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Wesdome Gold Mines Announces Fourth Quarter and Full Year 2023 Production Results; Provides Multi-Year Guidance and Management Update
TORONTO, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) (“Wesdome” or the “Company”) today announces fourth quarter (“Q4”) a
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":" TORONTO, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) (“Wesdome” or the “Company”) today announces fourth quarter (“Q4”) and full year 2023 production results. The Company is also providing multi-year production and operating guidance, as well as a management update. All figures are in Canadian dollars unless otherwise stated. Q4 and 2023 Production Performance Q4 2023 Q4 2022 FY 2023 FY 2022 Ore milled Eagle River (tonnes) 54,669 58,306 228,777 246,887 Kiena (tonnes) 49,649 51,419 191,148 115,171 Head grade Eagle River (g/t) 14.1 14.0 12.4 10.7 Kiena (g/t) 7.7 5.9 5.9 7.9 Gold production Eagle River (ounces) 24,072 25,502 87,799 82,002 Kiena (ounces) 12,144 9,614 35,536 28,848 Total Gold production (ounces) 36,216 35,116 123,335 110,850 Production sold (ounces) 37,620 31,500 126,620 113,000 Anthea Bath, President and CEO of Wesdome, commented: “Reflecting on 2023, it was a year with significant change. I am proud of the site and corporate teams who came together to address the challenges we faced and am pleased to report we ended the year on a strong note. Delivering on operating guidance was a strategic imperative and was made possible by the dedication and resiliency of our employees at every level of the company. Looking ahead, we enter 2024 with two producing high-grade operations in Ontario and Quebec, supporting our expectations for record production levels, lower costs and a rebound in free cash flow generation. At Kiena, we expect to complete level development and ramp up production from the Kiena Deep A Zone early in the second quarter. At Eagle River, we will continue to seek ways to optimize the operation and reduce costs while we advance key development towards the 300 Zone at depth. Successful execution this year will also set the stage for further production growth and lower unit costs, with internal plans supporting initial guidance of 175,000 to 210,000 ounces in 2025. We expect to focus on delivering on the fundamentals, where comprehensive asset optimization, cost control and exploration will be at the forefront. This approach is designed to make new discoveries, incr...