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Wesdome Announces 2019 Fourth Quarter and Full Year Financial Results
TORONTO, March 10, 2020 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) (“Q4 2019”) and full year 2019 financial results. Th
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":" TORONTO, March 10, 2020 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) (“Q4 2019”) and full year 2019 financial results. The Company’s full consolidated financial statements and management discussion & analysis are available on SEDAR at www.sedar.com and on the Company’s website at www.wesdome.com. All figures are stated in Canadian dollars unless otherwise noted. Key highlights of 2019: Production increased by 28% over 2018. Cash costs decreased by 9% over 2018. Eagle River Complex free cash flow generation of $48.4 million. Company free cash flow1 generation of $6.6 million, net of investing $25.1 million into the Kiena Complex. Net income increased 2.7 times over 2018 and adjusted net income1 increased 2.5 times over 2018. Operating cash flow increased by 1.5 times over 2018. Increased Eagle River reserves by 36% net of 91,066 ounces of depletion. Increased Eagle River reserve grade by 20% to 14.4 grams per tonne Increased Eagle River Measured and Indicated Resources by 258%, or 3.6 times over 2018. Increased Kiena Mineral Indicated Resources at the Deep A Zone by 4.1 times over 2018. Concluded a $45.0 million Secured Credit Facility. 1 Refer to the Company’s 2019 Annual Management Discussion and Analysis on pages 29 – 36, entitled “Non-IFRS Performance Measures” for the reconciliation of these non-IFRS measurements to the financial statements. Mr. Duncan Middlemiss, President and CEO commented, “In 2019, we continued to decrease costs and build up free cash flow, largely driven by an almost doubling of production at Eagle River over the last three years. Cash costs of $825 per ounce (US$621 per ounce) and all-in sustaining costs of $1,293/oz (US$975) per ounce were both below guidance, due to higher grades. Eagle River reserves increased by 36% net of production, and reserve grade increased by 20%. Measured and Indicated resources increased by 258%. Looking ahead, in 2020 we plan to further increase production at Eagle River Complex, with guidance of 90,000 – 100,000 ounces, and increase the exploration and definition drilling to 105,500 metres (2019: 71,000 metres). The Eagle River operations generated $48.4 million of free cash flow, of which the majority was reinvested in major exploration programs at Kiena. Kiena indicated resources at the Deep A Zone increa...