Business
Wesdome reports first quarter operating and financial results
TORONTO, May 9, 2013 /CNW/ - Wesdome Gold Mines Ltd (TSX: WDO) ("Wesdome" or the "Company")...
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, May 9, 2013 /CNW/ - Wesdome Gold Mines Ltd (TSX: WDO)\n (\"Wesdome\" or the \"Company\") is pleased to report its unaudited\n financial and operating results from its Canadian operations for the\n first quarter ended March 31, 2013.  This information should be read in\n conjunction with the Company's interim unaudited financial statements\n and Management's Discussion and Analysis for the first quarter ended\n March 31, 2013 which will be available for viewing on the Company's\n website at www.wesdome.com and on SEDAR (www.sedar.com).  All figures are in Canadian dollars unless otherwise specified.\n\n\nThe Company owns and operates the Eagle River mine complex in Wawa,\n Ontario and the Kiena mine complex in Val-d'Or, Quebec.  On January 1,\n 2012, the Mishi mine in Wawa commenced commercial production.  The\n Eagle River and Mishi mines feed a common mill and are referred to as\n the Eagle River complex.  The Eagle River mine has been in continuous\n production since commercial production commenced January 1, 1996.  It\n has produced over 929,408 ounces to date.  The Kiena mine was purchased\n by the Company in 2003.  It restarted commercial production on August\n 1, 2006.  It was previously in production from 1982 - 2002.  To date\n the Kiena mine has produced over 1,752,708 ounces of gold.\n\n\nThe first quarter of 2013 highlights are as follows:\n\n\nProduction of 14,529 ounces of gold compared to 12,489 ounces last year\n\n\nCash flow from operations of $2.8 million\n\n\nCash and bullion at market $19.0 million\n\n\nEagle River grades double to 11.5 gAu/tonne\n\n\nKiena wound down to improve fiscal performance in second half\n\n\nDonovan Pollitt, President & CEO comments \"In the first quarter we took\n steps to improve overall fiscal performance over the short to medium\n term.  Unfortunately, this involved a tough decision to place Kiena on\n care and maintenance despite our long-term belief in this asset, its\n significant resources and its obvious exploration potential.  We are\n focused on the Eagle River Complex where modest infrastructure\n investment and careful mining will generate superior returns on\n investment for our shareholders.  This should really kick-in on the\n financial statements in the second half of the year, a...