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Wesdome Gold Mines Ltd.

WESDOME ANNOUNCES 2021 FIRST QUARTER PRODUCTION OF 22,564 OUNCES OF GOLD PRODUCED

Apr 15, 2021
TORONTO, April 15, 2021 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX:WDO) (“Wesdome” or the “Company”) today announces its gold production results for the first quarter of 2021 (“Q1”).
 
Mr. Duncan Middlemiss, President and CEO commented, “First quarter production of 22,564 ounces was within our expectations. Eagle River grades were slightly below the low end of our guidance, however increased through the quarter, reaching 15.3 g/t in the month of March and we expect to be within guidance for the year. Underground operations showed steady improvement in efficiencies throughout the quarter and this trend is expected to continue. Mill throughput increased by 6% over Q1 2020 due to higher mill availability. Quarterly gold production is expected to increase for the remainder of the year. We remain on track to achieve our guidance of 92,000 – 105,000 ounces at the Eagle River Mine this year.
 
“At Kiena we completed the reconciliation of the Kiena Deep A Zone bulk sample, resulting in a positive reconciliation of 6% more gold compared to that of the mineral resource block model and subsequently sold 1,793 ounces in Q1 2021 (3,293 ounces to date). We are in the final stages of completing the pre-feasibility study and intend to publish the results this quarter.”
 
 
Notes:
 
  1. Operating numbers may not add due to rounding.
  2. Includes 1,793 ounces from the Kiena Bulk Sample
  3. Average realized price per ounce is a nonIFRS performance measure and is calculated by dividing the revenue from gold sales by the number of ounces sold for a given period
  4. Includes $3.9 million from sales of Kiena Bulk Sample
 
ABOUT WESDOME
 
Wesdome Gold Mines is a 100% Canadian focused Company that has had over 30 years of continuous gold mining operations in Canada.  The Company’s strategy is to build an intermediate gold producer, producing 200,000+ ounces from two mines in Ontario and Quebec. The Eagle River Complex in Wawa, Ontario is currently increasing gold production from the high grade Eagle River Underground Mine.  Wesdome is actively exploring its brownfields asset, the Kiena Complex in Val d’Or, Quebec.  The Kiena Complex is a fully permitted former mine with a 930-metre shaft and 2,000 tonne-per-day mill.  The Company is currently completing a PFS in support of a production restart decision. The Company is in the process of divesting of its Moss Lake gold deposit, located 100 kilometres (“kms”) west of Thunder Bay, Ontario. The Company has approximately 139.4 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO.”

 


Source: https://www.wesdome.com/news/press-releases/#824ab8571f7bab2562b201c870c5ae97

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