|
Wesdome Gold Mines Ltd (WDO: TSX) ("Wesdome" or the
"Company") is pleased to report its financial and operating results
from its Canadian operations for the year ended December 31, 2010. This
information should be read in conjunction with the Company's annual financial
statements, notes to the financial statements and Management's Discussion and
Analysis. All figures are in Canadian dollars unless otherwise specified.
The Company owns the Eagle River gold mining operation in Wawa,
Ontario and the Kiena mining complex in Val d'Or, Quebec. The Eagle River
mine commenced commercial production on January 1, 1996, and the Kiena mine
on August 1, 2006.
HIGHLIGHTS
- Production
of 68,874 ounces
-
- Earnings
of $3.7 million or $0.04 per share
-
- Revenues
of $89.4 million
-
- Cash
flow from operations of $21.1 million or $0.21 per share
-
- Cash
and bullion at market at year-end of $40.9 million
-
- Reserves
increase 70% net of depletion
-
- Bullion
inventory of 12,906 ounces
-
Donovan Pollitt, CEO comments "This year's financial statements
demonstrate modest earnings and decent Cash Flow from operations. I am
pleased that the re-investment of this Cash Flow in 2010 resulted in 70% and
365% increases in reserves and resources per share, respectively. With a
solid 2011 year ahead of us, I am pleased to forecast strong production
growth in 2012 as the results of 2010 and 2011's investments show up at the
mill".
OVERALL PERFORMANCE
The Company owns and operates the Eagle River gold mining operations
in Wawa, Ontario and the Kiena Mine Complex in Val d'Or, Quebec. The Eagle
River mine commenced commercial production January 1, 1996 and the Kiena mine
August 1, 2006.
At December 31, 2010, the Company had working capital of $30.7 million.
During the year ended December 31, 2010, cash flow from operations totalled $21.1
million, $19.6 million of capital investments in exploration, development and
mining equipment were made and $2.0 million in dividends were paid. Net
income for the year ended December 31, 2010, was $3.7 million.
In 2010, mining operations at the Eagle River mine were in a low grade
sequence with recovered grades averaging about half those of 2009. During
this time development work to access the higher grade western portions of the
mine was undertaken. Once access is established at new depths the orebody
will be developed for mining of higher grade material over the next three
years. We expect these better grades to come onstream in 2012.
Also, in 2010, the Company launched development programs for the
Dubuisson Zone in Val d'Or and the Mishi open pit mine in Ontario. These new
projects form the basis of the Company's internal production growth prospects
over the short and medium term.
RESULTS OF OPERATIONS
|
|
|
|
Three Months Ended Dec 31
|
|
|
|
Twelve
Months Ended Dec 31
|
|
|
|
|
2010
|
|
2009
|
|
|
|
2010
|
|
2009
|
Eagle
River Mine
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tonnes
milled
|
|
|
|
39,281
|
|
29,970
|
|
|
|
155,554
|
|
132,004
|
Recovered
grade (g/t)
|
|
|
|
7.9
|
|
13.0
|
|
|
|
7.3
|
|
14.3
|
Production
(oz)
|
|
|
|
10,004
|
|
12,503
|
|
|
|
36,712
|
|
60,754
|
Sales
(oz)
|
|
|
|
10,000
|
|
15,000
|
|
|
|
40,000
|
|
56,300
|
Bullion
inventory (oz)
|
|
|
|
8,793
|
|
12,081
|
|
|
|
8,793
|
|
12,081
|
Bullion
revenue ($thousands)
|
|
|
|
14,013
|
|
17,543
|
|
|
|
50,690
|
|
62,649
|
Operating
costs ($thousands)
|
|
|
|
10,760
|
|
7,650
|
|
|
|
34,700
|
|
28,273
|
Mine
operating profit ($thousands) *
|
|
|
|
3,253
|
|
9,893
|
|
|
|
15,990
|
|
34,376
|
Gold price realized ($Cdn/oz)
|
|
|
|
1,399
|
|
1,168
|
|
|
|
1,266
|
|
1,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kiena
Mine Complex
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tonnes
milled
|
|
|
|
84,751
|
|
89,536
|
|
|
|
285,527
|
|
302,034
|
Recovered
grade (g/t)
|
|
|
|
4.2
|
|
3.0
|
|
|
|
3.5
|
|
3.6
|
Production
(oz)
|
|
|
|
11,508
|
|
8,690
|
|
|
|
32,162
|
|
35,398
|
Sales
(oz)
|
|
|
|
9,000
|
|
9,000
|
|
|
|
30,000
|
|
36,400
|
Bullion
inventory (oz)
|
|
|
|
4,113
|
|
1,951
|
|
|
|
4,113
|
|
1,951
|
Bullion
revenue ($thousands)
|
|
|
|
12,621
|
|
10,515
|
|
|
|
38,693
|
|
40,621
|
Operating
costs ($thousands)
|
|
|
|
6,226
|
|
7,204
|
|
|
|
28,084
|
|
29,746
|
Mine
operating profit ($thousands) *
|
|
|
|
6,395
|
|
3,311
|
|
|
|
10,609
|
|
10,875
|
Gold price realized ($Cdn/oz)
|
|
|
|
1,398
|
|
1,166
|
|
|
|
1,286
|
|
1,114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production
(oz)
|
|
|
|
21,512
|
|
21,193
|
|
|
|
68,874
|
|
96,152
|
Sales
(oz)
|
|
|
|
19,000
|
|
24,000
|
|
|
|
70,000
|
|
92,700
|
Bullion
inventory (oz)
|
|
|
|
12,906
|
|
14,032
|
|
|
