Wesdome Provides Operational Updates at Eagle River and Kiena
TORONTO, April 08, 2020 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces updates on operations and activities at the Eagle River Complex in Wawa, Ontario and the Kiena Complex in Val d’Or, Quebec.
The Eagle River complex has further reduced operations, which will be in effect until the resumption of normal activities is deemed safe and appropriate. Non-production related work, such as exploration, and mine construction activities, and the Mishi Open Pit operations have all been suspended in order to facilitate significant crew reductions and allow for enhanced physical distancing to limit the potential spread of the COVID-19 virus. Based on results to date and short-term forecasts, the Company is maintaining production guidance of 90,000 – 100,000 ounces.
Additionally, in accordance with an order issued by the Government of Quebec extending the closure of non-essential services until May 4, 2020, drilling, development, and construction activities at the Kiena Complex will remain suspended. The Preliminary Economic Assessment remains on schedule to be published this quarter.
Mr. Duncan Middlemiss, President and CEO, stated, “We continue to stringently monitor the health and safety recommendations and measures of the COVID-19 pandemic. In addition to ongoing medical screening, staggered scheduling of crews, implementation of travel restrictions, and enhanced cleaning and food handling protocols, we have also significantly reduced crew numbers at the Eagle River Mine. The health and safety of the community, our employees and contractors are our first priority, and we are committed to supporting all health recommendations and orders as it relates to the COVID-19 pandemic. In support of the local communities where we operate, we continue to financially support various initiatives, which help our stakeholders throughout these unprecedented times, and will continue to do so. To date, there have been no suspected COVID-19 cases at the Company’s operations or corporate offices.”
Wesdome Gold Mines has had over 30 years of continuous gold mining operations in Canada. The Company is 100% Canadian focused with a pipeline of projects in various stages of development. The Eagle River Complex in Wawa, Ontario is currently producing gold from two mines, the Eagle River Underground Mine and the Mishi Open pit, from a central mill. Wesdome is actively exploring its brownfields asset, the Kiena Complex in Val d’Or, Quebec. The Kiena Complex is a fully permitted former mine with a 930 metre shaft and 2,000 tonne per day mill. The Company has further upside at its Moss Lake gold deposit, located 100 kilometres west of Thunder Bay, Ontario, which is being explored and evaluated to be developed in the appropriate gold price environment. The Company has approximately 138.2 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO.”
For further information, please contact:
|Duncan Middlemiss||or||Lindsay Carpenter Dunlop|
|President and CEO||VP Investor Relations|
|416-360-3743 ext. 2029||416-360-3743 ext. 2025|
|220 Bay Street, Suite 1200|
|Toronto, ON, M5J 2W4|
|Toll Free: 1-866-4-WDO-TSX|
|Phone: 416-360-3743, Fax: 416-360-7620|
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. The Company has included in this news release certain non-IFRS performance measures, including, but not limited to, mine operating profit, mining and processing costs and cash costs. Cash costs per ounce reflect actual mine operating costs incurred during the fiscal period divided by the number of ounces produced. These measures are not defined under IFRS and therefore should not be considered in isolation or as an alternative to or more meaningful than, net income (loss) or cash flow from operating activities as determined in accordance with IFRS as an indicator of our financial performance or liquidity. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company\'s performance and ability to generate cash flow.