Wesdome Gold Mines Ltd. (TSX: WDO) is pleased to announce record gold production and sales figures for the third quarter ended September 30, 2008.
Rolly Uloth, President, commented "These results speak to the high quality of our producing assets and our operating team. It feels good to have steady cash flow at this time."
Gold Production
During the third quarter, 2008, combined gold production from the Company's Eagle River and Kiena mines was approximately 24,000 ounces, a 40% increase over third quarter 2007 production. Production year to date, 2008, stands at about 67,000 ounces, 13% ahead of last year's pace. We are clearly on track to exceed our 2008 production target of 80,000 ounces.
The Eagle River mine produced approximately 12,000 ounces from 32,000 tonnes milled at a head grade of 12.0 gAu/tonne. Metallurgical recoveries averaged 96.9%. Recovered grades year to date have averaged 13.7 gAu/tonne.
The Kiena mine produced approximately 12,000 ounces of gold from 63,000 tonnes milled at a head grade of 6.0 gAu/tonne. Metallurgical recoveries averaged 98.7%. Recovered grades increased 40% compared to the first half, 2008.
Gold Sales
Gold sales in the third quarter totalled 24,463 ounces at an average realized price of $900Cdn per ounce. This compares to 22,600 ounces sold at an average price of $913Cdn per ounce during the second quarter, 2008. For the year to date in 2008, gold sales totalled $58.8 million and have averaged $913Cdn per ounce or $172Cdn per ounce more than they did during the first nine months of 2007.
Bullion inventory at the end of the third quarter stood at about 9,000 ounces.
Third Quarter Financial Results
We expect to release our third quarter, 2008, financial results the week of November 10, 2008. Strong operating results are expected to translate into improving profits and cash flow.
Technical Information
Gold production figures are preliminary in nature subject to final refining balances and metallurgical balances. The technical information in this release has been reviewed by George Mannard, P.Geo., Vice President of Exploration and "Qualified Person" within the meaning of National Instrument 43-101. -- www.cnxmarketlink.com
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
