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Gold production climbs at Wawa mine

Gold production climbs at Wawa mine

October 10, 2018

 

Gold production jumped nearly 30 per cent in the third quarter at Wesdome’s Eagle River Complex in Wawa.The Toronto-based mining company reports 19,795 ounces of gold produced at the Eagle River underground mine and Mishi open pit compared to 15,493 ounces in the third quarter of 2017. That’s an increase of 28 per cent.Wesdome sold 18,401 ounces of gold, at an average price of $1,571, in the third quarter. Average price dipped 3 per cent from $1,619 in third quarter of 2017. Gold sold climbed 41 per cent from 13,069 ounces.

 

Eagle River and Mishi sites have produced 54,371 ounces in the first three quarters of this year. That’s up 26 per cent from 43,185 in 2017.Wesdome is “well positioned” to reach its projected production of 70,000 to 75,000 ounces for the year, said president and chief executive officer Duncan Middlemiss in a release.Ore milled at Mishi dipped 89 per cent from 38,638 ounces to 4,076. Gold produced fell 84 per cent from 2,181 ounces to 358 in the third quarter of 2018.

 

“During the third quarter, we had some planned downtime at the mill to complete some upgrades, such as an upgrade to the control system,” said vice-president investor relations Lindsay Dunlop in an email. “We also had some unplanned downtime with thunderstorms causing power outages. When we returned to milling, we prioritized the higher grade, higher margin Eagle River underground ore.”Wesdome anticipates Mishi’s production to return to second-quarter levels, she adds. During that three-month span, 25,233 tonnes were filled at the open pit and 1,860 ounce of gold were produced.

 

The company’s stock (TSX: WDO) closed at $3.52 on Tuesday.

 

Share price has ranged from $1.64 to $3.89 over the last 52 weeks.

 

Source: https://www.saultstar.com/ne