Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!
(Wallace Refiners) – Wesdome Gold Mines (TSX: WDO) reported Thursday that its first quarter 2022 combined production of 25,611 oz was up 14% from Q1 2021 and essentially in line with expectations.
In a press-release, Wesdome said that it made significant investments in the business during the quarter to set the company up for a stronger second half of 2022 at both assets.
President and CEO Duncan Middlemiss commented, “At Eagle, we will have additional ore available from the Falcon Zone, which is expected to boost both volume and grade. At Kiena, the ramp up has been impacted by unscheduled downtime related to the underground crusher. As well, some equipment delays and staff absences in the beginning of the year due to the outbreak of the Omicron variant impacted development, hence the lower grade in Q1.”
He added that these challenges have largely been rectified and commercial production at Kiena is on track for mid-year.
Wesdome is Canadian focused with two producing underground gold mines. The company’s goal is to build Canada’s next intermediate gold producer, producing over 200,000 ounces from two mines in Ontario and Québec.
The Eagle River Underground Mine in Wawa, Ontario is currently producing gold at a rate of 95,000 – 105,000 ounces per year.
The recently re-started Kiena Complex in Val d’or, Quebec is a fully permitted underground mine and milling operation. The Kiena Mine is expected to produce 64,000 – 73,000 ounces in 2022.
On a combined basis, the company’s 2022 guidance is 160,000 ounces – 180,000 ounces of gold.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
