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WESDOME Gold Mines -- unentdeckte kanadische Goldperle!?



Begriffe und/oder Benutzer

 

Bin in einem Interview mit John Embry von Sprott Asset auf WESDOME Gold Mines gestoßen, einem alteingesessenen kanadischen Goldproducer.Habe gestern ans der TSX gekauft, da in Berlin keine oder kaum Umsätze. Ist zwar schon gut gelaufen, aber die Perspektiven sind weiter exellent.

Hier ein paar kurze Info´s zu letzten Quarter:



Wesdome earns $0.08 per share in Q1


8:00 AM ET, May 13, 2009


TORONTO, May 13, 2009 (Canada NewsWire via COMTEX) -- Wesdome Gold Mines Ltd (WDO: TSX) ("Wesdome" or the "Company") is pleased to report its unaudited financial and operating results from its Canadian operations for the first quarter ended March 31, 2009. This information should be read in conjunction with the Company's annual financial statements, notes to the financial statements and Management's Discussion and Analysis. All figures are in Canadian dollars unless otherwise specified.

The Company owns the Eagle River gold mining operation in Wawa, Ontario and the Kiena mining complex in Val d'Or, Quebec. The Eagle River mine commenced commercial production on January 1, 1996, and the Kiena mine on August 1, 2006.

HIGHLIGHTS - Production totals 27,434 ounces - Earnings rise to $7.6 million or $0.08 per share - Revenues rise to $23.6 million on sales of 20,700 ounces at $1,138 per ounce - Cash flow from operations rise to $10.3 million or $0.10 per share - Free cash flow after capital spending of $7.7 million - Bullion inventory rises to 17,313 ounces or $20 million mark to market at March 31, 2009
Rolly Uloth, CEO comments "Strong grades, rising prices and declining costs are a good formula. Our miners are doing a great job; hopefully the market will recognize our hard work and future potential".

OVERALL PERFORMANCE

At March 31, 2009, the Company had working capital of $18.2 million. From an operating viewpoint, revenue exceeded cash operating costs by $11.3 million and $2.6 million was invested in capital costs. Cash flow from operations totalled $10.3 million and net income was $7.6 million or $0.08 per share.

The cash cost per ounce was $592Cdn or $474US applying a 0.80 Cdn/US exchange rate.

Production exceeded forecasts at both mines with positive surprises in both grade and tonnage. Already strong gold prices increased with sales averaging $1,138 Cdn per ounce.

RESULTS OF OPERATIONS Three months ended March 31 2009 2008 ------------------------------------------------------------------------- Eagle River Mine Tonnes milled 32,287 29,369 Recovered grade (g/t) 16.3 13.3 Ounces produced 16,885 12,558 Ounces sold 11,300 8,837 Bullion inventory (oz) 13,212 7,188 Bullion revenue 12,840 8,264 - Operating costs (thousands) 6,503 5,268 ------------------------------------------------------------------------- Mine operating profit (loss) ($m)* 6,337 2,996 Gold price realized ($Cdn/oz) 1,136 935 Kiena Mine Complex Tonnes milled 58,018 63,317 Recovered grade (g/t) 5.7 3.9 Ounces produced 10,549 7,845 Ounces sold 9,400 8,500 Bullion inventory (oz) 4,101 2,554 Bullion revenue 10,711 7,884 - Operating costs (thousands) 5,763 7,502 ------------------------------------------------------------------------- Mine operating profit (loss) ($m)* 4,948 382 Gold price realized ($Cdn/oz) 1,139 928 Total Production (oz) 27,434 20,403 Sales (oz) 20,700 17,337 Bullion inventory (oz) 17,313 9,742 Bullion revenue 23,551 16,148 - Operating costs (thousands) 12,266 12,770 ------------------------------------------------------------------------- Operating profit (loss) ($m)* 11,285 3,378 Gold price realized ($Cdn/oz) 1,138 931 * The Company has included in this report certain non-GAAP performance measures, including mine operating profit (loss) and operating costs to applicable sales. These measures are not defined under GAAP 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 GAAP as an indicator of our financial performance or liquidity. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use this information to evaluate the Company's performance and ability to generate cash flow.
During the first quarter, combined operations produced 27,434 ounces of gold. Revenues climbed to $23.6 million on sales of 20,700 ounces at an average realized price of $1,138 per ounce. In addition to the ounces sold, gold inventory grew to 17,313 ounces, which is carried on the balance sheet at the lower of cost or net realizable value. The costs and revenue for this inventory will be recognized in the fiscal period in which it is sold.

