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WESDOME Wesdome Announces 2021 Third Quarter Financial Results Kiena Progresses Towards Commercial Production TORONTO , Nov. 10 , 2021 ( GLOBE NEWSWIRE ) -- Wesdome Gold Mines Ltd. ( TSX : WDO ) ( " Wesdome " or the " Company " ) today announces third quarter ( " Q3 2021 ” ) financial results . All figures are stated in Canadian dollars unless otherwise noted . Achievements for Q3 include : Eagle River Complex production of 23,833 ounces Au and YTD production of 76,773 ounces Au sets up well for achieving mid to high end of 2021 guidance ( 92,000 ounces Au - 105,000 ounces Au ) • Kiena pre commercial production of 5,511 ounces ramping up as planned . Good progress made on Tailings Management Facility enhancements , Paste Fill Plant construction , and mobile equipment procurement advancing this asset towards commercial production status • The company remains well funded with $ 69.5 M of cash on hand which allows for organically funding the Kiena restart and aggressive company wide exploration program Mr. Duncan Middlemiss , President and CEO commented , " During the quarter , the Company completed a significant milestone with the successful restart of the Kiena mill , the commencement of underground mining , and the increase in mine construction activities associated with the mine restart . The restart at Kiena has been entirely internally funded , with no debt or dilution to the Company . We produced 5,511 pre - commercial production ounces , and expect 2021's total production from the asset to be within guidance range of 15,000 - 25,000 ounces . As expected , due to initial start up focused on the lower grade S50 zone , located closest to existing development , Kiena cash costs of $ 1,844 ( US $ 1,463 per ounce ) and AISC of $ 1,891 ( US $ 1,501 ) per ounce , are not reflective of the asset long term . We expect to be in full commercial production at this asset in Q2 2022. As we continue to ramp up our production , we continue to expect costs to trend downward . At Eagle , cash costs of $ 987 ( US $ 783 ) per ounce and AISC of $ 1,451 ( US $ 1,152 ) per ounce were within our guidance range . Operating cash flows were $ 33.9 million or $ 0.24 per , and cash margin was $ 35.3 million . Free cash outflow of $ 9.1 million was incurred , net of an investment of a $ 41.1 million investment into the operations , including $ 27.5 million at Kiena . Year to date , production at Eagle River of 76,773 ounces , leaves us very well positioned to meet the mid to high point of our guidance range of 92,000 ounces - 105,000 ounces . With the higher costs realized in Q3 from the Kiena start up , year to date combined cash costs of $ 983 ( US $ 785 ) per ounce and AISC cost of $ 1,406 ( $ US1,123 ) are slightly above our US cost guidance range of $ 900 - $ 1,000 ( US $ 680 - $ 770 ) per ounce for cash costs and $ 1,300 - $ 1,450 ( US $ 980 - $ 1090 ) per ounce AISC . The Kiena costs are pre - commercial production and we expect to achieve full year production guidance . We expect reductions in unit costs as Kiena comes progresses towards commercial production , expected mid next year . Q3 2021 was a very successful quarter in terms of achieving our stated corporate goals . We now are on the path to having our second operating high - grade underground gold mine , de - risking the Company's single asset producer status , and bringing us that much closer to our objective of becoming Canada's next intermediate gold producer . " The Company also announces today the resignation of Marc - Andre Pelletier , Chief Operating Officer , effective January 15 , 2022. Marc will be pursuing another opportunity in a more senior role , a natural progression in his career trajectory . We wish to sincerely thank him for his extensive contributions to the Company , and his key role in the reopening of the Kiena mine , and wish him all the best in his new endeavour . " Key operating and financial highlights of the Q3 2021 results include : • Gold production of 29,344 ounces , which includes 5,511 Kiena pre - commercial ounces , is a 47 % increase over the same period in the previous year ( Q3 2020 : 20,008 ounces ) : ° Eagle River Underground 56,003 tonnes at a head grade of 13.4 grams per tonne for 23,621 ounces produced , 22 % increase over the previous year ( Q3 2020 : 19,319 ounces ) . ⚫ Mishi Open Pit 3,727 tonnes at a head grade of 2.3 g / t Au for 212 ounces produced ( Q3 2020 : 689 ounces ) . о Kiena 30,470 tonnes at a head grade of 5.8 grams per tonne for 5,511 pre - commercial ounces produced . • Revenue of $ 67.5 million , a 23 % increase over the previous year ( Q3 2020 : $ 55.0 million ) . • Ounces sold were 30,000 at an average sales price of $ 2,249 / oz ( Q3 2020 : 21,700 ounces at an average price of $ 2,532 / oz ) . • Cash margin of $ 35.3 million , a 10.0 % increase over Q3 2020 ( Q3 2020 - $ 32.1 million ) . Operating cash flows increased by 33 % to $ 33.9 million or $ 0.24 per share ' as compared to $ 25.6 million or $ 0.18 per