Wesdome gold mines announces 2016 q4 and full year production results; provides 2017 guidance – junior mining network
TORONTO, ON–(Marketwired – January 17, 2017) – Wesdome Gold Mines Ltd. Best used bookstores nyc (TSX: WDO) (“Wesdome” or the “Company”) today announces fourth quarter (“Q4”) and full year 2016 production results and 2017 guidance.
• Full Year 2016 combined ounces sold from the Eagle River Complex were 48,680 ounces at an average sales price of CAD$1,676 per ounce for revenue of CAD$81.6 M.
Mr. Python xml Duncan Middlemiss, President and CEO commented, “We are very pleased to have achieved the midpoint of our revised guidance range of 45,000 – 50,000 ounces. Binary file download 2016 got off to a slow start but production in the second half of the year was strong with 27,553 ounces produced, and operations are in good shape to get off to a strong start in 2017.”
“This year, we will make some modest investments at the Eagle River Complex to further optimize the Wawa operations and lower costs.
Cad to usd converter Of the estimated $3 M project capital spend, approximately $1.2 M will be spent on the road at Mishi, which will lower trucking costs, and $1.7 M will be spent on an underground ventilation raise which will allow us to open more working faces and provide additional production flexibility at Eagle River. Hex to binary converter Further cost saving initiatives include upgrading underground equipment, which will reduce maintenance costs and downtime, and assist with dilution control.”
“At Mishi, we will be conducting scoping studies to determine if an expansion scenario will enhance profitability and maximize shareholder value. Binary code reader Wesdome does not expect to spend any significant expansion capex at the mill this year. Famous quotes about friendship We expect to publish our reserve and resource updates on both Eagle and Mishi later in the first quarter and this will be the embarkation point to determine the appropriate open pit scenario.”
“During 2017, the company will remain aggressive on the exploration front, with continued exploration at the Eagle River Complex in Wawa, Ontario, the Kiena Complex in Val d’Or, Quebec, and finally the Moss Lake Property near Shebandowan, Ontario.”
“Our drilling budget at the Kiena Complex is comparable to 2016’s rates. Picture format converter Pending exploration results, the Company is evaluating ramp development at this project to the 1100 metre level in order to improve the drilling platforms. Gbp to usd exchange rate history This will allow the Company to drill shorter and more effective holes.”
“Finally Wesdome is conducting a full-year drilling program at Moss Lake in order to evaluate our new land position with the goal of generating additional resources.”
The technical and scientific disclosure in this press release has been prepared and approved by Philip Ng, P. Binary editor Eng, Chief Operating Officer of Wesdome and “Qualified Person” as defined by National Instrument 43-101 disclosure standards.
Wesdome Gold Mines is in its 29 th year of continuous gold mining operations in Canada. Usd to inr history The Company is 100% Canadian focused with a pipeline of projects in various stages of development. Gold chart 1 year The Eagle River Complex in Wawa, Ontario is currently producing gold from two mines, the Eagle River Underground Mine and the Mishi Open pit, from a central mill. Pounds to us dollars converter Wesdome is actively exploring its brownfields asset, the Kiena Complex in Val d’Or, Quebec. Binary multiplication The Kiena Complex is a fully permitted former mine with a 930 metre shaft and 2,000 tonne per day mill. Call option price formula The Company has further upside at its Moss Lake gold deposit, located 100 kilometres west of Thunder Bay, Ontario, which is being explored and evaluated to be developed in the appropriate gold price environment. Usd to sgd conversion The Company has approximately 130 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO.”