WESDOME POSTS STRONG FOURTH QUARTER PRODUCTION
TORONTO, ON – Wesdome Gold Mines Ltd. (TSX: WDO) is pleased to announce strong fourth quarter production results. Production numbers are subject to final refining balances to be reported in the 2013 year-end financial report, expected to be released in the second week of March, 2014. Revenues are rounded to the nearest million and all amounts are in Canadian dollars. Rolly Uloth, President, comments “Improving grades and processing reliability are expected to continue over the course of 2014.”
Fourth Quarter Production and Sales
Fourth quarter gold production totaled 15,950 ounces. Gold sales of 14,914 ounces at an average realized price of $1,336 per ounce generated bullion revenue of $20 million. Production came primarily from the Eagle River Mine with a minor contribution from Mishi. Eagle River produced 15,730 ounces from 39,766 tonnes milled at a recovered grade of 12.3gAu/tonne.
2013 Annual Production and Sales
Full year production totaled 52,980 ounces of gold. Sales for the year totaled 54,914 ounces generating bullion revenue of $80 million at an average sales price of $1,452 per ounce. The production breakdown follows:
- Eagle River Mine 42,850 ozs
- Mishi Mine 2,360 ozs
- Kiena Mine 7,770 ozs
Production came primarily from the Eagle River Mine, which produced 42,850 ounces of gold from 125,000 tonnes milled at an average recovered grade of 10.7gAu/tonne. Kiena Mine operations were suspended June 30, 2013, due to declining gold prices.
Outlook
In 2014 we forecast 50,000 ounces of gold production, or a 10% increase from Eagle River and Mishi over 2013. Production will come primarily from Eagle River Mine and the Mishi stockpile. Mill throughput is expected to increase 50% for the year and strong grades are expected to persist. Producing 15,950 ounces in the last quarter gives us confidence.
2013 Annual General Meeting
Wesdome will host its 2013 Annual General Meeting at 4pm on May 6, 2014, at the TSX Gallery, 130 King Street West, Toronto, ON.
Technical Information
The technical information in this release has been verified by Philip Ng, P.Eng.,Chief Operating Officer and “Qualified Person” within the meaning of National Instrument 43-101.
About Wesdome
Wesdome is in its 27th year of continuous mining operations in Canada. It currently has two producing gold mines in Wawa, Ontario and owns the Kiena Complex in Val d’Or, Québec. The Company has 105.8 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO”.
Forward Looking Statements
This press release includes certain statements that constitute “forward‐looking statements” and “forward‐looking information” within the meaning of applicable securities laws (collectively, “forward‐looking statements”). These statements include statements regarding Wesdome’s or Moss Lake’s intent, or the beliefs or current expectations of Wesdome’s or Moss Make’s directors and officers. Such statements are typically identified by words such as “believe”, “anticipate”, “estimate”, “project”, “intend”, “expect”, “may”, “will”, “plan”, “should”, “would”, “contemplate”, “possible”, “attempts”, “seeks” and similar expressions. Forward‐looking statements may relate to Wesdome’s or Moss Lake’s future outlook and anticipated events or results. By their very nature, forward‐looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward‐looking statements will not prove to be accurate. Do not unduly rely on forward‐looking statements, as a number of important factors, many of which are beyond Wesdome’s or Moss Lake’s control, could cause actual results to differ materially from the estimates and intentions expressed in such forward‐looking statements. These factors include, but are not limited to: (i) the inability of Moss Lake to obtain approval of the Transaction by the Moss Lake Shareholders at the Moss Lake Meeting; and (ii) the occurrence of any other event, change or circumstance that could give rise to the termination of the Agreement, or the delay of consummation of the Transaction or failure to complete the Transaction for any other reason. Forward‐looking statements speak only as of the date those statements are made. Except as required by applicable law, neither Wesdome nor Moss Lake assume any obligation to update, or to publicly announce the results of any change to, any forward‐looking statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward‐looking statements. Neither the TSX, TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
