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Wesdome Gold Mines Announces 2022 Third Quarter Financial Results
TORONTO, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces its third quarter financial results.
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":" TORONTO, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces its third quarter financial results. All figures are stated in Canadian dollars unless otherwise noted. Duncan Middlemiss, President and CEO commented, “During Q3, we are pleased to have made significant advancements on the build out at Kiena, such as completing the hoist refurbishment project during the July shut down. As well, the remaining key electrical components for the paste plant were delivered and installed, and have been successfully powered. Post quarter end, construction is being finalized, and pre-commissioning activities have started. We expect the plant to be fully operational in Q4. Once this is achieved, the Company can declare commercial production at the Kiena mine. At Eagle, initial mining of the Falcon zone in the volcanic host rock resulted in one stope returning lower grades than forecast. However, ongoing development and drilling throughout the year has continued to better define the higher-grade shoots within the Falcon Zone and improved our confidence in forecasting production going forward. Additionally, recent surface and underground drilling, from the 355 m-level exploration drift, has extended the up-plunge extent of the Falcon 7 zone to surface. As the mill was on shut down in July for planned mill thickener refurbishment work, production was relatively in line with Q2 2022 with higher production planned for Q4. Year to date, previously released combined production of 75,734 ounces positions the Company is currently tracking to produce near the low end of its 120,000 – 140,000 ounce revised guidance range and the higher end of our cost guidance range, which relies on significant production late in the fourth quarter. Costs have been higher than previously guided at the start of the year due to a number of factors, primarily lower grade at Eagle River as a result of grade underperformance in the Falcon Zone, supply chain delays resulting in less ounces produced than budgeted at Kiena, and inflationary pressures. The ground conditions in Kiena Deep, specific to the schist and komatiite in the footwall of the A Zone remain challenging, and the equipment delays encountered earlier in the year (now received with the exception of some bolting equipment), have resulted in the develop...