Wesdome Gold production rises 34% in Q1 2009
Wesdome Gold Mines Ltd (C:WDO)
Shares Issued 99,726,659
Last Close 5/1/2009 $1.43
Monday May 04 2009 - News Release
Mr. Rolly Uloth reports
WESDOME - RECORD FIRST QUARTER PRODUCTION TOPS 27,000 OUNCES
Wesdome Gold Mines Ltd. has released strong first quarter gold production and bullion sales.
Rolly Uloth, president, commented, "Strong grades and increased gold prices continue to favour our Canadian gold mining operations."
Gold production
During the first quarter 2009, gold production from the company's Eagle River and Kiena gold mines totalled 27,434 ounces, a 34-per-cent increase over the 2008 total of 20,403 ounces. We are off to a strong start.
The Eagle River mine produced 16,885 ounces from 32,287 tonnes milled at an average recovered grade of 16.3 grams per tonne Au.
The Kiena mine produced 10,549 ounces from 58,018 tonnes milled at a recovered grade of 5.7 g/t Au.
Wesdome expects the strong grades and favourable economic conditions to translate into a strong first quarter financial performance.
Gold sales
Bullion revenue in the first quarter of 2009 totalled $23.6-million with 20,700 ounces sold at an average price of $1,138 per ounce. This compares with first quarter 2008 revenue of $16.1-million with 17,337 ounces sold at $931 per ounce. Revenue is up 47 per cent with 20 per cent more ounces sold at gold prices 22 per cent greater than last year.
Gold bullion inventory at March 31, 2009, stood at 17,313 ounces or 78 per cent higher than at the end of the first quarter 2008. The market value of the bullion inventory at March 31, 2009, stood at $20.0-million.
First quarter financial results
Wesdome expects to release its first quarter financial results the week of May 11, 2009. Strong operating results are expected to translate into improving profits and cash flow.
Technical information
Gold production figures are preliminary and subject to final refining and metallurgical balances. Technical information has been compiled by George Mannard, PGeo, vice-president, exploration, and qualified person within the meaning of National Instrument 43-101. |
