Wesdome Reports 14-percent Rise in Gold Output for Q3

Wesdome Gold Mines Ltd. (TSX:WDO) announced its financial results for the third quarter of 2015, commenting that it produced 14,284 ounces of gold. That’s a 14-percent increase from the previous quarter.
Other production highlights include:

• Eagle River mill throughput increases for the fifth consecutive quarter
  • Total tonnes processed during the quarter was 88,185 tonnes or 959 tonnes per day (“tpd”) for the quarter. This represents a 6% increase from Q2 2015 (908 tpd) Q3 2015 throughput improved 64% from Q3 2014 (583 tpd)
  • YTD mill availability is at ~88%, up from 74% in 2014 and 66% in 2013
• Production at the 300 Zone commences
  • Head grades for the month of September increased to 9.0 gAu/tonne, 23% higher than 2015’s year to date average of 7.3 gAu/tonne

Financial highlights include:

• Revenue of $18.2 million on gold sales of 12,408 ounces at an average sales price of $1,467 per ounce (US$1,121)
• Mine operating profit for Q3 2015 was $5.3 million, an increase of 71% compared to Q2 2015 of $3.1 million
• Operating cash flow before working capital adjustments was $3.3 million, a 135% increase over the previous quarter’s results of $1.4 million.
  • Operating cash flow before working capital adjustments and Kiena care and maintenance costs was $4.3 million, a 104% increase over the previous quarter’s results of $2.1 million

Rolly Uloh, president and CEO of Wesdome, commented:

Wesdome made significant progress during the third quarter both on current operations optimization and planning future growth at the Eagle River Complex. Production costs have decreased quarter over quarter this year, while mill production has steadily increased. With the 300 Zone now in production, we expect this trend to continue in the fourth quarter and into at least 2017 when the 7 Zone begins production. We also enhanced our board with the addition of Charles Page, and appointed a new Chief Financial Officer. With the balance sheet strengthened by a $5 million private placement subsequent to quarter end, the Company plans on increasing its exploration budget at the Eagle River complex in the near term.

Click here to read the full Wesdome Gold Mines Ltd. (TSX:WDO) press release.