Revenue exceeded operating costs resulting in a mine operating profit, or gross margin, of $11.3 million. In addition to the direct operating costs of $12.3 million, other costs, including royalties, corporate and general costs and interest costs amounted to $1.17 million. Operating costs declined $0.54 million or 4% compared to the first quarter 2008 while revenue increased 45%.

At Eagle River both grades and tonnage exceeded expectations. More ore than expected and higher grades than expected were realized from the 811 zone. Because of this, higher than expected grades are spilling over into the second quarter.

At the Kiena mine initial production from the North zone - B lens yielded higher than expected grade and we are hopeful this will continue as mining proceeds.

External conditions continue to favour Canadian gold producers. Favourable exchange rates and a marked easing in labour markets, service industry markets, energy costs and commodity-based input costs are all combining to increase margins. The first quarter is seasonally the most costly involving increased energy consumption and snow removal costs.

During the first quarter drilling activity at both mines focussed on definition drilling. Having completed this necessary work, exploration drilling activity is now accelerating. Early success at Eagle River was announced subsequent to the end of the first quarter on April 20, 2009. Initial deep drilling has traced the 811 zone to at least 1,000 feet (300 metres) below existing workings. Drilling results included 42.37 gAu/tonne over 2.26 metres, 19.81 gAu/tonne over 2.34 metres and 55.52 gAu/tonne over 2.34 metres on three adjacent sections. The zone remains open and drilling continues. Drilling contract costs have decreased appreciably since 2008.

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2009, the Company had working capital of $18.2 million, an increase of $5.1 million from year-end 2008. During the first quarter, capital expenditures totalled $2.6 million. In the first quarter, 2008, capital expenditures totalled $2.3 million.

At March 31, 2009, the Company had 17,313 ounces of gold inventory carried at a cost of $11.3 million. The market value at March 31, 2009, was $20.0 million.

The Company believes it has sufficient capital resources to cover its operating and capital cost requirements in 2009. The Company also intends to undertake an aggressive exploration program in 2009 which will partially be funded by a December 22, 2008, private placement of 1.5 million flow-through shares for gross proceeds of $1.725 million.

Production planned in 2009 should generate operating cash flow, even at gold prices well below those currently being realized.

OUTLOOK

For 2009, we forecast approximately 75,000 ounces of production. We are now likely to exceed our forecast based on the very strong first quarter performance and high grades at Eagle River spilling over into the second quarter. The mining sequence has not changed and we continue to forecast lower grades in the second half of the year. We continue to expect that lower input costs and increased mill throughput will help offset the lower grades.

Our ambitious exploration and development programs at both mines are accelerating and early results are very encouraging. We aim to provide longer term clarity on resource potential near existing infrastructure and prove up the potential of the exciting new Dubuisson discovery in Val d'Or.

Economic conditions have never been more favourable for Canadian gold mines. Our unhedged philosophy, growing bullion inventory and exploration potential serve to maximize leverage to gold prices.

ABOUT WESDOME

Wesdome is an established Canadian gold producer with wholly-owned mining and milling complexes located in Wawa, Ontario and Val d'Or, Québec. Wesdome has been producing gold continually for 20 years on an unhedged basis and to date has produced in excess of 1.0 million ounces. The Company has 99.7 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.

