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Wesdome Gold Mines Announces 2023 First Quarter Financial Results
TORONTO, May 10, 2023 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces first quarter (“Q1 2023”) financial re
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":" TORONTO, May 10, 2023 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces first quarter (“Q1 2023”) financial results. All figures are stated in Canadian dollars unless otherwise noted. Warwick Morley-Jepson, Board Chair and Interim CEO commented, “The year is off to a solid start with combined production results of 28,368 ounces coming in ahead of budget. We continued to make excellent progress on the Kiena production ramp, currently at the 123 level. Once the ramp reaches the 129 level late this year and we can develop 129L station, we will be able to take advantage of the significant ounces per vertical metre increase which is expected to result in materially better unit economics in 2024. At Eagle River, production exceeded our internal targets. Grade reconciliation in the Falcon Zone has significantly improved now that additional drilling and ore development is in place. Our balance sheet is also continuing to benefit from higher production and gold prices, as well as disciplined use of our ATM financing. During the quarter, we paid down $8 million of debt, $12 million in Accounts Payables and expect to continue aggressively paying down our credit facility throughout the rest of the year.” Q1 2023 Q1 2022 Ore milled (tonnes) Eagle River 48,133 53,217 Mishi 6,150 11,873 Kiena 42,324 21,162 Total Ore Milled 96,607 86,252 Head grade (grams per tonne, “g/t”) Eagle River 13.5 11.6 Mishi 2.3 3.6 Kiena 5.9 7.7 Gold production (ounces) Eagle River 20,159 19,334 Mishi 332 1,165 Kiena 7,877 5,112 Total Gold Production 28,368 25,611 Production sold (ounces) 30,000 28,000 First quarter 2023 highlights: At Eagle, production exceeded our internal targets. Grade reconciliation in the Falcon Zone has significantly improved now that additional drilling and ore development is in place. Q1 2023 cash costs of $1,192 (US$881) per ounce and AISC of $1,709 (US$1,264) per ounce of gold were below combined guidance and are expected to be maintained. At Kiena, we continued to make excellent strides towards the successful ramp-up of mining activities in 2023 and beyond. Development of the ramp to the 129L giving access to the A Zone of Kiena Deep...