TORONTO, Oct. 12, 2017 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX:WDO) (“Wesdome” or the “Company”) today announces its gold production results for the third quarter of 2017 (“Q3”).
Mr. Duncan Middlemiss, President and CEO commented, “As a result of improved development rates in Q2, we have significantly increased the mineable inventory of higher grade ore at the Eagle River Underground Mine. Milled underground tonnes increased 27% over Q2, while head grades remain above reserve grades. Development into the high grade 303 Zone is nearing completion to allow for stope production at the end of Q4, and will be in ore production throughout 2018. Year to date production of 43,184 ounces has us well positioned to achieve our 2017 guidance range of 52,000 – 58,000 ounces.”
| Tonnes Milled (t) |
Head Grade (g/t Au) |
Average Mill Recovery Rate (%) |
Gold Produced (ounces) |
||
| Eagle River Mine | 44,421 | 9.71 | 96.05% | 13,313 | |
| Mishi Open Pit | 38,638 | 2.03 | 86.34% | 2,181 | |
| Q3 2017 Production | 83,058 | 6.14 | 94.55% | 15,493 | |
Note: Numbers may not add due to rounding
Gold ounces sold were 13,069 ounces at an average sales price of CDN$1,619 per ounce, (revenue of CAD$21 M) exceeding the company’s internal budget of CDN$1550 per ounce.
“Additionally, we are pleased to announce that in Val d’Or, Quebec we expect to resume drilling on the Kiena Deep discovery next week. The new drill bay has been completed from the exploration ramp, and we are currently mobilizing an existing diamond drill to the newly established platform.”
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 (“NI 43-101”)
ABOUT WESDOME
Wesdome Gold Mines is in its 30th year of continuous gold mining operations in Canada. The Company is 100% Canadian focused with a pipeline of projects in various stages of development. The Eagle River Complex in Wawa, Ontario 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, Quebec. The Kiena Complex is a fully permitted former mine with a 930 metre shaft and 2,000 tonne per day mill. The Company has further upside at its Moss Lake gold deposit, located 100 kilometres west of Thunder Bay, Ontario, which is being explored and evaluated to be developed in the appropriate gold price environment. The Company has approximately 133.9 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO.”