Wesdome Gold Mines Ltd. Consolidated Balance Sheets Mar 31 Dec 31 2009 2008 ------------------------------------------------------------------------- (in thousands) (Unaudited) (Audited) Assets Current Cash and cash equivalents $ 5,950 $ 8,029 Receivables 9,725 4,205 Inventory 13,981 10,165 Marketable securities 144 44 ------------------------------------------------------------------------- 29,800 22,443 Restricted funds 2,809 2,303 Capital assets 10 10 Mining properties 61,515 61,294 Exploration properties 29,009 28,956 Property held for sale - 378 ------------------------------------------------------------------------- $ 123,143 $ 115,384 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Liabilities Current Payables and accruals $ 8,065 $ 7,865 Dividends payable 1,995 - Current portion of obligations under capital leases 1,535 1,478 ------------------------------------------------------------------------- 11,595 9,343 Income taxes payable 138 173 Obligations under capital leases 2,307 2,396 Convertible 7% debentures 9,093 9,413 Reclamation obligation 1,064 1,042 Future income taxes 2,091 1,292 ------------------------------------------------------------------------- 26,288 23,659 ------------------------------------------------------------------------- Minority interest in Moss Lake Gold Mines Ltd. 917 903 ------------------------------------------------------------------------- Shareholders' Equity Capital stock 113,391 113,872 Contributed surplus 3,688 3,648 Accumulated other comprehensive loss (290) (290) Equity component of convertible debentures 1,959 2,062 Deficit (22,810) (28,470) ------------------------------------------------------------------------- 95,938 90,822 ------------------------------------------------------------------------- $ 123,143 $ 115,384 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Wesdome Gold Mines Ltd. Interim Consolidated Statements of Operations and Deficit (Unaudited) Three Months Ended March 31 2009 2008 ------------------------------------------------------------------------- (in thousands, except net income per common share) Revenue Gold and silver bullion $ 23,587 $ 16,148 Interest and other 33 88 ------------------------------------------------------------------------- 23,620 16,236 ------------------------------------------------------------------------- Costs and expenses Operating costs 12,266 12,778 Amortization of mining properties 2,367 2,322 Production royalties 340 199 Corporate and general 430 301 Stock based compensation expense 55 91 Interest on long term debt 392 375 Other interest 7 1 Amortization of office equipment 1 1 Accretion of reclamation obligation 21 16 ------------------------------------------------------------------------- 15,879 16,084 ------------------------------------------------------------------------- Net income before the following 7,741 152 Gain on property held for sale 122 - ------------------------------------------------------------------------- Net income before income tax and minority interest 7,863 152 Income tax (recovery) Current - - Future 273 - ------------------------------------------------------------------------- 273 - ------------------------------------------------------------------------- Net income before minority interest 7,590 152 Minority interest (14) 5 ------------------------------------------------------------------------- Net income $ 7,576 $ 157 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Net income per common share Basic and diluted $ 0.08 $ 0.00 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Deficit, beginning of period $ (28,470) $ (37,851) Gain on equity component of early repurchase of convertible debentures 79 - Net income 7,576 157 Dividends declared (1,995) - ------------------------------------------------------------------------- Deficit, end of period $ (22,810) $ (37,694) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Wesdome Gold Mines Ltd. Interim Consolidated Statements of Cash Flows (Unaudited) Three Months Ended March 31 2009 2008 ------------------------------------------------------------------------- (in thousands) Operating activities Net income $ 7,576 $ 156 Amortization of mining properties 2,367 2,322 Accretion of discount on convertible debentures 126 110 Gain on sale of Moss Lake shares - (17) Minority interest 14 (5) Stock based compensation expense 55 91 Amortization of office equipment - 1 Future income taxes 273 - Gain on property held for sale (122) - Gain on redemption of convertible debentures (24) - Accretion of reclamation obligation 22 16 ------------------------------------------------------------------------- 10,287 2,674 Net changes in non-cash working capital (9,079) (4,155) ------------------------------------------------------------------------- 1,208 (1,481) ------------------------------------------------------------------------- Financing activities Exercise of options 49 27 Funds paid to repurchase common shares under NCIB (14) - Funds paid to repurchase debentures (446) - Additional costs of 2008 flow-through shares issued (5) - Repayment of obligations under capital leases (396) (422) ------------------------------------------------------------------------- (812) (395) Net changes in non-cash working capital - 276 ------------------------------------------------------------------------- (812) (119) ------------------------------------------------------------------------- Investing activities Additions to mining and exploration properties (2,278) (2,346) Proceeds on sale of Moss Lake shares to minority interests - 26 Proceeds on option to sell property 400 566 Funds held against standby letters of credit (506) (23) ------------------------------------------------------------------------- (2,384) (1,777) Net changes in non-cash working capital (91) 3 ------------------------------------------------------------------------- (2,475) (1,774) ------------------------------------------------------------------------- Increase (decrease) in cash and cash equivalents (2,079) (3,374) Cash and cash equivalents, beginning of period 8,029 7,409 ------------------------------------------------------------------------- Cash and cash equivalents, end of period $ 5,950 $ 4,035 ------------------------------------------------------------------------- -------------------------------------------------------------------------
SOURCE: Wesdome Gold Mines Ltd.

