TORONTO, ON--(Marketwired - August 11, 2016) - Wesdome Gold Mines Ltd. (
2016 SECOND QUARTER SUMMARY
Mr. Rolly Uloth, President and CEO, commented, "Higher production and recovered grades lead to lower costs and improved financial performance in the second quarter. Concurrent with improving near term production results, the operations team has been developing additional high grade zones located close to existing infrastructure. The 811 Zone's strike length opens up at depth and will be accessed in the fourth quarter of this year. Another zone that is being developed, the 7 Zone will be ready for stope production in early 2017. Of particular interest is a sill drift on the 300 Zone which has encountered 140 metres of strong grades and continues west beyond available drilling information."
Mr. Charles Page, Chairman added, "Subsequent to quarter-end Wesdome announced the appointment of Duncan Middlemiss as President and CEO. Mr. Middlemiss has extensive mine management and planning experience. A review of operations, including these recent developments, will refine the existing guidance in Q3 2016."
Financial Results - Three and Six Months 2016 and 2015 | ||||||||
Three Months ended June 30 | Six Months ended June 30 | |||||||
2016 | 2015 | 2016 | 2015 | |||||
(in $000, except per share amounts) | ||||||||
Revenue | 18,447 | 17,202 | 31,731 | 31,644 | ||||
Mine operating profit* | 4,493 | 3,103 | 3,388 | 4,660 | ||||
Net income (loss) | 1,837 | (746 | ) | (1,463 | ) | (1,517 | ) | |
Net income (loss) adjusted* | 409 | (88 | ) | (2,445 | ) | (366 | ) | |
Basic net income (loss) per share | 0.01 | (0.01 | ) | (0.01 | ) | (0.01 | ) | |
Basic net income (loss) per share adjusted* | 0.00 | (0.00 | ) | (0.02 | ) | (0.00 | ) | |
Cash flows from operating activities | 4,885 | 1,436 | 2,099 | 1,569 | ||||
Cash flows from operating activities adjusted* | 3,457 | 2,094 | 1,117 | 2,720 | ||||
Cash and cash equivalents | 26,802 | 4,067 | 26,802 | 4,067 | ||||
Working capital | 16,598 | 3,287 | 16,598 | 3,287 | ||||
Operational Results - Three and Six Months 2016 and 2015 | ||||||||
Three Months ended June 30 | Six Months ended June 30 | |||||||
2016 | 2015 | 2016 | 2015 | |||||
Eagle tonnes milled | 45,305 | 46,340 | 85,144 | 86,155 | ||||
Mishi tonnes milled | 33,546 | 36,313 | 69,833 | 55,602 | ||||
Total tonnes milled | 78,851 | 82,653 | 154,977 | 141,757 | ||||
Eagle recovered grade (gpt) | 7.0 | 6.6 | 6.0 | 6.8 | ||||
Mishi recovered grade (gpt) | 1.8 | 2.3 | 1.7 | 2.1 | ||||
Eagle ounces produced | 10,210 | 9,848 | 16,464 | 18,751 | ||||
Mishi ounces produced | 1,937 | 2,628 | 3,719 | 3,865 | ||||
Total ounces produced | 12,147 | 12,476 | 20,183 | 22,616 | ||||
Ounces sold | 11,265 | 11,740 | 19,365 | 21,373 | ||||
Average realized price (CAD$/oz) * | 1,637 | 1,465 | 1,639 | 1,481 | ||||
Average realized price (US$/oz) * | 1,271 | 1,192 | 1,231 | 1,199 | ||||
Production cash costs (CAD$/oz) * | 1,188 | 1,161 | 1,419 | 1,244 | ||||
Production cash costs/oz (US$/oz) | 922 | 945 | 1,066 | 1,007 | ||||
All-in-sustaining costs (CAD$/oz)* | 1,687 | 1,582 | 1,982 | 1,745 | ||||
All-in-sustaining costs (US$/oz) * | 1,309 | 1,287 | 1,489 | 1,413 | ||||
The contents of this press release have been verified and approved by the Company's Chief Operating Officer, Philip Ng, P. Eng a "Qualified Person" for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects.
ABOUT WESDOME
Wesdome Gold Mines Ltd. is in its 28th year of continuous gold mining operations in Canada. The Company is currently producing gold at the Eagle River Complex located near Wawa, Ontario from the Eagle River and Mishi gold mines. Wesdome's goal is to expand current operations at both mines over the next four years through mill expansion and exploration. Wesdome has significant upside through ownership of its two other properties, the Kiena Mine Complex in Val d'Or, Quebec and the Moss Lake gold deposit located 100 kilometres west of Thunder Bay, Ontario. These assets are being explored and evaluated to be developed in the appropriate gold price environment. The Company has approximately 129 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol "WDO".
Note:
* Refer to the Q2 2016 Management Discussion and Analysis section entitled "Non-IFRS Performance Measures" for the reconciliation of these non-IFRS measurements to the Financial Statements which are available at www.sedar.com
Contact Information:
For further information, please contact:
Lindsay Carpenter Dunlop
Vice President, Investor Relations
416-360-3743 ext. 25
ldunlop@wesdome.com
Rolly Uloth
CEO
416-360-3743 ext. 29
ruloth@wesdome.com
8 King St. East, Suite 811
Toronto, ON, M5C 1B5
Toll Free: 1-866-4-WDO-TSX
Phone: 416-360-3743, Fax: 416-360-7620
Website: www.wesdome.com