Wesdome Announces Third Quarter 2022 Production Results, The Canadian Business Journal

TORONTO, Oct. 13, 2022 (GLOBE NEWSWIRE) — Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announced its third quarter (“Q3”) 2022 production results. Announced. All figures are in Canadian dollars unless otherwise stated.

Duncan Middlemiss, President and CEO, commented: In the third quarter, he had a planned closure in July to complete factory upgrade and refurbishment work, which went according to plan and delivered operational benefits such as reduced reagent consumption. already brought.

In Kiena, the mine was also scheduled to close in July due to a required hoist upgrade. Similarly, key components of the paste-filling plant were delivered and installed in the third quarter, and plant commissioning is on track for the second half of the fourth quarter. Once the paste filling system is fully operational, it will be able to focus on mine development, increase operational flexibility, and operate successfully in the challenging ground conditions encountered on the Kiena seabed. We are now tracking to produce towards the lower end of the total guidance range of 120,000 to 140,000 this year. “

Amounts are in Canadian dollars	third quarter									year to date
		2022		2021	dispersion			% +/(-)			2022		2021	dispersion			% +/(-)
Smelted ore (tons)
Eagle River		52,247		56,003		(3,756	)	(7	%)		165,428		172,600		(7,172	)	(Four	%)
Mishi		3,595		3,727		(132	)	(Four	%)		23,153		30,293		(7,140	)	(twenty four	%)
Kiena		16,112		30,470		(14,358	)	(47	%)		63,752		30,470		33,282		109	%
		71,954		90,200		(18,246	)	(20	%)		252,333		233,363		18,970		8	%
Head grade (grams/ton, “g/t”)
Eagle River		10.7		13.4		(2.7	)	(20	%)		10.6		13.8		(3.2	)	(twenty three	%)
Mishi		2.8		2.3		0.5		twenty two	%		3.2		2.4		0.8		33	%
Kiena		10.2		5.8		4.4		76	%		9.5		5.8		3.7		64	%
gold production (ounces)
Eagle River		17,405		23,621		(6,216	)	(26	%)		54,495		74,853		(20,358	)	(27	%)
Mishi		270		212		58		27	%		2,005		1,920		85		Four	%
Kiena		5,208		5,511		(303	)	(Five	%)		19,234		5,511		13,723		249	%
total gold production		22,883		29,344		(6,461	)	(twenty two	%)		75,734		82,284		(6,550	)	(8	%)
Sales volume (oz)3		27,500		30,000		(2,500	)	(8	%)		81,500		80,957		543		1	%
Gold sales ($ million)Four	$61.8		$67.5		($5.7		)	(8	%)	$190.2		$177.2		$13.0			7	%
Average Realized Price per Ounce2	$2,246		$2,249			(3	)	(0	%)	$2,334		$2,239			95		Four	%

Note:

1. Numbers may not add due to rounding.
2. Average realized price per ounce is a non-IFRS measure, calculated by dividing reported revenues from gold sales by the number of ounces sold in a given period. For calculations, please refer to the company’s middle management discussion and analysis for the period ended June 30, 2022 filed with SEDAR.
3. YTD 2021 sales include 1,793 oz of gold sold from Kiena bulk samples processed in Q4 2020 and sold in Q1 2021.
4. YTD 2021 revenue does not include $3.9 million in revenue from Kiena bulk samples processed in Q4 2020 and sold in Q1 2021. Ancillary revenues are recorded against the cost of the Kiena exploration assets.

Technical disclosure

The technical content of this release has been edited, reviewed, and approved by Frederic Langevin, Engineer, Chief Operating Officer, a “Qualified Person” as defined by National Instrument 43-101.Mineral Project Disclosure Standards.

About Wedome

Wesdome is a dedicated Canadian gold producer with two high-grade underground assets in Canada, the Eagle River Mine in Ontario and the recently reopened Quiena Mine in Quebec. The Company also has significant exposure to the Moss Lake gold deposit in Ontario through its Goldshore Resources Inc. equity position. Our primary goal is to responsibly leverage this operational platform and high quality brownfield and greenfield exploration pipeline to build Canada’s next intermediate gold producer. Wesdome is traded on the Toronto Stock Exchange under the symbol ‘WDO’ and has a secondary listing on the OTCQX under the symbol ‘WDOFF’.

This news release contains “forward-looking information”, which may include, but is not limited to, statements regarding future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements are referred to as “plans,” “anticipates,” “anticipates,” “budgets,” “intends,” “estimates,” “forecasts,” “such Variations (including negative variations) of a word or phrase or that a particular action, event, or outcome “could”, “could”, “could”, “could” ‘, or ‘a will’ is taken, caused, or accomplished. Forward-looking statements involve known and unknown risks, uncertainties and other factors that cause the Company’s actual results, performance or achievements to be either expressed or implied by forward-looking statements. Future results, performance or achievements may differ materially. The statement you are looking for. The forward-looking statements contained herein are made as of the date of this press release and the Company may, as a result of new information, future events or results or otherwise, make forward-looking statements. I disclaim any obligation to update. 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. We undertake no obligation to update any forward-looking statements if circumstances, management’s estimates or opinions change, except as required by securities laws. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. The Company has included certain non-IFRS performance measures in this news release, including but not limited to mine operating income, mining and processing costs and cash costs. Cash cost per ounce is the actual mine operating costs incurred during the accounting period divided by the number of ounces produced. As these measures are not defined by IFRS, we use net income (loss) or cash flows from operating activities determined in accordance with IFRS as measures of a company’s financial performance, either alone or as an alternative or more meaningful. should not be viewed as Or liquidity. In addition to traditional measures prepared in accordance with IFRS, we believe that certain investors use this information to assess our performance and ability to generate cash flow.

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