Rowland Uloth, President, or Donovan Pollitt, P.Eng., VP Corporate Development, 8King St. East, Suite 1305, Toronto, ON, M5C 1B5, Toll Free: 1-866-4-WDO-TSX, Phone:(416) 360-3743, Fax: (416) 360-7620, Email: invest@wesdome.com, Website:www.wesdome.com
Copyright (C) 2009 CNW Group. All rights reserved.
Antwort auf Beitrag Nr.: 37.407.825 von Henky68 am 17.06.09 09:13:44
........Habe gestern ans der TSX gekauft, da in Berlin keine oder kaum Umsätze..........



DAMIT hätte ich noch abissl gewartet - vor allem nach der jüngsten
perf........uuuuund umstand, daß INSIDER abgaben......

http://www.canadianinsider.com/coReport/allTransactions.php?…


:(:rolleyes:
Antwort auf Beitrag Nr.: 37.408.874 von hbg55 am 17.06.09 11:05:06Tja, nach der Performance nehmen die wohl ein paar Gewinne mit. Sehe ich aber nicht so tragisch. Aber danke für den Link! Sehr interessant, da ich auch noch andere Kanadische Unternehmen in meinem Portfolio habe.

Wie ist ansonsten deine Einschätzung zu WDO?

Grüße
Henky68
Antwort auf Beitrag Nr.: 37.408.990 von Henky68 am 17.06.09 11:18:04

...akt. zu teuer mit ner MK von 190,- cad mios ....IMO


da gibts ´günstigere´ gold- werte....mit meeeehr phantasie !!!


:rolleyes:
MMh, zu teuer finde ich eher nicht. In Q1 wurde ein Gewinn von 0,08CND erwirtschaftet gegenüber 0,09$CDN in ganzen Jahr 2008. Da die Preise für Gold bisher nicht signifikant gefallen sind, kann man davon ausgehen, das die Folgequartale nicht viel schlechter werden, wobei das KGV dann noch weiter zurückfällt. Bei TSX wird mit einem Ergebnis von 0,17$CDN gerechnet.Bei 0,08 komme ich auf ein KGV von 23,6. Werte wie ABX und AEM werden mit KGV von 42 und 73 bewertet. Außerdem eine solide Bilanz und haben ordentlichen cashflow.

Welche anderen Werte sind denn deiner Meinung nach einen Blick wert?

Grüße
Henky68
Antwort auf Beitrag Nr.: 37.410.390 von Henky68 am 17.06.09 13:54:36
moin henky,


....schau dir mal die kanad. AVR und R an - die eine prod. schon in westafrika, die andre ist kurz davor in USA !!!

WDO behalt ich mal auf WATCH


:eek::rolleyes:
Kann mir einer sagen, was das genau heißt? Kaufen die Aktien zurück?

Henky68


Wesdome announces intention to make a normal course issuer bid


4:02 PM ET, June 23, 2009


TORONTO, Jun 23, 2009 (Canada NewsWire via COMTEX) -- TSX: WDO

Wesdome Gold Mines Ltd. ("Wesdome") announced today that the Toronto Stock Exchange (the "TSX") has approved notice of its intention to make a normal course issuer bid.

Pursuant to the terms of the bid, Wesdome will purchase its own Common Shares (the "Shares") for cancellation through the facilities of the TSX at the prevailing market price of the Shares. The number of Shares purchased by Wesdome will in no event be in excess of 7,151,772 Shares, being approximately 10% of its "public float". Purchases will be subject to a daily maximum of 25,255 Shares, except where such purchases are made in accordance with the "block purchase" exemptions under applicable TSX policy. Wesdome will affect purchases at varying times commencing on or after June 25, 2009 and continuing until no later than June 24, 2010.

Wesdome's previous normal course issuer bid expired on June 22, 2009. Pursuant to that bid (June 23, 2008 to June 22, 2009), Wesdome acquired, through the facilities of the TSX, 1,682,500 Shares at an average price of $0.85 per Share.

