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Wesdome Gold Mines Announces 2021 Third Quarter Financial Results
TORONTO, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces third quarter (“Q3 2021”) financial r
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":" TORONTO, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces third quarter (“Q3 2021”) financial results. All figures are stated in Canadian dollars unless otherwise noted. Achievements for Q3 include: Eagle River Complex production of 23,833 ounces Au and YTD production of 76,773 ounces Au sets up well for achieving mid to high end of 2021 guidance (92,000 ounces Au – 105,000 ounces Au) Kiena pre commercial production of 5,511 ounces ramping up as planned. Good progress made on Tailings Management Facility enhancements, Paste Fill Plant construction, and mobile equipment procurement advancing this asset towards commercial production status The company remains well funded with $69.5 M of cash on hand which allows for organically funding the Kiena restart and aggressive company wide exploration program Mr. Duncan Middlemiss, President and CEO commented, “During the quarter, the Company completed a significant milestone with the successful restart of the Kiena mill, the commencement of underground mining, and the increase in mine construction activities associated with the mine restart. The restart at Kiena has been entirely internally funded, with no debt or dilution to the Company. We produced 5,511 pre-commercial production ounces, and expect 2021’s total production from the asset to be within guidance range of 15,000 – 25,000 ounces. As expected, due to initial start up focused on the lower grade S50 zone, located closest to existing development, Kiena cash costs of $1,844 (US$1,463 per ounce) and AISC of $1,891 (US$1,501) per ounce, are not reflective of the asset long term. We expect to be in full commercial production at this asset in Q2 2022. As we continue to ramp up our production, we continue to expect costs to trend downward. At Eagle, cash costs of $987 (US$783) per ounce and AISC of $1,451 (US$1,152) per ounce were within our guidance range. Operating cash flows were $33.9 million or $0.24 per, and cash margin was $35.3 million. Free cash outflow of $9.1 million was incurred, net of an investment of a $41.1 million investment into the operations, including $27.5 million at Kiena. Year to date, production at Eagle River of 76,773 ounces, leaves us very well positioned to meet the mid to high point of our guidance range of 92,000 ounces – ...