Wesdome Gold Mines ups gold production

Wesdome Gold Mines ups gold production

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Wesdome Gold Mines (TSX:WDO) said today it produced 24,457 ounces gold in Q1, a 36% increase over the same period a year ago.

Production was slightly better than the last quarter, Q4 2019, when the company produced 21,332 ounces.

The company was able to generate C$16.7 million (US$11.89 million) in free cash flow. The company says it now has C$49.4 million (US$35.7 million) on hand.

Wesdome said it accelerated the processing of the stockpiles in response to the uncertainty surrounding the impact of COVID-19. The change may results in less gold production.

“The Eagle River mine is in reduced operations mode due to management of COVID-19. As a result, and because of accelerated mining of the stockpile, we expect slightly lower production in Q2, but we are maintaining annual guidance of 90,000 – 100,000 ounces and operating cost guidance of C$800 – C$875 (US$615 – $670) and AISC guidance of C$1,280 – C$1350 (US$985 – $1,040) per ounce,” wrote the company.

Wesdome is an intermediate gold producer, aiming to produce 200,000+ ounces from two mines in Ontario and Quebec.

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