Business
Wesdome reports earnings of $0.07 per share in first half 2014 versus breakeven 2013
WDO:TSX TORONTO , July 31, 2014 /CNW/ - Wesdome Gold Mines Ltd. (TSX: W...
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":"\n\n\n \n\n \n\nWDO:TSX\n\n\n\n\n\nTORONTO, July 31, 2014 /CNW/ - Wesdome Gold Mines Ltd. (TSX: WDO) (\"Wesdome\" or the \"Company\") is pleased to report its unaudited financial and operating results for the second quarter and first half ended June 30, 2014.  This information should be read in conjunction with Wesdome's interim unaudited financial statements and Management's Discussion and Analysis for the second quarter ended June 30, 2014 available at www.wesdome.com and on SEDAR (www.sedar.com).  All figures are in Canadian dollars unless otherwise specified.\n\nHIGHLIGHTS – Continued Profitability\n\n\n2014 production guidance revised upwards to 52,000 ounces from 50,000 ounces \nH1 2014 production 27,320 oz versus 20,655 oz H1 2013 at Eagle River \nH1 2014 net earnings $7.1 million - $0.07 per share versus $0.00 for H1 2013 \nH1 2014 $US838 cash cost/oz ($US1,174 all-in sustaining cost/oz) versus $US1,049 H1 2013 – a 20% decline \nQ2 2014 production 13,590 oz versus 9,129 oz Q2 2013 at Eagle River \nQ2 2014 net earnings of $2.9 million - $0.03 per share versus $0.00 Q2 2013 \nQ2 2014 $US788 cash cost/oz versus ($US1,139 all-in sustaining cost/oz) versus $US1,190 Q2 2013 – a 34% decline\nRolly Uloth, President, comments \"High mine grades are enabling us to invest in mill infrastructure and development.  This will expand mine life and increase production and efficiency.  Our top notch operating team has created a significant turnaround in corporate profitability compared to last year, which is very satisfying.\"\n\nOVERALL PERFORMANCE HIGHLIGHTS – Strong Cash Flow Continues\n\nAt June 30, 2014, the Company had $13.6 million in working capital, compared to $8.5 million as at December 31, 2013.  During the first half of 2014, revenue exceeded operating costs by $16.1 million and $7.8 million in capital investments were made.  Cash flow from operations totalled $13.5 million and net income of $7.1 million was recorded.\n\nIn the second quarter, 13,590 ounces of gold were produced and 11,179 ounces were sold.  Overall, the Eagle River Complex produced 49% more gold in the current quarter than the same period in 2013.  Total cash costs per ounce decreased 30% to average $859 ($788USD) per ounce for the period, compared to $1,218 ($1,190USD) during the same perio...