In addition to providing shareholders liquidity, Wesdome believes that its Shares have been trading in a price range which does not adequately reflect the value of such shares in relation to the company's business and its future prospects. As a result, Wesdome believes that its outstanding Shares may represent an attractive investment.

As at the close of business on June 22, 2009, Wesdome had 99,847,909 Shares issued and outstanding.

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.

SOURCE: Wesdome Gold Mines Ltd.

Rowland Uloth, President or Donovan Pollitt, P.Eng., VP Corporate Development, 8 KingSt. East, Suite 1305, Toronto, ON, M5C 1B5, Toll Free: 1-866-4-WDO-TSX, Phone: (416)360-3743, Fax: (416) 360-7620, Email: invest@wesdome.com, Website: www.wesdome.com
Copyright (C) 2009 CNW Group. All rights reserved.
Hallo da draußen,

warum wird keiner aufmerksam auf diese kleine Goldperle. Hat mittleweile ein HJ-Ergebnis von 0,16 CND, was bei 1,80CND einem KGV von 11,25 entspricht! Billiger geht es für einen Producer fast gar nicht. Wenn ordern, dann aber nur an der TSX, da in Berlin praktisch kein Handel stattfindet. Ist keine Kaufempfehlung!!!

Henky68


Wesdome earns $7.8 million in Q2
TORONTO, Aug. 11 /CNW/ - Wesdome Gold Mines Ltd (WDO: TSX) ("Wesdome" or the "Company") is pleased to report its unaudited financial and operating results from its Canadian operations for the second quarter ended June 30,2009. This information should be read in conjunction with the Company's annual
financial statements, notes to the financial statements and Management's Discussion and Analysis. All figures are in Canadiandollars unless otherwise specified. The Company owns the Eagle River gold mining operation in Wawa, Ontario
and the Kiena mining complex in Val d'Or, Quebec. The Eagle River minecommenced commercial production on January 1, 1996, and the Kiena mine on August 1, 2006.

<<
HIGHLIGHTS

- Q2 earnings $7.8 million or $0.08 per share
- Q2 cash flow from operations $11.6 million or $0.12 per share
- H1 earnings $15.4 million or $0.16 per share
- H1 cash flow from operations $21.8 million or $0.22 per share
- H1 production totals 48,393 ounces
- H1 sales total 48,700 ounces at $1,102 per ounce or $53.8 million
- Production guidance increased
- Cash, bullion receivables and gold bullion at market value June 30,
2009, rose to $29.7 million
>>

Rolly Uloth, CEO comments "We are generating earnings and cash flow per
share comparable to much larger producers and believe this will be recognized
in the marketplace. The accumulation of significant free cash flow over the
last 12 months presents us with many options looking forward."

OVERALL PERFORMANCE

At June 30, 2009, the Company had working capital of $24.9 million.
During the first half of 2009, revenue exceeded cash operating costs by $23.8
million and $5.0 million was invested in exploration and development, $0.8
million on the acquisition of exploration properties and $0.9 million in
capital equipment. Cash flow from operations totalled $21.8 million before
working capital adjustments and net income was $15.4 million or $0.16 per
share in the first half of 2009. Earnings and cash flow were about equal in
the first and second quarters of 2009.
The cash cost per ounce in the first half was $614Cdn or $506US applying
a 0.825Cdn/US exchange rate.
In the first half, production exceeded 2008 levels by 12%, realized gold
prices increased 20% and costs remained stable. For the first half of 2009
bullion revenue totalled $53.8 million with 48,700 ounces of gold sold at an
average price of $1,102Cdn per ounce.

<<
RESULTS OF OPERATIONS

Three Months Ended June 30 Six Months Ended June 30
2009 2008 2009 2008
----------------------------------------------------
Eagle River Mine

Tonnes milled 32,908 25,588 65,195 54,957
Recovered grade (g/t) 13.4 16.6 14.8 14.8
Ounces produced 14,183 13,662 31,068 26,220
Ounces sold 19,000 13,600 30,300 22,437
Bullion inventory (oz) 8,395 7,250 8,395 7,250

Bullion revenue
(thousands) 20,459 12,419 33,299 20,684
- Operating (thousands) 8,397 8,777 14,900 14,045
-------------------------------------------------------------------------
Mine operating profit
(loss)($m)* 12,062 3,642 18,399 6,639
Gold price realized
($Cdn/oz) 1,075 913 1,098 922

