Business
Wesdome - Record revenue of $53.8 million in H1 2009 - Increasing production guidance
TORONTO, Aug. 4 /CNW/ - Wesdome Gold Mines Ltd is pleased to announce strong second quarter and f...
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 4 /CNW/ - Wesdome Gold Mines Ltd is pleased to announce\nstrong second quarter and first half gold production and bullion sales\nfigures.\n\n\nRolly Uloth, President, commented "Healthy gold prices and strong\noperating results have prompted us to increase our production guidance to\n80,000 ounces for 2009."\n\n\nGOLD PRODUCTION\n\n\nDuring the second quarter ended June 30, 2009, combined gold production\nfrom the Company's Eagle River and Kiena mines totalled 20,959 ounces.\nProduction for the first half 2009 totalled 48,393 ounces, a 12% increase over\n2008's first half performance.\n\n\nDuring the second quarter, the Eagle River mine produced 14,183 ounces\nfrom 32,908 tonnes milled at a recovered grade of 13.4 gAu/tonne. First half\nproduction totalled 31,068 ounces from 65,195 tonnes milled at a grade of 14.8\ngAu/tonne.\n\n\nIn the second quarter, the Kiena mine produced 6,776 ounces of gold from\n67,216 tonnes milled at an average recovered grade of 3.1 gAu/tonne.\nProduction year to date totals 17,325 ounces from 125,234 tonnes milled at a\ngrade of 4.3 gAu/tonne.\n\n\nWe expect favourable economic conditions to translate into a strong\nsecond quarter financial performance.\n\n\nGOLD SALES\n\n\nGold sales in the second quarter totalled $30.2 million with 28,000\nounces sold at an average realized price of $1,076Cdn per ounce. Year to date\nsales total $53.8 million with 48,700 ounces sold at an average of $1,102 per\nounce, or $181 per ounce more than during the first half of 2008.\n\n\nAt June 30, 2009, bullion inventory stood at 10,272 ounces with a market\nvalue of $11.2 million.\n\n\nSECOND QUARTER FINANCIAL RESULTS - OUTLOOK\n\n\nWe expect to release our second quarter financial results the week of\nAugust 10, 2009. Economic conditions continue to favour Canadian gold mines.\nAlthough we forecast lower grades in the mining sequence during the second\nhalf of the year, our strong first half performance prompts us to raise our\nannual production guidance to 80,000 ounces.\n\n\nABOUT WESDOME\n\n\nWesdome is an established Canadian gold producer with wholly-owned mining\nand milling complexes located in Wawa, Ontario and Val d'Or, Quebec. Wesdome\nhas been producing gold continually for 20 years on an unhedged basis and to\ndate has produced in excess of 1.0 million ounces. The Company ha...