Business
Wesdome 2009 production tops 96,000 ounces, sales exceed $100 million
Wesdome 2009 production tops 96,000 ounces, sales exceed $100 million
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":"\n\n\n\nFeb. 9, 2010 (Canada NewsWire Group) -- TORONTO, Feb. 9 /CNW/ -- Wesdome Gold Mines Ltd. is pleased to announce its 2009 gold production and sales figures (all figures in Canadian dollars).2009 Production and Sales-------------------------Gold production from Wesdome's 100%-owned Eagle River and Kiena mines for the year ended December 31, 2009 totalled 96,152 ounces exceeding our initial 75,000 ounce forecast by 28%. Sales for the year totalled $103 million with 92,700 ounces sold at an average price of $1,112.50 per ounce. In 2008, 86,100 ounces were sold at an average price of $931.25 per ounce. Unsold gold bullion inventory at year end, 2009, stood at 14,000 ounces.The Eagle River mine, Wawa, Ontario, produced 60,754 ounces from 132,000 tonnes milled at an average recovered grade of 14.3 gAu/tonne. Grades exceeded expectations again. The Kiena mine, Val d'Or, Quebec, produced 35,398 ounces from 302,000 tonnes at an average recovered grade of 3.6 gAu/tonne. Lower grades in the mining sequence were offset by higher tonnages.Fourth Quarter, 2009, Production and Sales------------------------------------------In the fourth quarter, Wesdome's production totalled 21,194 ounces. Sales during the quarter totalled $28.0 million with 24,000 ounces sold at an average price of $1,167.39 per ounce.The Eagle River mine produced 12,503 ounces of gold from 30,000 tonnes milled at an average recovered grade of 13.0 gAu/tonne. The Kiena mine produced 8,691 ounces from 89,000 tonnes milled at an average recovered grade of 3.0 gAu/tonne.In the fourth quarter sales exceeded production and gold prices were strong. This will translate to a strong 4th quarter financial performance.Outlook-------For 2010 we forecast approximately 70,000 ounces production with about 38,000 ounces from Eagle River and about 32,000 ounces from Kiena. We expect lower grades at Eagle River, however, refinement in the mining sequence and grade estimates in progress may lead to positive changes in the outlook. Gold sales to date in 2010 have averaged $1,168.00 per ounce.2009 Year End Financial Results-------------------------------Wesdome Gold Mines expects to release the Q4 and 2009 year-end financial results during the week of March 22, 2010. We expect strong grades and gold prices to translate into solid financial performance for the fourth quarter, 2009.2009 Year...