Kiena Mine Complex

Tonnes milled 67,216 65,831 125,234 129,148
Recovered grade (g/t) 3.1 4.3 4.3 4.1
Ounces produced 6,776 9,129 17,325 16,974
Ounces sold 9,000 9,000 18,400 17,500
Bullion inventory (oz) 1,877 2,683 1,877 2,683

Bullion revenue
(thousands) 9,744 8,209 20,455 16,093
- Operating (thousands) 9,243 7,502 15,006 14,790
-------------------------------------------------------------------------
Mine operating profit
(loss)($m)* 501 707 5,449 1,303
Gold price realized
($Cdn/oz) 1,079 912 1,110 921

Total

Production (oz) 20,959 22,791 48,393 43,194
Sales (oz) 28,000 22,600 48,700 39,937
Bullion inventory (oz) 10,272 9,933 10,272 9,933

Bullion revenue
(thousands) 30,203 20,628 53,754 36,777
- Operating (thousands) 17,640 16,279 29,906 28,835
-------------------------------------------------------------------------
Mine operating profit
($m)* 12,563 4,349 23,848 7,942
Gold price realized
($Cdn/oz) 1,076 913 1,102 921

* The Company has included in this report certain non-GAAP performance
measures, including mine operating profit (loss) and operating costs
to applicable sales. These measures are not defined under GAAP 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 GAAP as an
indicator of our financial performance or liquidity. The Company
believes that, in addition to conventional measures prepared in
accordance with GAAP, certain investors use this information to
evaluate the Company's performance and ability to generate cash flow.
>>

During the second quarter, combined operations produced 20,959 ounces of
gold. Revenues climbed to $30.2 million on sales of 28,000 ounces at an
average realized price of $1,076 per ounce. At June 30, 2009, gold inventory
was 10,272 ounces, which is carried on the balance sheet at cost. The costs
and revenue for this inventory will be recognized in the fiscal period in
which it is sold.
During the second quarter, revenue exceeded operating costs resulting in
a mine operating profit, or gross margin, of $12.6 million. In addition to the
direct operating costs of $17.6 million, other costs, including royalties,
corporate and general costs and interest costs amounted to $1.3 million.
Eagle River exceeded expectations as the 811 zone produced more high
grade tonnes than planned. At June 30, 2009, underground broken ore and
surface stockpiles exceeded 21,000 tonnes containing an estimated 8,000 ounces
of gold.
At the Kiena mine, higher than expected dilution in the North zone had a
negative impact on grade. The Company will work its way through this low grade
and expects contributions from the VC and Schist zones to start helping
halfway through the third quarter.
External conditions remain favourable for Canadian gold producers.
Favourable exchange rates and a marked easing in labour markets, service
industry markets, energy costs and commodity-based input costs are all
combining to increase margins.
Exploration activity is increasing at both mines and exploration projects
as the summer/fall season is upon us. The purpose of the drilling is twofold:

<<
1) to replace/increase reserves; and
2) to provide our engineers and shareholders with a longer term view of
the potential of our mines
>>

Early results are encouraging as the high grade 811 zone at the Eagle
River mine has been shown to extend at least 300 metres (1,000 feet) below our
deepest level. Drill results included 42.37 gAu/tonne over 2.26 metres, 19.81
gAu/tonne over 2.34 metres and 55.52 gAu/tonne over 2.34 metres. The zone
remains open at depth and to the east. Underground drilling at Kiena was
highlighted by some very strong intersections in the Schist zone, including
7.15 gAu/tonne over 4.70 metres, 16.13 gAu/tonne over 3.50 metres and 201.87
gAu/tonne over 3.20 metres. Results have prompted us to immediately develop
this high grade zone to provide a sweetener to blend with lower grade material
in the current mining sequence. Surface drilling has started at the Dubuisson
discovery located three kilometres east of the Kiena shaft. The Company hopes
to demonstrate continuity and size through infill and stepout drilling.

