Balmoral Resources

Wesdome Announces 2019 Third Quarter Production of 28,910 Ounces of Gold Produced and Raises Production Guidance

TORONTO, Oct. 15, 2019 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX:WDO) (“Wesdome” or the “Company”) today announces its gold production results for the third quarter of 2019 (“Q3”).

Mr. Duncan Middlemiss, President and CEO commented, “Gold production in Q3 increased 29% over Q2 due largely to the continued stellar performance from our 303 area. With year to date production of 70,356 ounces, nearly the low end of our full year guidance range of 72,000 – 80,000 ounces, we are raising 2019 full year production guidance to a range of 88,000 – 93,000 ounces. Costs are expected to come in on the low end of our guidance of C$830 (US$640) on cash costs per ounce and C$1,280 (US$985) on all in sustaining cost per ounce.  We have taken this opportunity of high production and favourable gold prices to accelerate our work within the Eagle River tailings area to increase capacity, install and commission a new Falcon Gravity Concentrator in our Eagle River mill, and enhance exploration platforms within the Eagle River Mine, in order to position the company for future performance improvements. The investment in our exploration program continues with five underground drills and one surface rig at Eagle River; and five underground drills at the Kiena Mine. The company is conducting the exploration program and infrastructure improvements all through cash generated from the Eagle River Complex.”

  Third Quarter Year-to-Date
    2019   2018 Variance % +/(-)   2019   2018 Variance % +/(-)
                 
Ore milled (tonnes)                
  Eagle River   39,453   46,777   (7,324 )  (16 %)   99,148   134,635   (35,487 )  (26 %)
  Mishi   204   4,076   (3,872 )  (95 %)   37,297   62,155   (24,858 )  (40 %)
    39,657   50,854   (11,197 )  (22 %)   136,445   196,790   (60,345 )  (31 %)
                 
Head grade (grams per tonne, “g/t”)                
  Eagle River   23.4   13.3   10.1   76 %   21.9   12.2   9.7   79 %
  Mishi   2.8   3.4   (0.7 )  (19 %)   2.6   2.3   0.3   15 %
                 
Gold production (ounces)                
  Eagle River   28,894   19,437   9,457   49 %   67,723   50,602   17,121   34 %
  Mishi   15   358   (343 )  (96 %)   2,633   3,769   (1,136 )  (30 %)
Total Gold Production   28,910   19,795   9,115   46 %   70,356   54,371   15,985   29 %
                 
Production sold (ounces)   23,450   18,401   5,049   27 %   66,323   52,404   13,919   27 %
                 
Revenue from gold sales ($ millions) $45.9 $28.9 $17.0   59 % $120.6 $86.5 $34.1   39 %
                 
Average realized price per ounce 2 $1,957 $1,571   386   25 % $1,819 $1,651   168   10 %
                 

Notes:
1. Operating numbers may not add due to rounding.
2. 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.

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.

ABOUT WESDOME
Wesdome Gold Mines has had over 30 years 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.  The Company has approximately 137.2 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
This email address is being protected from spambots. You need JavaScript enabled to view it.   This email address is being protected from spambots. You need JavaScript enabled to view it.
     
     
220 Bay St. East, Suite 1200    
Toronto, ON, M5J 2W4    
Toll Free: 1-866-4-WDO-TSX    
Phone: 416-360-3743, Fax: 416-360-7620    
Website: www.wesdome.com    

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.

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Wesdome Gold Mines

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