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Market: TSX
Sector: Gold Mining
Epic: TSX:WDO
News: Latest news
Web Site: Wesdome Gold Mines
Other Articles: 26-10-200911-08-200923-06-2009

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Wesdome Gold Mines

Wesdome Gold Mines

Wesdome Gold Mines is an established Canadian gold producer with wholly-owned mining and milling complexes located in Wawa, Ontario and Val d'Or, Québec. Wesdome has been producing gold continually for 20 years on an unhedged basis and to date has produced in excess of 1.0 million ounces

Tuesday, February 09, 2010

Wesdome Gold Mines full year production easily exceeds guidance

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Wesdome Gold Mines (TSX: WDO), which owns and operates the Eagle River and Kiena Mines in Canada, reported that total gold production for the 12 month period ended 31 December 2009 easily surpassed initial guidance of 75,000 ounces.

 
The junior gold producer actually produced just over 96,000 ounces of gold, 28% ahead of its initial guidance for 2009.  Sales generated from 92,700 ounces of gold sold was C$103 million as the company benefited from an average selling price of $1112.50 per ounce, up from $931.25 per ounce in the previous year.  Unsold gold bullion inventory at year end of 2009 stood at 14,000 ounces.


The Eagle River Mine at Wawa, Ontario, produced 60,754 ounces from 132,000 tonnes milled at an average recovered grade of 14.3 grams per tonne gold - grades exceeded expectations. Meanwhile, at the Kiena mine in Val d'Or, Quebec, production totaled 35,398 ounces from 302,000 tonnes at an average recovered grade of 3.6 grams per tonne gold. Lower grades were offset by higher tonnage.


In the fourth quarter (3 months to December 31, 2009), Wesdome produced 21,194 ounces, and sold 24,000 ounces at an average price of $1,167.39 per ounce which generated $28.0 million in sales.


Looking ahead to 2010, Wesdome is anticipating annual gold production to be around 70,000 ounces - 38,000 from Eagle River, 32,000 from Kiena – as the average grade of material at Eagle River falls.  However, despite the apparently disappointing guidance for 2010, Wesdome did note that guidance could be revised upward as it refines its outlook for the remainder of the current fiscal year.


An updated reserve and resource estimate for both mines is expected this month. “Management expects reserves at Eagle River will increase net of depletion and reserves at Kiena to decrease marginally,” Wesdome stated.

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