Wesdome Gold Mines (TSX: WDO) is spending more money on exploration this year than at any other time in its 29-year history.
“This has been a very aggressive exploration program for Wesdome, and we have certainly seen the dividends,” George Mannard, the company’s vice-president of exploration, says of this year’s $11.3 million budget.
The company is spending $6.3 million at its Eagle River mine, which consists of the Eagle River underground mine and the Mishi open pit mine. Eagle River, 60 km southeast of Hemlo and 50 km due west of Wawa, Ont., has operated for 21 years and produced over a million oz of gold.
Duncan Middlemiss, Wesdome’s president and CEO, says the company has had “a good history of replacing and adding reserves there,” estimating that Eagle River’s life of mine based on reserves is seven years. Mishi, based on current mining rates, has about 13 years of mine life remaining. (Mishi supplies incremental mill feed to Eagle River.) Three underground drills and one surface drill are turning at Eagle River and another surface drill is working on Mishi.
Read the entire story at The Northern Miner.