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UPDATE: Wesdome Gold To Suspend Mining at Kiena Mine; Shares Fall to New Yr Low

Wesdome Gold Mines Ltd. (WDO.TO), has fallen 22 cents (30.56%) to 50 cents, its lowest level since Nov 2008.

The company today announced the planned suspension of mining activity at the Kiena Mine located in Val d'Or, Quebec, by June 30, 2013. It said: "Facing decreasing recovered grades, persistent industry cost pressures and uncertainty in the Canadian dollar gold price, Wesdome management has determined that mining operations at the Kiena mine are not currently economically feasible and operations should be suspended."

Close to 340,000 shares have been traded.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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