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Wesdome Gold Mines Announces First Quarter 2024 Production Results; Provides Timing of First Quarter Financial Results
TORONTO, April 15, 2024 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) (“Wesdome” or the “Company”) today announces first quarter 2024 (“Q
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":" TORONTO, April 15, 2024 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) (“Wesdome” or the “Company”) today announces first quarter 2024 (“Q1 2024”) production results. The Company is also providing notice that it will release first quarter 2024 financial results after market close on Wednesday, May 8, 2024. All figures are expressed in Canadian dollars unless otherwise indicated. Q1 2024 Production Performance Q1 2024 Q1 2023 Ore milled Eagle River (tonnes) 51,632 54,283 Kiena (tonnes) 45,344 42,324 Head grade Eagle River (g/t) 15.5 12.2 Kiena (g/t) 5.9 5.9 Gold production Eagle River (ounces) 24,899 20,491 Kiena (ounces) 8,423 7,877 Total Gold production (ounces) 33,322 28,368 Production sold (ounces) 35,700 30,000 Anthea Bath, President and CEO of Wesdome, commented: “The first quarter of 2024 saw combined production which was in line with expectations, as we begin a year focused on delivering significant production and free cash flow growth. Further to our annual guidance update in January, the remaining three quarters are expected to see stronger output levels, supporting total planned production of 160,000 to 180,000 ounces this year. At Eagle River, processing of higher grade material drove outperformance compared to plan. Development performance related to the 300 Zone continues to perform in line with budget. At the Kiena Mine, development and stope preparation activities advanced during the quarter as the site readies to ramp up and process higher grade material in the second quarter. We note that grade processed during the first quarter reflects a greater proportion of ore from the lower grade Martin Zone. On the back of gold price strength and an increase in cash generation by our operations, we also took the opportunity late in the quarter to reduce the outstanding balance under our revolving credit facility by $10 million. With cash flows expected to increase in the coming months, we remain on track to close out the remaining balance on the facility by the third quarter,” Ms. Bath added. First Quarter 2024 Conference Call and Webcast The Company will release its first quarter 2024 financial results after market close on Wednesday, ...