December 1, 2014 – Wesdome Gold Mines Ltd is pleased to announce that it will pour its one millionth ounce of gold at its Eagle River mine in Wawa, Ontario on December 5, 2014. Since the first gold brick was poured on October 17, 1995, the Eagle River mine has produced 1.0 million ounces of gold from 3.4 million tonnes at a recovered grade of 9.2 grams per tonne, with higher grades realized in recent years and projected in coming years.
Initially purchased in March 1994 and put into production at a cost of $15.5 million, the Eagle River mine’s profitable production enabled the acquisition of the Edwards mine (1997-2002) and the Mishi mine (2002-present), also located in Wawa. High gold grades and an experienced work force have insulated operations during gold price down cycles enabling a 20-year continuous mine life to date. Wesdome emphasizes local and regional vendors through whom it now spends $30 million annually.
Wesdome has had recent drilling success in identifying the potential for another additional high grade mining area at depth and in recently recognized parallel zones within range of existing workings. Further drilling is underway to fully delineate and define two new parallel structures (the 7 Zone and 300 Zone), and their size potential. Prospecting efforts will attempt to trace their projection to surface. Wesdome expects to release additional drilling results later this year.
Mr. Rolly Uloth, President and CEO commented, “I would like to thank the entire team at Wesdome as well as our suppliers, whose hard work, dedication to mine safety, and commitment to productivity has made this significant milestone possible. We look forward to continuing to prove up the future potential of the Eagle River mine and the exciting growth prospects there as well as the nearby Mishi mine open pit.”
Mr. Rolly Uloth, President and CEO commented, “I would like to thank the entire team at Wesdome as well as our suppliers, whose hard work, dedication to mine safety, and commitment to productivity has made this significant milestone possible. We look forward to continuing to prove up the future potential of the Eagle River mine and the exciting growth prospects there as well as the nearby Mishi mine open pit.”
ABOUT WESDOME
Wesdome Gold Mines Ltd. is in its 28th year of continuous gold mining operations in Canada that employs a profit growth approach to operations. The Company is currently producing from its Eagle River and Mishi gold mines in Wawa, Ontario, which have earned consistent free cash flow during times of low gold prices. Wesdome’s corporate goal is to build a profitable, long-life, sustainable gold mining Company with modest initial capital costs.
This strategy has enabled the Company to acquire strategic property and infrastructure assets in two politically stable and historically proven mining camps. Wesdome has significant upside through ownership of its two other properties, the Kiena Mine Complex in Val d’Or, Québec and the Moss Lake gold deposit located 100 kilometres west of Thunder Bay, Ontario. These assets are being explored and evaluated to be developed in the appropriate gold price environment. The Company has approximately 110.8 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO.”
For further information, please contact:
Lindsay Dunlop.
Vice President, Investor Relations
416-360-3743 ext. 25
ldunlop@wesdome.com
Or
George Mannard, P.Geo.
Vice President, Exploration
416-360-3743 ext. 22
8 King St. East, Suite 1305
Toronto, ON, M5C 1B5
Toll Free: 1-866-4-WDO-TSX
Phone: 416-360-3743, Fax: 416-360-7620
Website: www.wesdome.com