TORONTO, Feb. 17 /CNW/ -- Wesdome is pleased to announce mineral reserve and resource estimates for its two 100%-owned gold mines as of December 31, 2009.
HIGHLIGHTS
- Total reserves increased, net of depletion
- Resources decreased marginally
- Development headings established to drill zones which remain open
RESERVES AND RESOURCES
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RESERVES ESTIMATES* December 31, 2009
Mine Category Tonnes Grade Ounces
---- -------- ------ ------ -------
(gAu/tonne)
-----------
Eagle River Proven 87,000 11.0 31,000
Probable 313,000 7.9 79,000
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Proven + Probable 400,000 8.6 110,000
Kiena Proven 188,000 3.5 21,000
Probable 412,000 4.3 57,000
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Proven + Probable 600,000 4.1 78,000
Total 188,000
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RESOURCES ESTIMATES* December 31, 2009
Mine Category Tonnes Grade Ounces
---- -------- ------ ------ -------
(gAu/tonne)
-----------
Eagle River Inferred 236,000 7.2 55,000
Kiena Measured 409,000 3.6 47,000
Indicated 802,000 3.4 88,000
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Measured +
Indicated 1,211,000 3.5 135,000
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* All Mineral Reserves and Mineral Resource estimates have been made in
accordance with the Standards of the Canadian Institute of Mining,
Metallurgy and Petroleum and National Instrument 43-101.
All Mineral Resources are in addition to Mineral Reserves.
Mineral Resources are not in the current mine plan and therefore do
not have demonstrated economic viability.
As per section 4.2(ii) of National Instrument 43-101, the change in
mineral reserves and resources does not constitute a material change
in the affairs of the Company. For the Eagle River mine refer to the
Technical Report filed on Sedar, dated December 2005, by Strathcona
Mineral Services Ltd. For the Kiena mine refer to the Technical
Report dated April 15, 2005, by Geologica Groupe Conseil, also filed
on Sedar.
Qualified Persons for the Mineral Reserves and Mineral Resources
estimates as per 43-101 are as follows:
Eagle River mine: George N. Mannard, P.Geo., Vice President -
Exploration
Kiena mine: Paul Arscott, P.Geo., Chief Mine Geologist (Kiena
mine)
The Company is a Producing Issuer as per NI 43-101.
At Eagle River, proven and probable reserves contained ounces of gold rose 50%, net of depletion. The high grade 811 Zone opened up at depth. It has been extended a further 300 metres (1000 feet) at depth and remains open. This zone has provided the bulk of the last two years' production at grades 50% higher than the life of mine average.
At Kiena, proven and probable reserves contained ounces decreased 30%, net of depletion. We continue to maintain a 2-year cushion of reserves and promote resources into the mine plan.
In 2010 we will continue the stepwise re-evaluation of our assets for organic growth potential. Chief amongst these are the Mishi deposit, the Dubuisson discovery and the Wesdome property. Acquisition opportunities which fit our regional development strategy will continue to be examined with discipline.
ABOUT WESDOME
Wesdome is an established Canadian gold producer with wholly-owned mining and milling complexes located in Wawa, Ontario and Val d'Or, Québec. Wesdome has been producing gold continually for 20 years on an unhedged basis and to date has produced in excess of 1.0 million ounces. The Company has 100.6 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol "WDO".
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
