Wesdome Gold Mines - CEO, Duncan Middlemiss
CEO, Duncan Middlemiss
Source: CIM Magazine
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Wesdome Gold Mines (TSX:WDO) has announced that production for Q1 2020 has not been affected by the COVID-19 outbreak
  • The company claims that no employees, contractors, or consultants have tested positive for the virus
  • Wesdome’s Eagle River mine has reduced its non-production workforce to meet social distancing guidelines
  • As a result, the company has reduced exploration at Eagle River by 40 per cent
  • Wesdome Gold Mines (TSX:WDO) is up 11.81, and trading for $6.91 per share, with a market cap of $936 million

Wesdome Gold Mines (TSX:WDO) has announced that their production guidance for 2020’s first quarter hasn’t changed, despite COVID-19 impacts.

The company’s Eagle River complex in Wawa, Ontario is running on a reduced workforce, and has scaled back non-production activities.

The exploration at Eagle River has constricted by 40 per cent, as the company attempts to keep common areas of the camp less occupied, to ensure compliance with social distancing guidelines.

Wesdome has also suspended mining of the Mishi Open Pit for similar reasons.

The company has stated that market conditions may change, and they will update the market with changes if and when those occurs.

Wesdome’s President and CEO, Duncan Middlemiss, said the company is operating in unprecedented times.

“Our vigilance will go a long way to keeping everyone safe.

“The company is currently operating Eagle River with normal underground production and reduced exploration, open pit, and construction activities, to lessen the number of people on site.

“We are fully invested in our social distancing protocol. Reducing people accessing the sites is, we feel, a prudent approach to lessening the risk,” he said.

Wesdome adopted COVID-19 measures company-wide as of March 12.

The measures include body temperature monitoring and requesting health surveys of anyone entering the Eagle River Complex or Kiena mine.

The company has also had deep cleaning and social distancing protocols implemented at their production sites and corporate offices.

Currently, the Eagle River Complex is net cash flow positive, and is funding the exploration work at the Kiena mine site.

Wesdome Gold Mines (TSX:WDO) is up 11.81 per cent, and trading for $6.91 per share, at 3:14pm EST.

More From The Market Herald

" Eastern Platinum (TSX:ELR) sign finance facility agreement with Investec Bank

Eastern Platinum (ELR) has signed a finance facility agreement with Investec Bank.

" Revival Gold Intersects Revival (TSXV:RVG) intersects more gold at Beartrack-Arnett

Revival Gold (RVG) released new results from its 2022 drilling program at the Beartrack-Arnett Gold Project.

" Buscando Resources (CSE:BRCO) announces private placement financing

Buscando Resources (BRCO) announced a non-brokered private placement for gross proceeds of $200,000.
The Market Herald Video

" Dundee Corporation (TSX:DC.A) closes privatization of Big River Gold

Dundee (DC.A) has closed its privatization of Big River Gold with Aura Minerals.