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Wesdome Gold Mines Ltd. has announced its gold production results for the second quarter of 2018 (“Q2”).
Mr. Duncan Middlemiss, President and CEO commented, “The first half of 2018 is off to a strong start with 34,576 ounces produced to date, demonstrating achievability of the upper end of our guidance range of 68,000 ounces. Eagle River head grades of 11.0 grams per tonne were lower than head grades in Q1 of 12.0 grams per tonne due to stope sequencing, but were in line with internal expectations. During the quarter, underground development was completed in the high grade 303 area in preparation for stope production in Q3. We expect production to increase in the second half of the year with the commencement of stoping from the 303 area of the underground mine.”
“At the Mishi Pit, gold production was higher compared to Q1 with 1,860 ounces produced (1,550 ounces in Q1). The operational initiatives implemented throughout the year have resulted in head grades of 2.7 grams per tonne in Q2 compared to 1.8 grams per tonne in Q1.”
| Amounts are denominated in Canadian dollars | Second Quarter | Year-to-Date | ||||||||||
| 2018 | 2017 | Variance | % +/(-) | 2018 | 2017 | Variance | % +/(-) | |||||
| Ore milled (tonnes) | ||||||||||||
| Eagle River | 43,378 | 34,960 | 8,418 | 24% | 87,858 | 73,538 | 14,320 | 19% | ||||
| Mishi | 25,233 | 39,117 | (13,884) | (35)% | 58,079 | 75,758 | (17,679) | (23)% | ||||
| 68,610 | 74,077 | (5,467) | (7)% | 145,937 | 149,296 | (3,359) | (2)% | |||||
| Head grade (grams per tonne, “g/t”) | ||||||||||||
| Eagle River | 11.0 | 9.8 | 1.2 | 12% | 11.5 | 10.7 | 0.8 | 8% | ||||
| Mishi | 2.7 | 1.8 | 0.9 | 50% | 2.2 | 1.8 | 0.4 | 23% | ||||
| Gold production (ounces) | ||||||||||||
| Eagle River | 14,767 | 10,597 | 4,170 | 39% | 31,166 | 24,185 | 6,981 | 29% | ||||
| Mishi | 1,860 | 1,932 | (72) | (4)% | 3,411 | 3,506 | (95 | ) | (3)% | |||
| Total Gold Production | 16,628 | 12,529 | 4,099 | 33% | 34,576 | 27,691 | 6,885 | 25% | ||||
| Production sold (ounces) | 18,573 | 13,030 | 5,543 | 43% | 34,003 | 25,350 | 8,653 | 34% | ||||
| Revenue from gold sales ($ millions) 2 | $31.4 | $23.2 | $8.2 | 35% | $57.6 | $43.3 | $14.3 | 33% | ||||
| Average realized price per ounce 3 | $1,692 | $1,715 | ($23) | (1)% | $1,694 | $1,674 | $20 | 1% | ||||
| Notes: | ||
| 1. | Numbers may not add due to rounding. | |
| 2. | Revenue for Q2 and year-to-date 2017 includes $0.9 million in gold sales from the cleanup of the Kiena mill. | |
| 3. | Average realized price per ounce is a non-GAAP measure and is calculated by dividing the reported revenue from gold sales by the number of ounces sold for a given period. | |
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 134.2 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO”.
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