PRESS RELEASE INFILL DRILLING EAST OF MISHI PIT BUILDS CONFIDENCE

Transcription

1 PRESS RELEASE INFILL DRILLING EAST OF MISHI PIT BUILDS CONFIDENCE Toronto, Ontario October 11, 2012 Wesdome Gold Mines Ltd (TSX: WDO) is pleased to announce that compilation of definition drilling completed immediately east of the Mishi mine in 2011 demonstrates good continuity. The 100% owned Mishi mine is located 50 km due west of Wawa, Ontario, Canada. Donovan Pollitt, President, commented I am pleased that mineralization extends hundreds of metres both to the east and to the west of our current reserves. Understanding the size and potential of the Mishi mine is a high priority. We have already begun a site selection study for a new, large-scale tailings management facility as we see potential for Mishi to become a much larger producer. A total of 63 drill holes provided shallow drill coverage at 25 metre spacings when combined with previous drilling. Drilling traced extensions of mineralization currently being mined for 300 metres east of the pit (Figure 1). Combined with encouraging results west of the mine released previously (see Press Release dated November 22, 2011), the Mishi mineralization has now been traced over a 1.0 km strikelength. HIGHLIGHTS INCLUDE * 2.03 g/t over 3.75 m from m in MM g/t over 4.50 m from m in MM g/t over 3.00 m from m in MM g/t over 3.00 m from m in MM g/t over 7.10 m from m in MM g/t over 3.00 m from 9.75 m in MM g/t over 5.25 m from m in MM g/t over 6.00 m from m in MM g/t over m from m in MM g/t over m from m in MM g/t over 9.75 m from m in MM g/t over 5.35 m from m in MM g/t over 6.00 m from m in MM g/t over 5.25 m from m in MM g/t over 3.70 m from m in MM g/t over 8.50 m from m in MM g/t over 7.70 m from m in MM g/t over 7.00 m from m in MM g/t over m from m in MM11-82

2 1.15 g/t over 6.70 m from m in MM g/t over m from m in MM g/t over 4.70 m from 5.25 m in MM g/t over 6.50 m from m in MM11-92* 1.85 g/t over 5.22 m from m in MM11-94 * Lengths approximate true width At least three zones are recognized. For a distance of 200 metres east of the existing pit overburden is very thin and the mineralization comes to surface (Figure 1). This area demonstrates potential to cost effectively expand mining operations. Our goal is to complete mine planning, initiate stripping to confirm continuity, initiate permitting amendments for expansion and incorporate this area into the mine plan and mineral reserves. The eastern extension provides additional flexibility to supply low-strip, incremental millfeed during the initial higher-strip phase of our 5-year mine plan at existing operations. A complete list of drilling intersections over 1.0 gau/tonne and drill hole location data is provided in Tables 1 and 2. Hole locations with respect to existing open pit mining operations are provided in Figure 1. GEOLOGICAL CONTEXT The Mishi gold deposit strikes east-west and dips 40 degrees north. It is situated within the Mishibishu Deformation Zone, a regional shear zone which follows a volcanic-sedimentary contact. The gold is hosted by a series of conformable, en echelon sericite-ankerite alteration zones which carry fine disseminated pyrite. MINING OPERATIONS Commercial production was declared January 1, Mining operations were initiated based on a Pre- Feasibility study completed January 12, This was an independent Technical Report and Pre-Feasibility study authored by Independent Qualified Persons K. Brosseau, P.Eng., Natalie Gauthier, P.Eng. and Sylvie Poirier, P.Eng. of InnovExplo Inc., an independent, Val d Or, Quebec based consulting firm. The reader is referred to this report available at Mine development and initial production is following the concept recommended in this report. The only significant modification is the utilization of a 1.0 gau/tonne grade control cut-off grade (from 1.33 gau/tonne in the study) due to higher gold prices. TECHNICAL DISCLOSURE The technical disclosure in this press release has been reviewed by George Mannard, PGeo. and Vice President Exploration for Wesdome and Qualified Person as defined by NI Assaying is performed at the Eagle River Mine Assay office by fire assay methods on 25 gram aliquots. In addition to duplicates, replicates, standards and blanks employed by the assay office, blind blanks and standards are introduced to the sample stream by the exploration personnel. Additionally, 1 in 20 samples are shipped to Techni-Lab Laboratories in Ste-Germaine Boulé, Quebec, a certified commercial laboratory and external reference. ABOUT WESDOME Wesdome is celebrating its 25 th year of continuous mining operations in Canada. It currently has three producing gold mines with wholly-owned mining and milling complexes located in Wawa, Ontario and Val d Or, Québec. The Company has million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol WDO

3 For further information, please contact: Donovan Pollitt, P.Eng., CFA or George Mannard, P.Geo. President & CEO Vice President, Exploration ext ext 22 8 King St. East, Suite 1305 Toronto, ON, M5C 1B5 Toll Free: WDO-TSX Phone: , Fax: invest@wesdome.com, Website: 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 forwardlooking 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 forwardlooking 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

4 Figure 1-4 -

5 MISHI MINE DEFINITION DRILLING EAST OF PIT WESDOME GOLD MINES 2011 DRILL PROGRAM Table 1: Location of Drill Holes Hole # Section Station Elev. Azimuth Plunge Length Hole # Section Station Elev. Azimuth Plunge Length MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM MM Total

