Wesdome Gold Mines announces second quarter financial results

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[{"type":"text","content":"\n\nTSX:WDO\n\n\n\nTORONTO, Aug. 10, 2015 /CNW/ - Wesdome Gold Mines Ltd. (TSX: WDO) today announces financial results for the second quarter of 2015. All figures in the release are stated in Canadian dollars unless otherwise noted. \n\nRolly Uloth, President and CEO commented, \"The first half of 2015 was concentrated on rapidly developing the new high grade discoveries at the Eagle River mine.  Initial production from the 300 lenses commenced at the end of the quarter and will lead to better overall mine grades in the second half of the year.\"\n\n\"At Mishi, we are seeing increasing production levels.  Now that higher strip ratios during the early life of the pit are essentially complete, we look forward to decreasing strip ratios, further increases in production and lower unit costs.   The recently completed definition drilling program will provide the basis for planning pit expansion.  Initial drill results are expected to be released shortly.\"\n\n\"The second half of the year will also see a reduction in cash expenditures with expansion capex spending for the year complete along with our 2015 drill programs at Mishi and Val d'Or essentially completed.\" \n\nHIGHLIGHTS\n\nMILL THROUGHPUT INCREASES 40% OVER Q1 2015 TO 908 TONNES PER DAY\n\n\nThe Eagle River Underground Mine produced 46,340 tonnes at a head grade of 7.0 grams per tonne (gpt) and a recovery rate of 94.4% to produce 9,848 ounces (6.6 gpt recovered grade). \nThe Mishi Open Pit Mine produced 36,313 tonnes at a head grade of 2.6gpt with a recovery rate of 86.6% to produce 2,628 ounces (2.3 gpt recovered grade). \nCombined production of 12,476 ounces, resulting in an increase of 23% over the previous quarter (10,140 ounces) with 11,740 ounces sold at an average price of CAD$1,465 per ounce. \nManagement anticipates mill throughput for the balance of 2015 to average above 900 tonnes per day with improved mill recoveries as we continue to add leach time in the mill circuit. \n \n\nUNIT COSTS DECLINE WITH HIGHER THROUGHPUT RATES\n\n\nCash operating costs were CAD$171 per tonne, a decrease of 22% compared with the prior quarter ($218 per tonne), and a 49% decrease compared to 2014 average (CAD$340 per tonne). \nAll-in Sustaining Costs were $234 per tonne, a decrease of 27% compared with the prior quarter ($321 per tonne), and a 46% d...

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