Business
Wesdome Gold Mines Ltd. - Fourth quarter production up 23% over third quarter
TORONTO, Jan. 23, 2012 /CNW/ - Wesdome Gold Mines Ltd. (TSX: WDO) announces fourth quarter ...
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Jan. 23, 2012 /CNW/ - Wesdome Gold Mines Ltd. (TSX: WDO)\n announces fourth quarter operating results and gold sales.  Production\n figures are subject to final refining balances.\n\n\nFourth Quarter, 2011 Production and Sales\nDuring the fourth quarter ended December 31, 2011, the Eagle River and\n Kiena mines produced a total of 12,700 ounces of gold or about 27% of\n our annual production.  Gold sales of 10,000 ounces at an average price\n of $1,721 per ounce generated bullion revenue of $17.2 million.  During\n the fourth quarter the Company's bullion inventory increased from 5,931\n ounces to approximately 8,630 ounces at year end.\n\n\nThe Eagle River Mine produced 8,100 ounces of gold from 47,800 tonnes\n milled at a recovered grade of 5.27 gAu/tonne.  At Eagle River both\n grade and throughput increased.  The Kiena Mine produced 4,600 ounces\n of gold from 56,400 tonnes milled at an average recovered grade of 2.54\n gAu/tonne.  At Kiena work focused on the development of new stopes.  In\n addition, the Mishi Mine stockpiled approximately 21,000 tonnes at 2.0\n g/t which we expect to process in Q1, 2012.\n\n\nIn the fourth quarter we realized our highest gold prices of the year.\n\n\n2011 Production and Sales\nFor the full year, production totalled over 47,800 ounces and 52,000\n ounces were sold generating bullion revenue of $79.5 million at an\n average sales price of $1,529 per ounce.\n\n\nThe Eagle River Mine produced 28,200 ounces of gold from 181,600 tonnes\n milled at an average recovered grade of 4.83 gAu/tonne.  The Kiena Mine\n produced 19,500 ounces of gold from 255,300 tonnes milled at an average\n recovered grade of 2.38 gAu/tonne.\n\n\nAt year end, 2011 the Company held approximately 8,630 ounces of gold in\n inventory.  Final refining receipts for the last shipment are expected\n shortly.\n\n\nOutlook\nIn 2012 we expect higher output levels from each mine and a full year's\n contribution from the Mishi Mine.  Overall production should exceed\n 60,000 ounces in 2012.  We expect the Eagle River Mine to produce about\n 28,000 ounces from 160,000 tonnes at a recovered grade of 5.4\n gAu/tonne, the Kiena Mine to produce about 23,000 ounces from 300,000\n tonnes at a recovered grade of 2.4 gAu/tonne and the Mishi Mine to\n produce about 9...