Page 43 Page 43 Page 42 > Indus try L e ading T urnar ound Time > E xpert Geochemis try Support > Expert Client Services > S tr ong T echnical P artnerships in Chemis try and Me tal lur gy > C or eVie w er™ T echnology Bes t in the Busines s! F or mor e in f orma tion, scan this QR c ode or visit www .alsglobal.c om Phone: +1 705-560-7225 By Gregory Reynolds W esdome Gold Mines Ltd. looks back at 2012 as both a good and a bad year . The company owns the Eagle River and Mishi gold mining operations near W awa, Ontario and the Kiena mining complex in V al d’Or , Quebec. The Eagle River mine commenced commercial production on Jan. 1, 1996, the Kiena mine on Aug. 1, 2006 and the Mishi Mine on Jan. 1, 2012. Company CEO Donovan Pollitt said “2012 was a year of contrasting suc - cesses and challenges. Our new Mi - shi Mine came on stream on time and budget, yet we faced milling availabil - ity constraints. Grades and production from Eagle River increased, yet op - erations at Kiena showed declines in grade. Restructuring the operations at Kiena showed tangibl e cost savings, yet mar - gins continued to contract. W e have made some tough decisions to move forward in a focused stepwise fash - ion which preserves the company’ s fnancial position while investing for increased proftability and production growth.” On March 7, 2013, the compa ny opted to suspend mining at Kiena by June 30, 2013. At Dec. 31, 2012, the company had $13.9 million in working capital, which includes 8,965 ounces of gold bullion in inventory . In 2012, revenue exceeded mining and processing costs by $15.8 million, $1 1.2 million in cap - ital costs were incurred and $4.1 mil - lion of debt was retired. “Cash fow from operations totalled $12.1 million and the net loss was $45.3 million. The net loss is entirely attributable to non-cash impairment char ges - a $60.9 million write-down to the carrying value of the Kiena Mine Complex - and another non-cash write-down of $1 million for an explo - ration property option which was al - lowed to lapse in Q2 of 2012. W ithout these one-time events, pre-tax earnings would be $2.1 milli on,” Pol - litt said. Eagle River production was 32,223 ounces, Mishi 4,776 ounces and Kiena 18,814 ounces. Currently forecast pro - duction for 2013 is 55,000 ounces. Despite some setbacks, the company expressed confdence in the future: “In W esdome suffers ups and downs but sees 2013 as brighter period Cont’d on pg. 44 Eagle River Mill Site