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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Wesdome Gold Mines Ltd (QX) | USOTC:WDOFF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.914 | 7.73 | 8.00 | 0.00 | 13:00:00 |
WDO:TSX
TORONTO, Nov. 6, 2014 /CNW/ - Wesdome Gold Mines Ltd. (TSX: WDO) today announces its financial and operational results for the third quarter and first nine months of 2014. All figures are in Canadian dollars unless stated otherwise.
Mr. Rolly Uloth, President and CEO commented, "I am pleased to report that the third quarter is the fourth consecutive quarter the Company has generated positive free cash flow, building our cash position to $10.7 million from $8.3 million in the previous quarter. Some profits were used to be active on our Normal Course Issuer Bid, where during the quarter 203,500 shares were bought back and retired. Over the last year, the Company has been expanding its milling capacity and reliability, and the benefits of these programs are beginning to take effect. During the third quarter, throughput increased by 54% and production based cash costs on a per tonne basis decreased by 33%. A profit growth approach to production while managing unit costs remains a priority as we continue to demonstrate financial strength. Guidance for 2014 was revised upwards to 52,000 ounces last quarter, which we are on track to meet or exceed. Initial guidance for 2015 is 55,000 ounces, with the increase coming primarily from the low-cost Mishi open pit. Current mill capacity supports this increased production rate."
HIGHLIGHTS:
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."
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company has included in this news release certain non-IFRS performance measures, including, but not limited to, mine operating profit, mining and processing costs and cash costs. Cash costs per ounce reflect actual mine operating costs incurred during the fiscal period divided by the number of ounces produced. These measures are not defined under IFRS and therefore should not be considered in isolation or as an alternative to or more meaningful than, net income (loss) or cash flow from operating activities as determined in accordance with IFRS as an indicator of our financial performance or liquidity. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow.
SOURCE Wesdome Gold Mines Ltd.
Copyright 2014 Canada NewsWire
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