
Eagle River |
|
52,247 |
|
56,003 |
|
(3,756 |
) |
(7 |
%) |
|
165,428 |
|
172,600 |
|
(7,172 |
) |
(4 |
%) |
Mishi |
|
3,595 |
|
3,727 |
|
(132 |
) |
(4 |
%) |
|
23,153 |
|
30,293 |
|
(7,140 |
) |
(24 |
%) |
Kiena |
|
16,112 |
|
30,470 |
|
(14,358 |
) |
(47 |
%) |
|
63,752 |
|
30,470 |
|
33,282 |
|
109 |
% |
|
|
71,954 |
|
90,200 |
|
(18,246 |
) |
(20 |
%) |
|
252,333 |
|
233,363 |
|
18,970 |
|
8 |
% |
|
|
|
|
|
|
|
|
|
Head grade (grams per tonne, “g/t”) |
|
|
|
|
|
|
|
|
Eagle River |
|
10.7 |
|
13.4 |
|
(2.7 |
) |
(20 |
%) |
|
10.6 |
|
13.8 |
|
(3.2 |
) |
(23 |
%) |
Mishi |
|
2.8 |
|
2.3 |
|
0.5 |
|
22 |
% |
|
3.2 |
|
2.4 |
|
0.8 |
|
33 |
% |
Kiena |
|
10.2 |
|
5.8 |
|
4.4 |
|
76 |
% |
|
9.5 |
|
5.8 |
|
3.7 |
|
64 |
% |
|
|
|
|
|
|
|
|
|
Gold production (ounces) |
|
|
|
|
|
|
|
|
Eagle River |
|
17,405 |
|
23,621 |
|
(6,216 |
) |
(26 |
%) |
|
54,495 |
|
74,853 |
|
(20,358 |
) |
(27 |
%) |
Mishi |
|
270 |
|
212 |
|
58 |
|
27 |
% |
|
2,005 |
|
1,920 |
|
85 |
|
4 |
% |
Kiena |
|
5,208 |
|
5,511 |
|
(303 |
) |
(5 |
%) |
|
19,234 |
|
5,511 |
|
13,723 |
|
249 |
% |
Total Gold Production |
|
22,883 |
|
29,344 |
|
(6,461 |
) |
(22 |
%) |
|
75,734 |
|
82,284 |
|
(6,550 |
) |
(8 |
%) |
|
|
|
|
|
|
|
|
|
Production sold (ounces)3 |
|
27,500 |
|
30,000 |
|
(2,500 |
) |
(8 |
%) |
|
81,500 |
|
80,957 |
|
543 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
Revenue from gold sales ($ millions)4 |
$61.8 |
$67.5 |
($5.7 |
) |
(8 |
%) |
$190.2 |
$177.2 |
$13.0 |
|
7 |
% |
|
|
|
|
|
|
|
|
|
Average realized price per ounce2 |
$2,246 |
$2,249 |
|
(3 |
) |
(0 |
%) |
$2,334 |
$2,239 |
|
95 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
Notes:
- Numbers may not add due to rounding.
- Average realized price per ounce is a non-IFRS measure and is
calculated by dividing the reported revenue from gold sales by the
number of ounces sold for a given period. Please reference the
Company's interim management discussion and analysis for the period
ended June 30, 2022 filed on SEDAR for their calculations.
- 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 Frederic Langevin, Eng, Chief
Operating Officer, a "Qualified Person" as defined in National
Instrument 43-101 -Standards of Disclosure for Mineral
Projects.
ABOUT WESDOME
Wesdome is a Canadian focused gold producer with
two high grade underground assets in Canada, the Eagle River mine
in Ontario and the recently re-started Kiena mine in
Quebec. The Company also retains meaningful exposure to the
Moss Lake gold deposit in Ontario through its equity position in
Goldshore Resources Inc. 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. Wesdome trades on the Toronto
Stock Exchange under the symbol “WDO,” with a secondary listing on
the OTCQX under the symbol “WDOFF.”
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.
For further information, please
contact:
Duncan
MiddlemissPresident and CEO416-360-3743 ext.
2029duncan.middlemiss@wesdome.com |
or |
Lindsay
Carpenter DunlopVP Investor Relations416-360-3743 ext.
2025lindsay.dunlop@wesdome.com |
|
|
|
220 Bay St, Suite 1200Toronto, ON, M5J 2W4Toll Free:
1-866-4-WDO-TSXPhone: 416-360-3743, Fax: 416-360-7620Website:
www.wesdome.com |
|
|
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