2022 Q1 Production Results-> from the release
GlobeNewswireApr 14, 2022 7:00 AM EDT
TORONTO, April 14, 2022 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces first quarter (“Q1”) 2022 production results. All figures are in Canadian dollars unless otherwise stated.
Duncan Middlemiss, President and CEO, commented, “Wesdome’s first quarter combined production of 25,611 oz (up 14% from Q1 2021) was essentially in line with expectations and represents the low quarterly production for the year, as we made significant investments in the business during the quarter to set us up for a stronger second half at both assets. At Eagle, we will have additional ore available from the Falcon Zone, which is expected to boost both volume and grade. At Kiena, the ramp up has been impacted by unscheduled downtime related to the underground crusher. As well, some equipment delays and staff absences in the beginning of the year due to the outbreak of the Omicron variant impacted development, hence the lower grade in Q1. These challenges have largely been rectified, and commercial production is on track for mid year. This is a transformational year for Wesdome as Eagle continues its 100,000 plus ounce per year run rate, and as we begin to hit our stride with full commercial production at Kiena, getting that much closer to our stated objective of becoming Canada’s next intermediate gold producer.”
| Amounts are denominated in Canadian dollars | First Quarter |
| | 2022 | 2021 | Variance | % +/(-) |
| | | | | |
| Ore milled (tonnes) | | | | |
| Eagle River | 53,217 | 53,540 | -323 | (1%) |
| Mishi | 11,873 | 17,219 | -5,346 | (31%) |
| Kiena | 21,162 | 0 | 21,162 | 0% |
| Total Ore Milled | 86,252 | 70,759 | 15,493 | 22% |
| | | | | |
| Head grade (grams per tonne, “g/t”) | | | | |
| Eagle River | 11.6 | 12.8 | (1.2) | (9%) |
| Mishi | 3.6 | 2.5 | 1.1 | 44% |
| Kiena | 7.7 | 0 | 7.7 | 0% |
| | | | | |
| Gold production (ounces) | | | | |
| Eagle River | 19,334 | 21,396 | -2,062 | (10%) |
| Mishi | 1,165 | 1,169 | -4 | (0%) |
| Kiena | 5,112 | 0 | 5,112 | 0% |
| Total Gold Production | 25,611 | 22,564 | 3,047 | 14% |
| | | | | |
| Production sold (ounces) 3 | 28,000 | 22,457 | 5,543 | 25% |
| | | | | |
| Revenue from gold sales ($ millions) 4 | $ 66.6 | $45.9 | $20.7 | 45% |
| | | | | |
| Average realized price per ounce 2 | $ 2,379 | $2,223 | $156 | 7% |
| | | | | |
Notes:
- Numbers may not add due to rounding.
- Average realized price per ounce is a non-IFRS measure and is calculated by dividing the reported revenue from gold sales by the number of ounces sold for a given period. Please reference the Company’s interim management discussion and analysis for the period ended March 31, 2022 filed on SEDAR for their calculations.
- Q1 2021 production sold includes 1,793 ounces of gold sold from the Kiena bulk sample which was processed in Q4 2020 and sold in Q1 2021.
- Q1 2021 revenue excludes $3.9 million of revenue from the Kiena bulk sample, which was processed in Q4 2020 and sold in Q1 2021. The incidental revenue was credited against the cost of the Kiena exploration asset.
Technical Disclosure
The technical content of this release has been compiled, reviewed and approved by Jacqueline Wheeler, P. Eng, Director, Corporate Development and Technical Projects and Michael Michaud, P.Geo., Vice President, Exploration of the Company and each a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects .
Wesdome Announces 2022 First Quarter Production Results