Message to Shareholders

In February 2004, we advised shareholders as follows: “In a series of important transactions at year-end 2003, Wesdome acquired the Kiena mine complex, the Shawkey and the McKenzie Break properties. While none of the Wesdome, Shawkey, McKenzie Break or Kiena properties can operate alone in today’s climate, collectively they represent an asset with formidable potential. There are significant gold zones on all these properties and Kiena has a state-of-the-art 2,000 tpd mill, tailings facilities and a 1000 m shaft. Now that these assets are all under the Wesdome corporate roof there is a real opportunity to build sufficient critical mass to enable mining and milling operations at the complex to restart.

The greatest potential appears to lie in the Wesdome property, but because those zones are three to four kilometres from the Kiena shaft, it will take close to three years to gain access to them. Long term we expect significant mining operations at Wesdome, probably based in the north end of Lac de Montigny. Once the drift from Kiena is in place we will complete the shaft on Island 3 (where a hoist is already installed), build a one-kilometre causeway (subject to permitting) and arrange to place waste on the north shore (already permitted) and send ore south to Kiena. As and when Wesdome becomes functional, it will only be a matter of time before we drift east to have a look at Siscoe.

In the immediate future we plan to move forward quickly on McKenzie Break and areas closer to the Kiena shaft. Subject to a little more drilling, we intend to open up McKenzie Break, a property that should yield modest 10 gram tonnage for mill feed. We also intend to drift into the Shawkey 22 zone where extensive drilling has indicated good potential. Not only does 22 zone contain widespread mineralization, there are several zones to be investigated on the way. And it appears that potential at depth on the Kiena North zone may yield some tonnage. These are about 800 metres from the Kiena shaft (and directly en route to Wesdome) and we intend to access this area as soon as possible.

Funds in hand should cover the exploration and development expenses on Kiena, Shawkey and McKenzie Break described above. If successful, and subject to further financing for pre-production activities, we have set a tentative date for the recommencement of production of gold in November, 2005.

In short, Wesdome’s recent transactions represent a marriage between resources and infrastructure. The latter is in excellent condition and is fully permitted. From a state of hibernation Wesdome has embarked on one of the biggest exploration/development projects in Québec. As long as the gold price co-operates there is a real chance to build a mid-size, long life mine.”

We feel the above summarizes Wesdome’s purpose. Thus far in 2004, work has commenced on three drifts, one east towards Shawkey on the 330 m level and two north towards the North zone and the 388 zone on the Kiena property. The 550 m level drift will ultimately be extended north to the Wesdome property.

Diamond drilling is also underway on the McKenzie Break property with a view to delineating reserves established in previous drilling programs.

There are approximately 40 men employed on Kiena. All facilities are functioning smoothly and we are still optimistic about commencing mining in November, 2005.

We extend our thanks to our employees and shareholders for their patience and continued support.

On behalf of the Board of Directors,

Paul Cregheur
President

April 15, 2004