Wesdome Lists Higher 1Q Profit, Gold Production
(Kitco News) - Wesdome Gold Mines Ltd. (TSX: WDO) reports net income of C$2.9 million, or 2 Canadian cents per share, in the first quarter, up from C$0.7 million, or a Canadian penny, in the same quarter a year ago. Excluding special items, first-quarter adjusted net income was C$2.9 million. The company reports gold production of 17,949 ounces from the Eagle River complex, an 18% increase over year-ago output of 15,162 ounces. “2018 is off to a strong start with higher underground grades and volume driving higher gold production and lower costs,” says Duncan Middlemiss, president and chief executive officer. He says costs are expected to trend downward in the second half of the year, when the company opens two new stopes. “Cash flows will continue to be used to aggressively drill underground at the Eagle River underground mine and the Kiena complex,” Middlemiss says.