LIQUIDITY AND CAPITAL RESOURCES

At June 30, 2009, the Company had working capital of $24.9 million, an
increase of $11.8 million from year-end 2008. During the second quarter,
capital expenditures totalled $4.8 million, included $0.8 million for the
acquisition of exploration properties. In the second quarter, 2008, capital
expenditures totalled $4.0 million.
At June 30, 2009, the Company had 10,272 ounces of gold inventory carried
at a cost of $9.5 million. The market value at June 30, 2009, was $11.2
million.
The Company believes it has sufficient capital resources to cover its
operating and capital cost requirements in 2009. The Company is undertaking an
aggressive exploration program which will partially be funded by a December
22, 2008, private placement of 1.5 million flow-through shares for gross
proceeds of $1.7 million.
Production planned in 2009 should generate operating cash flow, even at
gold prices well below those currently being realized.

OUTLOOK

For 2009, we forecasted approximately 75,000 ounces of production. We are
now increasing our forecast to 80,000 ounces based on the very strong first
half performance. The mining sequence has not changed and we continue to
forecast lower grades in the second half of the year. We continue to expect
that lower input costs and increased mill throughput will help offset the
lower grades.
Our ambitious exploration and development programs at both mines are
accelerating and early results are very encouraging. We aim to provide longer
term clarity on resource potential near existing infrastructure and prove up
the potential of the exciting new Dubuisson discovery in Val d'Or.
Economic conditions have never been more favourable for Canadian gold
mines. Our unhedged philosophy, bullion inventory and exploration potential
serve to maximize leverage to gold prices.

ABOUT WESDOME

Wesdome is an established Canadian gold producer with wholly-owned mining
and milling complexes located in Wawa, Ontario and Val d'Or, Québec. Wesdome
has been producing gold continually for 20 years on an unhedged basis and to
date has produced in excess of 1.0 million ounces. The Company has 99.9
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.


<<
Wesdome Gold Mines Ltd.
Consolidated Balance Sheets
June 30 December 31
2009 2008
-------------------------------------------------------------------------
(in thousands) (Unaudited) (Audited)

Assets
Current
Cash and cash equivalents $ 12,008 $ 8,029
Receivables 9,611 4,205
Inventory 12,135 10,165
Marketable securities 144 44
-------------------------------------------------------------------------
33,898 22,443

Restricted funds 2,569 2,303
Capital assets 9 10
Mining properties 61,974 61,294
Exploration properties 29,834 28,956
Property held for sale - 378
-------------------------------------------------------------------------
$ 128,284 $ 115,384
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Liabilities
Current
Payables and accruals $ 7,441 $ 7,865
Current portion of obligations under capital
leases 1,522 1,478
-------------------------------------------------------------------------
8,963 9,343

Income taxes payable 103 173
Obligations under capital leases 1,912 2,396
Convertible 7% debentures 9,225 9,413
Reclamation obligation 1,083 1,042
Future income taxes 2,091 1,292
-------------------------------------------------------------------------
23,377 23,659
-------------------------------------------------------------------------

Minority interest in Moss Lake Gold Mines Ltd. 876 903
-------------------------------------------------------------------------

Shareholders' Equity
Capital stock 113,586 113,872
Contributed surplus 3,769 3,648
Accumulated other comprehensive loss (290) (290)
Equity component of convertible debentures 1,959 2,062
Deficit (14,993) (28,470)
-------------------------------------------------------------------------
104,031 90,822
-------------------------------------------------------------------------
$ 128,284 $ 115,384
-------------------------------------------------------------------------
-------------------------------------------------------------------------



Wesdome Gold Mines Ltd.
Interim Consolidated Statements of Operations and Deficit
(Unaudited)

Three Months Ended June 30 Six Months Ended June 30
2009 2008 2009 2008
-------------------------------------------------------------------------
(in thousands, except
per share amounts)

Revenue
Gold and silver
bullion $ 30,167 $ 20,629 $ 53,754 $ 36,777
Interest and other 42 85 75 174
-------------------------------------------------------------------------
30,209 20,714 53,829 36,951
-------------------------------------------------------------------------

