Excerpt from Stockwatch Gold-Today Warwick Morley-Jepson's Wesdome Gold Mines Ltd. (WDO) jumped 48 cents to $6.81 on 1.99 million shares on the heels of updated resource calculations for its Eagle River and Kiena deposits. At its Eagle River mine near Wawa in Northern Ontario, Wesdome lists a reserve of 762,000 tonnes at 16.3 grams of gold per tonne, about 400,000 ounces, down from 524,000 ounces a year earlier. At Kiena, near Val d'Or, the company now lists 1.66 million tonnes at 11.4 grams of gold per tonne, about 606,000 ounces, down from 651,000 ounces a year earlier.
Wesdome does have more gold available. The company credits Eagle River with an additional resource of nearly 470,000 ounces of gold at just under 14 grams per tonne, while Kiena has just over 830,000 additional ounces at about 5.7 grams per tonne. Further, it has 120,000 ounces inferred at about 1.6 grams per tonne at Mishi, near Eagle River.
Although Wesdome is mining faster than it is replacing its reserve, Mr. Morley-Jepson is looking to reverse that trend. The company plans nearly 140,000 metres of new drilling this year with a primary focus on expanding its reserves through an upgrade of the existing resources. As well, Mr. Morley-Jepson says, the company will delineate new discoveries made last year at both Kiena and Eagle River.
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