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Wesdome Gold Mines Announces 2020 Fourth Quarter and Full Year Financial Results
TORONTO, March 10, 2021 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) (“Q4 2020”) and full year 2020 financial results. Th
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":" TORONTO, March 10, 2021 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) (“Q4 2020”) and full year 2020 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 2020: Production of 90,278 ounces. Company free cash flow1 generation of $29.0 million, net of investing $40.5 million into the Kiena Complex, an increase of 332% over 2019. Net income increased by 24% from 2019 and adjusted net income1 increased by 31% from 2019. Operating cash flow increased by 44% from 2019. Increased Eagle River Reserves by 5% net of 93,132 ounces of depletion. Increased Eagle River inferred Resources by 22%. Kiena Mine Complex Mineral Resources total 796,000 ounces of indicated and 656,000 ounces inferred. Inferred Resources in the Kiena Deep A Zones of 120,400 ounces. Processed a portion of the bulk sample from Kiena generating $3.6 million. Refer to the Company’s 2020 Annual Management Discussion and Analysis on pages 28 – 35, entitled “Non-IFRS Performance Measures” for the reconciliation of these non-IFRS measurements to the financial statements. Mr. Duncan Middlemiss, President and CEO commented, “2020 was a unique, and at times challenging year as we were faced with the ongoing COVID-19 pandemic. First and foremost, I am very pleased to report that none of our sites or offices had any reported cases of the COVID-19 virus. Despite having to operate both sites at reduced capacities in order to protect our employees, we were able to achieve a number of important milestones this year, such as achieving our production guidance at Eagle River, increasing free cash flow by $22.3 million over 2019, and advancing the Kiena Complex through to mining and milling of a bulk sample. Loss of operational efficiencies due to the evolving pandemic did have an impact on costs, and the volume of diamond drilling. Both operating and AISC costs came in higher than guidance as a result of these measures and the inherent inefficiencies of social distancing in underground operations. We have taken the continuing pandemic into account when forecasting our 2021 cost guidance. Production guidance f...