Costs and expenses
Operating costs 17,640 16,148 29,906 28,927
Amortization of mining
properties 3,494 2,915 5,861 5,237
Production royalties 228 214 568 413
Corporate and general 518 246 948 547
Stock compensation expense 137 96 192 187
Interest on long-term debt 399 381 791 756
Other interest - 1 7 2
Amortization of office
equipment - 1 1 1
Accretion of reclamation
obligation 20 16 41 33
-------------------------------------------------------------------------
22,436 20,018 38,315 36,103
-------------------------------------------------------------------------
Net income before the
following 7,773 696 15,514 848
Gain on property held for
sale - - 122 -
-------------------------------------------------------------------------
7,773 696 15,636 847
Future income tax - - 273 -
-------------------------------------------------------------------------
Net income before minority
interest 7,773 696 15,363 847
Minority interest 44 67 30 72
-------------------------------------------------------------------------
Net income $ 7,817 $ 763 $ 15,393 $ 919
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Net income per common share
Basic and diluted $ 0.08 $ 0.01 $ 0.16 $ 0.01
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Deficit, beginning of
period $ (22,810) $ (37,694) $ (28,470) $ (37,851)
Gain on equity component
of early repurchase of
convertible debentures - - 79 -
Net income 7,817 763 15,393 920
Dividends - - (1,995) -
-------------------------------------------------------------------------
Deficit, end of period $ (14,993) $ (36,931) $ (14,993) $ (36,931)
-------------------------------------------------------------------------
-------------------------------------------------------------------------



Wesdome Gold Mines Ltd.
Interim Consolidated Statements of Cash Flows
(Unaudited)

Three Months Ended June 30 Six Months Ended June 30
2009 2008 2009 2008
-------------------------------------------------------------------------
(in thousands)

Operating activities
Net income $ 7,817 $ 763 $ 15,393 $ 919
Amortization of
mining properties 3,494 2,915 5,861 5,237
Accretion of discount
on convertible
debentures 139 115 265 226
Gain on sale of Moss
Lake shares - 3 - (14)
Minority interest (44) (66) (30) (72)
Stock compensation expense 137 96 192 187
Amortization of office
equipment 1 1 1 1
Future income taxes - - 273 -
Gain on sale of equipment (7) - (7) -
Gain on property held for
sale - - (122) -
Gain on redemption of
convertible debentures - - (24) -
Accretion of reclamation
obligation 19 16 41 33
-------------------------------------------------------------------------
11,556 3,843 21,843 6,517
Net changes in non-cash
working capital 1,458 (2,148) (7,621) (6,302)
-------------------------------------------------------------------------
13,014 1,695 14,222 215
-------------------------------------------------------------------------
Financing activities
Exercise of options 139 - 188 27
Funds paid to repurchase
common shares under
NCIB - (4) (14) (4)
Funds paid to repurchase
debentures (7) - (453) -
Flow-through shares issued - (6) (5) (6)
Dividends paid (1,995) - (1,995) -
Shares issued by a
subsidiary of the
company to third parties - (4) - (4)
Repayment of obligations
under capital leases (408) (442) (804) (864)
-------------------------------------------------------------------------
(2,271) (456) (3,083) (851)
Net changes in non-cash
working capital - - - 276
-------------------------------------------------------------------------
(2,271) (456) (3,083) (575)
-------------------------------------------------------------------------
Investing activities
Additions to mining and
exploration properties (4,786) (3,965) (7,064) (6,311)
Proceeds on sale of
Moss Lake shares to
minority interests - - - 26
Proceeds on sale of
equipment 20 - 20 -
Proceeds on option to
sell property - - 400 567
Funds held against
standby letters of
credit 239 (13) (267) (37)
-------------------------------------------------------------------------
(4,527) (3,978) (6,911) (5,755)
Net changes in non-cash
working capital (158) 426 (249) 429
-------------------------------------------------------------------------
(4,685) (3,552) (7,160) (5,326)
-------------------------------------------------------------------------
Increase (decrease) in cash
and cash equivalents 6,058 (2,313) 3,979 (5,686)
Cash and cash equivalents,
beginning of period 5,950 4,036 8,029 7,409
-------------------------------------------------------------------------
Cash and cash equivalents,
end of period $ 12,008 $ 1,723 $ 12,008 $ 1,723
-------------------------------------------------------------------------
-------------------------------------------------------------------------
>>






-30-
/For further information: Rowland Uloth, President or Donovan Pollitt,
P.Eng., VP Corporate Development, 8 King St. East, Suite 1305, Toronto, ON,
M5C 1B5, Toll Free: 1-866-4-WDO-TSX, Phone: (416) 360-3743, Fax: (416)
360-7620, Email: invest@wesdome.com, Website: www.wesdome.com/



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