Wesdome ups 2021 gold production 37% in an 'excellent' year for the company
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The company added that production from the Eagle River Complex in 2021 was 265,267 tonnes at an average grade of 12.2 gpt for 101,403 ounces of gold, near the high end of the company's 2021 production guidance of 92,000 – 105,000 ounces.
At Kiena, total production for the year was 68,470 tonnes at an average grade of 10.4 gpt at a recovery rate of 98% for 22,440 ounces of gold, also near the high end of our guidance range of 15,000 – 25,000 ounces.
President and CEO Duncan Middlemiss commented, "2021 was an excellent year for Wesdome. We achieved two significant operational milestones, record production at the Eagle River Complex of 101,403 ounces, and the commencement of pre-production and construction activities at the Kiena mine in preparation for commercial production in Q2 2022.
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"These achievements have resulted in further de-risking of the company with the addition of a second producing Canadian asset which ultimately increases scale and diversifies cash flow sources, both key steps towards becoming a mid-tier Canadian producer."
Looking ahead to 2022, the company expects total production of 160,000 – 180,000 ounces, a 30% - 45% increase over 2021; and costs to be slightly lower than in 2021, with all-in sustaining costs to range between $1,270 and $1,400 per ounce (US$ 1,015 – $1,125).
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 company also retains meaningful exposure to the Moss Lake gold deposit, located 100 kilometres west of Thunder Bay, Ontario through its equity position in Goldshore Resources.