{"id":3122,"date":"2017-05-05T08:05:32","date_gmt":"2017-05-05T12:05:32","guid":{"rendered":"http:\/\/wawa-news.com\/?p=3122"},"modified":"2017-05-05T07:44:43","modified_gmt":"2017-05-05T11:44:43","slug":"wesdome-announces-first-quarter-2017-financial-results","status":"publish","type":"post","link":"https:\/\/wawa-news.com\/index.php\/2017\/05\/05\/wesdome-announces-first-quarter-2017-financial-results\/","title":{"rendered":"Wesdome Announces First Quarter 2017 Financial Results"},"content":{"rendered":"

May 5, 2017 @ 08:05<\/strong><\/p>\n

Wesdome Gold Mines Ltd. has announced\u00a0the financial results for the first quarter of 2017. All figures are stated in Canadian dollars unless otherwise noted.<\/p>\n

Mr. Duncan Middlemiss, President and CEO, commented, “We enjoyed a strong start to the year producing 15,162 ounces in the quarter. This firmly puts us within our stated production guidance of 52,000 – 58,000 ounces for 2017. Production cash costs this quarter of $1,056 (US$798) per ounce were on the lower end of our 2017 cost guidance of $1,030 – $1,130 (US$765 – $835) per ounce. This is primarily due to higher mined grades and we expect this trend to continue throughout the year. All-in sustaining costs of $1, 474 (US$1,113) per ounce were also in the lower end of our cost guidance of $1,450 – $1,550 (US$1,075 – $1,150) per ounce. At Eagle, investments in power and ventilation systems during 2017 will lower mine operating costs and allow for more mining flexibility. During the quarter, we sold 12,320 ounces of gold, however with production being nearly 2,800 ounces higher this affected our net income. These ounces have been booked in the second quarter, at a higher gold price.”<\/p>\n

“Additionally our exploration efforts at Eagle River are yielding excellent results, and are having positive short term production implications. The 303 Lens is currently being developed on the 844 level in anticipation for production in the fourth quarter this year. On the western limb of the 300 Zone, the up plunge extension of the 300W Zone announced in April means that we will have access to increased stope production from this area for 2017 and beyond.”<\/p>\n

“At Kiena we have decided to drive an exploration ramp, which will provide us with an enhanced drilling platform to explore the high grade Kiena Deep Discovery. As previously announced, drill access was limited by existing mine infrastructure, making conditions very difficult to reach the intended targets. Completion of the exploration ramp will provide ability to drill shorter holes at better angles, and accelerated access to the Upper Quartz Vein Zone. This project is expected to take 9 – 10 months at a cost of approximately $7.6 M. This confirms our commitment to advancing the Kiena Deep Discovery to the next level. We will continue exploring with two drills testing upper targets.”<\/p>\n

2017 FIRST QUARTER HIGHLIGHTS<\/strong><\/p>\n