PRESS RELEASE
WESDOME 2008 YEAR END RESERVES AND RESOURCES
Toronto, Ontario – February 10, 2009 – Wesdome is pleased to announce mineral reserve
and resource estimates for its two 100%-owned gold mining operations for the year ended
December 31, 2008.
HIGHLIGHTS
o A 2-year cushion of reserves was maintained
o Total reserves increased marginally
o Total resources decreased marginally
o Development headings were established to drill known zones that remain
open at depth
o A major drilling effort funded by strong cash flow is launched in 2009 to
provide longer term clarity on resource potential
RESERVES AND RESOURCES
RESERVES ESTIMATES* December 31, 2008
Mine Category Tonnes Grade
(gAu/tonne)
Ounces
Eagle River Proven 152,000 10.9 53,200
Probable 79,000 7.8 19,800
Proven + Probable 231,000 9.8 73,000
Kiena Proven 448,000 4.8 69,000
Probable 285,000 3.6 33,000
Proven + Probable 733,000 4.3 102,000
Total 175,000
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RESOURCES ESTIMATES* December 31, 2008
Mine Category Tonnes Grade
(gAu/tonne)
Ounces
Eagle River Measured 27,000 8.1 7,000
Indicated 27,000 10.1 9,000
Measured + Indicated 54,000 9.1 16,000
Inferred 302,000 7.7 75,000
Kiena Measured 490,000 3.6 57,000
Indicated 629,000 4.0 81,000
Measured + Indicated 1,119,000 3.8 138,000
Total Measured + Indicated 154,000
* All Mineral Reserves and Mineral Resource estimates have been made in accordance with the Standards of
the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101.
All Mineral Resources are in addition to Mineral Reserves.
Mineral Resources are not in the current mine plan and therefore do not have demonstrated economic
viability.
As per section 4.2(ii) of National Instrument 43-101, the change in mineral reserves and resources does not
constitute a material change in the affairs of the Company. For the Eagle River mine refer to the Technical
Report filed on Sedar, dated December 2005, by Strathcona Mineral Services Ltd. For the Kiena mine refer
to the Technical Report dated April 15, 2005, by Geologica Groupe Conseil, also filed on Sedar.
Qualified Persons for the Mineral Reserves and Mineral Resources estimates as per 43-101 are as follows:
Eagle River mine: George N. Mannard, P.Geo., Vice President – Exploration
Kiena mine: Paul Arscott, P.Geo., Chief Mine Geologist [Kiena mine]
The Company is a Producing Issuer as per NI 43-101.
At Eagle River, 2008 production exceeded estimated reserve grades. During the year
resources were converted to reserves and development was established to drill at depth in
2009. The net result was reserve depletion of 19,000 ounces. Inferred resources of 75,000
ounces were added to reflect stronger gold prices of $900Cdn per ounce.
At Kiena, 2008 production exceeded estimated reserve grades. Resources were progressively
converted to reserves resulting in a net reserve addition of 25,000 ounces.
2009 EXPLORATION, DEVELOPMENT AND DRILLING PROGRAM
Fuelled by strong cash flow and strong $Cdn gold prices, the Company has launched an
ambitious exploration and development campaign. Its purpose is to provide longer term clarity
for mine planning.
At Eagle River a key decision to advance the 720 ramp project was approved and the drilling
budget was more than doubled to 27,000 metres. The work involves 468 metres of exploration
drifting, 18,000 metres of underground exploration drilling, 3,000 metres of surface drilling and
6,000 metres of underground definition drilling. The estimated cost of this program is $2.2
million. The goal of the program is to replace reserves, provide an access for future exploration
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and production and provide confidence the ore-bearing structures remain economic below
depths of 500 metres.
At Kiena, surface exploration will focus on delineating and defining the new Dubuisson
discovery located 3 kilometres east of the shaft. A total of $2.4 million is designated towards
this task, including 21,000 metres of drilling.
Underground exploration will focus on the S-50 deep and S-50 north targets with 17,500 metres
of drilling planned. An additional 15,000 metres of definition drilling will continue to define and
trace our main producing zones to depth. The estimated cost of the underground component of
the work is $1.8 million.
In total we are planning over 80,000 metres of drilling in 2009 with a focus on tracing known
structures to depth, examining exciting new targets close to existing workings and proving up
the potential of the new Dubuisson discovery.
This release was prepared by George Mannard, P.Geo and Vice-President, Exploration in his
capacity as a Qualified Person within the meaning of National Instrument 43-101.
ABOUT WESDOME
Wesdome is an established Canadian gold producer with wholly-owned mining and milling
complexes located in Wawa, Ontario and Val d’Or, Québec. Wesdome has been producing
gold continually for 20 years on an unhedged basis and to date has produced in excess of 1.0
million ounces. The Company has 99.68 million shares issued and outstanding and trades on
the Toronto Stock Exchange under the symbol “WDO”.
For further information, please contact:
Rowland Uloth or Donovan Pollitt, P.Eng.
President VP Corporate Development
8 King St. East, Suite 1305
Toronto, ON, M5C 1B5
Toll Free: 1-866-4-WDO-TSX
Phone: 416-360-3743, Fax: 416-360-7620
Email: invest@wesdome.com, Website: www.wesdome.com
