Business
Wesdome second quarter production summary
TORONTO , July 18, 2013 /CNW/ - Wesdome Gold Mines Ltd (TSX: WDO) is pleased to announce...
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":"\n\n\nTORONTO, July 18, 2013 /CNW/ - Wesdome Gold Mines Ltd (TSX: WDO) is\n pleased to announce preliminary gold production and sales figures for\n the second quarter ended June 30, 2013.  Gold production estimates are\n subject to final refining balances which will be reported with the\n upcoming financial statements.\n\n\nDonovan Pollitt, President, commented \"We are halfway to our annual\n production guidance.  The combination of streamlined mining operations\n and focused capital investment in our milling infrastructure put us in\n good shape to weather lower gold prices and improve financial\n performance in the second half of the year.\"\n\n\nGOLD PRODUCTION\n\n\nDuring the second quarter, the Company's mining operations produced\n about 13,800 ounces of gold and 28,300 ounces for the first half of\n 2013.  This is slightly ahead of last year's pace.\n\n\nAt the Eagle River Complex, we lost about a month of milling due to\n severe regional and local flooding during the spring thaw.  Eagle River\n produced 8,200 ounces of gold from 23,068 tonnes milled at a recovered\n grade of 11.1 gAu/tonne.  Mishi produced 1,000 ounces of gold from\n 8,338 tonnes milled at a recovered grade of 3.7 gAu/tonne.  Despite the\n floods, recovered grades were more than double those treated last\n year.  Surface stockpiles at the mill exceeded 100,000 tonnes (85,000\n tonnes Mishi ore at about 2.5 gAu/tonne and 15,000 tonnes Eagle River\n ore at about 7.0 gAu/tonne) to start the second half of the year.\n\n\nThe Kiena Mine in Val d'Or produced 4,600 ounces of gold from 37,045\n tonnes milled at a recovered grade of 3.9 gAu/tonne.  Operations wound\n down as the mine was placed on care and maintenance.\n\n\nGOLD SALES\n\n\nDuring the second quarter gold sales totalled 14,000 ounces at an\n average price of $1,460 Cdn per ounce generating revenue of $20.4\n million Cdn.  This brings first half, 2013, sales to 27,000 ounces at\n $1,549 Cdn per ounce or $41.8 million Cdn.\n\n\nOur gold inventory at June 30, 2013, stood at about 10,300 ounces or\n about $13.4 million Cdn (at $1,300 Cdn per ounce).\n\n\nSECOND QUARTER FINANCIAL RESULTS\n\n\nWe expect to release second quarter and first half, 2013, financial\n results the week of August 5, 2013.\n\n\nOUTLOOK\n\n\nWe have streamlined our mining operations, b...