6 Table 2: MISHI MINE EASTERN EXTENSION Hole Zone From To Length Grade Hole Zone From To Length Grade (m) (m) (m) g/t Au (m) (m) (m) g/t Au MM11-32 M MM11-70 M MM11-32 M MM11-70 M MM11-32 M MM11-70 M Incl MM11-70 M MM11-70 M Incl MM11-32 M Incl MM11-71 M Incl MM11-32 M Incl MM11-71 M Incl MM11-71 M MM11-33 M MM11-71 M Incl MM11-71 M Incl MM11-71 M MM11-72 M MM11-72 M Incl MM11-33 M Incl MM11-72 M Incl MM11-34 M MM11-34 M MM11-34 M MM11-34 M MM11-34 M MM11-35 M MM11-35 M Incl MM11-73 M MM11-73 M Incl MM11-35 M MM11-35 M MM11-36 M Incl MM11-73 M

7 Incl MM11-36 M Incl MM11-37 M Incl MM11-74 M Incl MM11-37 M MM11-38 M MM11-74 M MM11-38 M Incl Incl MM11-38 M MM11-74 M MM11-38 M Incl Incl MM11-38 M Incl MM11-75 M Incl MM11-39 M MM11-75 M Incl Incl MM11-75 M MM11-39 M Incl Incl MM11-76 M MM11-39 M MM11-76 M Incl Incl MM11-76 M MM11-39 M MM11-76 M Incl Incl MM11-40 M MM11-76 M MM11-40 M MM11-77 M Incl MM11-77 M MM11-77 M

8 Incl MM11-77 M MM11-40 M Incl MM11-40 M Incl MM11-41 M Incl MM11-41 M MM11-41 M MM11-41 M MM11-41 M MM11-41 M Incl MM11-77 M Incl MM11-42 M MM11-42 M MM11-42 M MM11-43 M Incl MM11-77 M MM11-78 M MM11-78 M Incl MM11-78 M Incl MM11-78 M MM11-43 M Incl Incl MM11-78 M Incl MM11-44 M MM11-78 M Incl Incl MM11-78 M MM11-78 M MM11-79 M Incl MM11-79 M MM11-44 M Incl Incl

9 MM11-45 M Incl MM11-79 M MM11-79 M MM11-79 M Incl MM11-45 M Incl MM11-80 M Incl MM11-46 M MM11-80 M MM11-46 M MM11-80 M Incl MM11-80 M Incl MM11-46 M Incl MM11-47 M Incl MM11-80 M MM11-47 M Incl Incl MM11-47 M MM11-80 M Incl Incl MM11-80 M MM11-80 M MM11-81 M MM11-81 M MM11-81 M Incl MM11-81 M MM11-48 M MM11-81 M Incl Incl MM11-48 M Incl MM11-82 M Ext MM11-82 M

10 MM11-49 M MM11-82 M Incl MM11-82 M MM11-82 M MM11-82 M MM11-49 M Incl Incl MM11-82 M Incl MM11-49 M Incl MM11-50 M MM11-50 M MM11-50 M Incl MM11-50 M MM11-51 M MM11-51 M MM11-51 M Incl MM11-51 M Incl MM11-52 M MM11-52 M Incl MM11-83 M MM11-83 M MM11-83 M Incl MM11-84 M MM11-52 M Incl MM11-52 M MM11-53 M MM11-84 M MM11-53 M Incl Incl MM11-53 M MM11-84 M

11 MM11-53 M MM11-85 M MM11-53 M MM11-85 M Incl MM11-85 M Incl MM11-53 M MM11-54 M MM11-85 M MM11-54 M Incl MM11-54 M MM11-54 M MM11-54 M MM11-86 M MM11-55 M Incl Incl MM11-86 M MM11-86 M MM11-86 M Incl MM11-55 M Incl MM11-86 M MM11-87 M MM11-87 M MM11-87 M MM11-56 M Incl Incl MM11-56 M MM11-56 M MM11-56 M Incl MM11-56 M MM11-56 M MM11-57 M MM11-57 M MM11-57 M MM11-57 M Incl MM11-87 M Incl

12 MM11-58 M Incl MM11-58 M Incl MM11-58 M MM11-59 M MM11-59 M MM11-59 M Incl MM11-59 M Incl MM11-87 M Incl MM11-60 M MM11-88 M MM11-60 M MM11-88 M MM11-60 M MM11-88 M MM11-61 M Incl Incl MM11-88 M MM11-88 M Incl MM11-88 M Incl MM11-62 M Incl MM11-62 M Incl MM11-88 M Incl MM11-62 M Incl MM11-88 M Incl

13 MM11-88 M MM11-88 M Incl MM11-90 M Incl MM11-63 M MM11-91 M MM11-63 M Incl MM11-63 M Incl MM11-63 M Incl MM1191 M Incl MM11-91 M MM11-91 M Incl MM11-92 M Incl MM11-64 M MM11-64 M MM11-64 M MM11-92 M MM11-65 M Incl Incl MM11-65 M MM11-65 M MM11-65 M Incl

14 MM11-92 M MM11-92 M MM11-93 M MM11-93 M MM11-66 M Incl MM11-66 M Incl MM11-66 M Incl MM11-93 M Incl MM11-66 M Incl MM11-93 M MM11-66 M MM11-93 M Incl Incl MM11-67 M MM11-67 M MM11-67 M Incl MM11-93 M MM11-93 M MM11-94 M Incl MM11-68 M Incl MM11-94 M MM11-94 M Incl

15 MM11-94 M MM11-68 M MM11-94 M Incl Incl MM11-69 M MM11-69 M MM11-69 M Incl MM11-94 M Incl MM11-69 M Incl MM11-94 M MM11-94 M Incl MM11-94 M MM11-94 M MM11-69 M