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Wesdome Gold Reports 2012 Annual and Fourth Quarter Results

Wesdome Gold Mines Ltd (WDO.TO) announced its financial and operating results from its Canadian operations for the year ended December 31, 2012, reporting annual revenues of $92.3 million and cash flow from operations of $12.1 million or $0.12 per share.

The company reported an annual net loss of $45.3 million, entirely attributable to non-cash impairment charges. Without the charges, pre-tax earnings would be $2.1 million.

In 2012, production increased 17% to 55,813 ounces of gold and gold sales increased 7% to 55,500 ounces compared to 2011.

Mining and processing costs increased 17% to average $1,385 per ounce for the year, and at year end the company had a bullion inventory of 8,965 ounces of gold.

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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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