Wesdome Gold Mines Ltd.

Gold As Money

Oct 13, 2014
Long considered the most precious of precious metals, gold has played, plays and will continue to play an important role as a store of value.
 
Gold is believed to have first been used by the Egyptians and Sumerians as far back as 4000 BC.  Gold was prominent in Greek, Roman and Oriental cultures as a currency and store of value by circa 1000 B.C. and its role in monetary systems has increased since then.  Gold also holds a second role as a commodity; mining companies mine gold while jewelers and other manufacturers buy it.
 
As a commodity, gold has many practical uses due to its inert nature and malleability.  From shielding of solar panes on satellites to scanning-electron microscopy, gold has a wide range of industrial applications in addition to its aesthetic appeal and use in jewelry.  Whether gold jewelry is categorized as use as a commodity or as a store of value is debatable, but in effect is probably a bit of both.
 
Gold has many metrics worldwide:
• A one troy ounce bar is standard in North America – its mass about 31.1035g.
• The Indian 10 Tola bar is equivalent to 3.75 troy oz. or 116.64g
• The Chinese 5 Tael bar is equivalent to 6.017 troy oz. or 187.145g
• The Thai 10 Bhat bar is equivalent to 4.901 troy oz or 152.44g.
 
As currency gold has two functions: a medium of exchange and a store of value.  Due to gold’s monetary role, today it is in direct competition with fiat currencies as a store of value.  In an era of dizzying government debt there is a general consensus among policymakers that paper should prevail in investors’ minds over relics such as gold, especially when printing trillions in fresh currencies year after year.
 
Over the past half century many governments have divested themselves of gold bullion that was accumulated over even longer periods of time.  Ironically, gold that historically added stability to currencies was being actively divested in order to illustrate the instability of gold as a store of value.  As bullion reserves are finite in nature this practice cannot go on indefinitely.

Source: http://www.wesdome.com/why-gold/gold-as-money/

IT Analyst

This position is responsible for supporting end-users primarily at our Eagle River Mine Complex.

Junior Accountant

This position is accountable for supporting accounting processes as well as the processing of accounts payable in a manner consistent with established policies and procedures.

Senior Mine Geologist, Eagle River Mine
• Promote safe work practices and safety culture within a production-oriented environment.
• Maintain drill hole databases and monitor underground diamond drill programs.
• Supervise and participate in the selection of underground diamond drill targets.
Surface Maintenance (Hourly)

Ensure that all buildings, and infrastructures on Wesdome property, as well as roads, culverts, & bridges are properly maintained Work in a safe, environmentally friendly, and cost-effective manner.

Heavy Duty Equipment Mechanic

Heavy Equipment Mechanic is responsible, as part of a team, for maintaining the equipment and mechanical systems of the Eagle River Mine site to ensure smooth and continuous operation.

Maintenance Planner
  • Reporting to the Maintenance Projects, Mobile & Mine Fixed Plant Superintendent
  • Ensuring compliance with health and safety and environmental regulations and policies is of primary importance with this position.
Hoist Mechanic/Millwright

Reporting to the Eagle River Maintenance Planner or designate, the successful candidate will perform the maintenance and repairs of all surface, underground stationary equipment, long hole buggies, compressors rock breakers and pumps at the mine site.

Manager – Asset Management & Reliability

Reporting to the Mine General Manager, the Manger of Asset Management & Reliability will be an inspirational and innovative leader responsible and accountable for operational performance excellence in the Asset Management and Reliability Department.

Process Plant Maintenance Millwright (RED SEAL CERTIFCATION REQUIRED)
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  • Reports to Lead hand Millwright and Mill General Foreman
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The Chief Mine Geologist will be responsible and accountable for all work conducted by the Geology Department while ensuring the work is safe, cost effective and makes the most efficient use of manpower and materials.