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<\/a>Wesdome Gold Mines Ltd. today announces second quarter 2017 financial results.<\/p>\nMr. Duncan Middlemiss, President and CEO commented, \u201cOver the last year, the operations team has been focused on increasing mined gold grades and developed stope inventory consistently quarter over quarter. The first half of 2017 demonstrates that this work is starting to take effect. Average head grades in the first half of 2017 at the Eagle River Underground Mine were 10.7 grams per tonne, versus 6.6 grams per tonne in the first half of 2016. This has been achieved by opening up additional production areas, and increased discipline of the application of quality tonnes, not quantity tonnes. As a result, operating cost per ounce have decreased to CAD$1,153 per ounce in H1 2017 compared to CAD$1,419 per ounce on H1 2016. As a result, operating cash flow has significantly improved to CAD$10.6 M in H1 2017 versus CAD$2.1 M in H1 2016. Moving forward, we are focused on reducing unit costs on an all-in basis. \u00a0Completion of a ventilation raise this year will improve the workplaces and increase productivity by allowing for additional production areas, further reducing unit costs and increasing production.\u201d<\/p>\n
\u201cAt Kiena, the contractor has been mobilizing in preparation for ramp development commencing in early August. We expect to be back to drilling the Kiena Deep discovery by September or October 2017. In the meantime, 2 drills will be drilling other prospective targets underground. These include the VC and S50 zones, both of which are located close to existing production infrastructure.\u201d<\/p>\n
\u00a02017 SECOND QUARTER HIGHLIGHTS<\/strong><\/p>\n 2017 Second Quarter Exploration and Corporate Development Highlights<\/strong><\/p>\n <\/p>\n\n
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\n <\/td>\n<\/tr>\n \n Financial Results \u2013 Three and Six Months 2017 and 2016<\/em><\/strong><\/td>\n<\/tr>\n \n <\/td>\n Three Months ended June 30<\/strong><\/td>\n \u00a0<\/strong><\/td>\n Six Months ended June 30<\/strong><\/td>\n<\/tr>\n \n <\/td>\n 2017<\/strong><\/td>\n 2016<\/td>\n \u00a0<\/strong><\/td>\n 2017<\/strong><\/td>\n 2016<\/td>\n<\/tr>\n \n (in $000, except per share amounts)<\/em><\/td>\n \u00a0<\/strong><\/td>\n <\/td>\n \u00a0<\/strong><\/td>\n \u00a0<\/strong><\/td>\n <\/td>\n<\/tr>\n \n Revenue<\/td>\n 23,248<\/strong><\/td>\n <\/td>\n 18,447<\/td>\n <\/td>\n \u00a0<\/strong><\/td>\n 43,348<\/strong><\/td>\n <\/td>\n 31,731<\/td>\n <\/td>\n<\/tr>\n \n Mine operating profit 1<\/sup><\/td>\n 7,132<\/strong><\/td>\n <\/td>\n 4,493<\/td>\n <\/td>\n \u00a0<\/strong><\/td>\n 13,687<\/strong><\/td>\n <\/td>\n 3,388<\/td>\n <\/td>\n<\/tr>\n \n Net income (loss)<\/td>\n 863<\/strong><\/td>\n <\/td>\n 1,837<\/td>\n <\/td>\n \u00a0<\/strong><\/td>\n 1,558<\/strong><\/td>\n <\/td>\n (1,463<\/td>\n )<\/td>\n<\/tr>\n \n Net income (loss) adjusted1<\/sup><\/td>\n 1,313<\/strong><\/td>\n <\/td>\n 409<\/td>\n <\/td>\n \u00a0<\/strong><\/td>\n 2,229<\/strong><\/td>\n <\/td>\n (2,445<\/td>\n )<\/td>\n<\/tr>\n \n Basic net income (loss) per share<\/td>\n 0.01<\/strong><\/td>\n <\/td>\n 0.01<\/td>\n <\/td>\n \u00a0<\/strong><\/td>\n 0.01<\/strong><\/td>\n <\/td>\n (0.01<\/td>\n )<\/td>\n<\/tr>\n \n Basic net income (loss) per share adjusted 1<\/sup><\/td>\n 0.01<\/strong><\/td>\n <\/td>\n 0.00<\/td>\n <\/td>\n \u00a0<\/strong><\/td>\n 0.02<\/strong><\/td>\n <\/td>\n (0.02<\/td>\n )<\/td>\n<\/tr>\n \n Cash flows from operating activities<\/td>\n 5,250<\/strong><\/td>\n <\/td>\n 4,885<\/td>\n <\/td>\n \u00a0<\/strong><\/td>\n 10,642<\/strong><\/td>\n <\/td>\n 2,099<\/td>\n <\/td>\n<\/tr>\n \n Cash flows from operating activities adjusted 1<\/sup><\/td>\n 5,700<\/strong><\/td>\n <\/td>\n 3,457<\/td>\n <\/td>\n \u00a0<\/strong><\/td>\n 11,313<\/strong><\/td>\n <\/td>\n 1,117<\/td>\n <\/td>\n<\/tr>\n \n Free cash flow 1<\/sup><\/td>\n (4,685<\/strong><\/td>\n )<\/strong><\/td>\n (2,147<\/td>\n )<\/td>\n \u00a0<\/strong><\/td>\n (8,884<\/strong><\/td>\n )<\/strong><\/td>\n (9,337<\/td>\n )<\/td>\n<\/tr>\n \n Cash and cash equivalents<\/td>\n 22,681<\/strong><\/td>\n <\/td>\n 26,802<\/td>\n <\/td>\n \u00a0<\/strong><\/td>\n 22,681<\/strong><\/td>\n <\/td>\n 26,802<\/td>\n <\/td>\n<\/tr>\n \n Working capital<\/td>\n 17,815<\/strong><\/td>\n <\/td>\n 16,598<\/td>\n <\/td>\n \u00a0<\/strong><\/td>\n 17,815<\/strong><\/td>\n <\/td>\n 16,598<\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \n\n
\n Operational Results \u2013 Three and Six Months 2017 and 2016<\/em><\/strong><\/td>\n<\/tr>\n \n <\/td>\n Three Months ended June 30<\/strong><\/td>\n \u00a0<\/strong><\/td>\n Six Months ended June 30<\/strong><\/td>\n<\/tr>\n \n <\/td>\n 2017<\/strong><\/td>\n 2016<\/td>\n \u00a0<\/strong><\/td>\n 2017<\/strong><\/td>\n 2016<\/td>\n<\/tr>\n \n Eagle tonnes milled<\/td>\n 34,960<\/strong><\/td>\n 45,305<\/td>\n \u00a0<\/strong><\/td>\n 73,538<\/strong><\/td>\n 85,144<\/td>\n<\/tr>\n \n Mishi tonnes milled<\/td>\n 39,117<\/strong><\/td>\n 34,006<\/td>\n \u00a0<\/strong><\/td>\n 75,758<\/strong><\/td>\n 70,293<\/td>\n<\/tr>\n \n Total tonnes milled<\/td>\n 74,077<\/strong><\/td>\n 79,311<\/td>\n \u00a0<\/strong><\/td>\n 149,296<\/strong><\/td>\n 155,437<\/td>\n<\/tr>\n \n Eagle grade (g\/t)<\/td>\n 9.8<\/strong><\/td>\n 7.5<\/td>\n \u00a0<\/strong><\/td>\n 10.7<\/strong><\/td>\n 6.6<\/td>\n<\/tr>\n \n Mishi grade (g\/t)<\/td>\n 1.8<\/strong><\/td>\n 2.1<\/td>\n \u00a0<\/strong><\/td>\n 1.8<\/strong><\/td>\n 2.0<\/td>\n<\/tr>\n \n Eagle River Mine mill recovery (%)<\/td>\n 96.3<\/strong><\/td>\n 93.4<\/td>\n \u00a0<\/strong><\/td>\n 95.7<\/strong><\/td>\n 91.2<\/td>\n<\/tr>\n \n Mishi Mine mill recovery (%)<\/td>\n 83.1<\/strong><\/td>\n 85.5<\/td>\n \u00a0<\/strong><\/td>\n 82.1<\/strong><\/td>\n 84.6<\/td>\n<\/tr>\n \n Eagle recovered grade (g\/t)<\/td>\n 9.4<\/strong><\/td>\n 7.0<\/td>\n \u00a0<\/strong><\/td>\n 10.2<\/strong><\/td>\n 6.0<\/td>\n<\/tr>\n \n Mishi recovered grade (g\/t)<\/td>\n 1.5<\/strong><\/td>\n 1.8<\/td>\n \u00a0<\/strong><\/td>\n 1.4<\/strong><\/td>\n 1.7<\/td>\n<\/tr>\n \n Eagle ounces produced<\/td>\n 10,597<\/strong><\/td>\n 10,210<\/td>\n \u00a0<\/strong><\/td>\n 24,185<\/strong><\/td>\n 16,464<\/td>\n<\/tr>\n \n Mishi ounces produced<\/td>\n 1,932<\/strong><\/td>\n 1,937<\/td>\n \u00a0<\/strong><\/td>\n 3,506<\/strong><\/td>\n 3,719<\/td>\n<\/tr>\n \n Total ounces produced<\/td>\n 12,529<\/strong><\/td>\n 12,147<\/td>\n \u00a0<\/strong><\/td>\n 27,691<\/strong><\/td>\n 20,183<\/td>\n<\/tr>\n \n Ounces sold<\/td>\n 13,030<\/strong><\/td>\n