WESDOME ANNOUNCES 2020 SECOND QUARTER FINANCIAL RESULTS
- Gold production of 25,142 ounces from the Eagle River Complex, a 12.1% increase over the same period in the previous year (Q2 2019: 22,437 ounces):
- Revenue of $54.8 million, a 29.6% increase over Q2 2019 (Q2 2019: $42.3 million).
- Ounces sold 23,140 at an average sales price of $2,365/oz (Q2 2019: 24,113 ounces at an average price of $1,752/oz).
- Earned mine profit1 of $34.3 million, a 55% increase over Q2 2019 (Q2 2019 - $22.1 million).
- Cash costs 1 of $882 (US$637) per ounce of gold sold (Q2 2019 of $837 (US$626) due to higher tonnes processed at the mill.
- All-in sustaining costs (“AISC”) 1 of $1,218/oz or US$879/oz, a slight decrease over the same period in 2019 (Q2 2019: $1,220/oz or US$912/oz), due to lower sustaining capital expenditures; partially offset by lower grades and higher tonnage processed at the Mill.
- Operating cash flow of $30.2 million or $0.22 per share1 as compared to $15.4 million or $0.11 per share for the same period in 2019.
- Free cash flow of $17.7 million, net of an investment of $6.0 million in Kiena, or $0.13 per share1 (Q2 2019: free cash flow of $1.2 million or $0.01 per share.
- Net income of $16.1 million or $0.12 per share (Q2 2019: $8.3 million or $0.06 per share) and Net income (adjusted)1 of $16.4 million or $0.12 per share (Q2 2019: $8.3 million or $0.06 per share).
- Cash position increased to $66.7 million compared to $49.4 million in the previous quarter.
- With normal operations curtailed due to the COVID-19 pandemic, surface and exploration drilling is currently operating at a reduced capacity. However, recent underground drilling from the 772 m elevation was completed to test the down plunge extension of the Falcon Zone. It is interpreted that the Falcon/7 Zone now extends from surface approximately 1,000 m down plunge and is part of the up plunge extension of the 7 Zone currently being mined near the 1,000 m elevation. This is significant, as the extension of this zone is proximal to mine infrastructure and has the potential to be included in future mine production and ultimately augment production rates in the medium term. Additional drilling is required to better define these zones and remains a priority in the second half of 2020.
- The Preliminary Economic Assessment ("PEA") study was completed in Q2 2020. The PEA demonstrates a low-cost and high margin operation, with low capital requirements and a short payback period, while minimizing risks and maximizing shareholders\' return. This PEA is based on the Mineral Resource Estimate (“MRE”) dated September 2019 and includes only those resources proximal to the mine infrastructure, specifically the A Zone, B Zone, S50, VC Zones and the South Zone. An updated resource estimate is planned early in Q4 2020 followed by a pre-feasibility study (“PFS”) and a production restart decision in H1 2021.
- Diamond drilling activities at Kiena restarted on May 11th, 2020 focusing on the continuation of converting inferred into indicated resources. This drilling has continued to confirm the overall continuity of the geometry and the high-grade gold mineralization of the A Zone and identified additional mineralization outside of the most recent resource estimate. The A Zone now extends down plunge in excess of 830 m.
Source: https://www.wesdome.com/news/press-releases/#d0135b9f14b3ffeacc3013ec07e1ffb2
This position is responsible for supporting end-users primarily at our Eagle River Mine Complex.
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.
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 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.
- 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.
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.
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.
- The Millwright is responsible for doing the maintenance of the milling operation equipment.
- Reports to Lead hand Millwright and Mill General Foreman
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.