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Wesdome Gold Mines Announces 2022 Fourth Quarter and Full Year Financial Results
TORONTO, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces fourth quarter (“Q4 2022”) and full y
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":" TORONTO, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces fourth quarter (“Q4 2022”) and full year financial results. All figures are stated in Canadian dollars unless otherwise noted. Key Highlights: Eagle River Eagle River underground mine processed 223,735 tonnes at an average grade of 11.5 gpt to produce 79,997 ounces with the underground producing 231,000 tonnes of broken ore. Completed additional drilling and ore development at the Falcon Zone which is improving production and grade forecasting; results in 2023 so far are showing positive reconciliation at the Falcon Zone Kiena Successfully commissioned the pastefill plant and declared commercial production Drilling expanded the size of the A Zones and Footwall Zones, which supports future mine life extension potential Drilling better defined and expanded the Presqu’ile Zone potentially justifying the installation of an exploration ramp Other Named to the Globe & Mail's 2022 Report on Business Women Lead Here list. This annual editorial benchmark identifies best-in-class executive gender diversity in corporate Canada Placed 6th out of 34 TSX-listed materials companies in the annual Globe and Mail Board Games report on corporate governance Warwick Morley-Jepson, Interim CEO commented, “2022 was a challenging year for Wesdome, and we have leveraged our experiences to ensure better operational and financial performance going forward. Production misses at both mines resulted in a net loss of $14.7 million or ($0.10) per share. Previously disclosed grade reconciliation issues at the Falcon zone that impacted 2022 production have been addressed through additional ore development and drilling. Eagle operations are recovering well, with 2023 grade so far reconciling higher than guidance. At Kiena, despite the challenging backdrop of the fractured supply chains we are very pleased to have put a second mine into production, financed almost entirely from internally generated cash flow. The delays encountered in 2022 are behind us, and all required equipment is on site. The next milestone is the continued development of the ramp giving access to mining operations in the A zone. Ramp advancement will position us to mine in the areas where the ounces per vertical metre significantly increase, and grade is expected to ...