Business
Wesdome earns $2.6m in first half of 2010
Wesdome earns $2.6m in first half of 2010
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":"\n\n\n\n Aug. 16, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nTORONTO, Aug. 16 /CNW/ - Wesdome Gold Mines Ltd (WDO: TSX) ("Wesdome" or the "Company") is pleased to report its unaudited financial and operating results from its Canadian operations for the second quarter ended June 30, 2010. This information should be read in conjunction with the Company's interim unaudited financial statements and Management's Discussion and Analysis for the second quarter ended June 30, 2010 which will be available for viewing on the Company's website at www.wesdome.com and on SEDAR (www.sedar.com). All figures are in Canadian dollars unless otherwise specified.\nThe Company owns the Eagle River gold mining operation in Wawa, Ontario and the Kiena mining complex in Val d'Or, Quebec. The Eagle River mine commenced commercial production on January 1, 1996, and the Kiena mine on August 1, 2006.\n\nThe second quarter 2010 highlights are as follows:\n\n\n >\n\n\nDonovan Pollitt, President & CEO comments, "The second quarter demonstrated modest earnings and respectable cash flow from operations as we continue to treat lower grade material from both mines in view of higher gold prices. We expect to meet our production forecasts due to improving grades in the fourth quarter of 2010. Recent exploration press releases demonstrate the potential of both producing assets as well as our Mishi mine going forward."\n\nOVERALL PERFORMANCE\n\nAs at June 30, 2010, the Company had working capital of $34.0 million. During the first half of the year, cash flow from operations totalled $10.0 million; $8.9 million of capital investments in exploration, development and mining equipment were made and $2.0 million in dividends were paid. Net income for the six month period ended June 30, 2010, was $2.6 million with most of this earned in the first quarter.\nBoth mines are producing from low grade areas in their mining sequences currently. We are...