|
12,906
|
|
14,032
|
Bullion
revenue ($thousands)
|
|
|
|
26,634
|
|
28,058
|
|
|
|
89,383
|
|
103,270
|
Operating
costs ($thousands)
|
|
|
|
16,986
|
|
14,854
|
|
|
|
62,784
|
|
58,019
|
Mine
operating profit ($thousands) *
|
|
|
|
9,648
|
|
13,204
|
|
|
|
26,599
|
|
45,251
|
Gold price realized ($Cdn/oz)
|
|
|
|
1,398
|
|
1,167
|
|
|
|
1,275
|
|
1,113
|
*
|
|
|
|
The Company has included in this
report certain non-GAAP performance measures, including mine operating
profit and operating costs to applicable sales. These measures are not
defined under GAAP and therefore should not be considered in isolation or
as an alternative to or more meaningful than, net income(loss) or cash flow
from operating activities as determined in accordance with GAAP as an
indicator of our financial performance or liquidity. The Company believes
that, in addition to conventional measures prepared in accordance with
GAAP, certain investors use this information to evaluate the Company's
performance and ability to generate cash flow.
|
Gold sales exceeded operating costs resulting in a mine operating
profit, or gross margin, of $26.6 million. In addition to these direct
operating costs, additional costs, including royalty payments, corporate and
general costs and interest costs totalled $5.0 million.
At the Eagle River mine grades averaged 7.3 gAu/tonne in 2010 compared
to 14.3 gAu/tonne in 2009. We were mining low grade portions of the mine
while establishing access at deeper levels to the high grade western portion
of the mine. Very encouraging drilling results in this area served to
increase Eagle River's proven and probable mineral reserves 50%, net of
depletion, compared to last year. More importantly, the quality of the
reserves improved with the average diluted grade almost doubling to 15.0
gAu/tonne. This material will start being introduced into the mining sequence
in 2012.
The Kiena mine produced 32,162 ounces of gold and posted a strong
fourth quarter. Kiena continues to be a steady, efficient, lower margin mine
with a tremendous safety record and outstanding exploration potential.
Overall average operating costs rose to $897Cdn per ounce sold in 2010
compared to $626Cdn per ounce in 2009. The gross margin declined to $378Cdn
per ounce in 2010 compared to $488Cdn per ounce in 2009. The difference is
almost entirely related to the mining of lower grade ore in the mine sequence
at Eagle River. The average sales price increased 14.5% to $1,275Cdn from
$1,113Cdn in 2009.
In 2010, the Company started driving a one kilometre long exploration
drift to the Dubuisson Zone, east of the Kiena mine. Detailed drilling
proposed for 2011 will establish size, continuity and mineability of this
material. Positive results would offer potential to generate production
growth for our Val d'Or operations over the short to medium term.
In Wawa, we completed a pre-feasibility study for the Mishi Project
located two kilometres west of the Eagle River mill. A 5-year initial mine
plan was developed which offers very attractive returns at current gold
prices and very modest capital costs. We intend to generate initial
production in the fourth quarter of 2011 pending successful completion and
regulatory approval of key preproduction activities. The successful
initiation of production for Mishi is expected to generate significant
incremental cost savings for the Eagle River mine operations.
In 2010, we advanced our internal growth projects and developed access
towards higher grade portions
of our mines. Combined with an aggressive drilling program we significantly
increased our mineral
reserves and resources, mine lives and advanced growth projects.
FOURTH QUARTER
Wesdome's production totalled 21,512 ounces. Sales during the quarter
totalled $26.6 million with 19,000 ounces sold at an average price of
$1,398Cdn per ounce. The cost of sales, or cash cost, was $894Cdn per ounce.
The Eagle River mine produced 10,004 ounces of gold from 39,281 tonnes
milled at an average recovered grade of 7.9 gAu/tonne. Sales totalled 10,000
ounces at an average realized price of $1,399Cdn per ounce. Cost of sales, or
cash cost, averaged $1,076Cdn per ounce. Mine operating profit for the
quarter was $3.3 million.
The Kiena mine produced 11,508 ounces from 84,751 tonnes milled at an
average recovered grade of 4.2 gAu/tonne. Sales totalled 9,000 ounces at an
average realized price of $1,398Cdn per ounce. Cost of sales, or cash cost,
averaged $692Cdn per ounce. With the combination of higher grades, throughput
and gold prices the Kiena mine generated a mine operating profit, or gross
margin, of $6.4 million.
LIQUIDITY AND CAPITAL RESOURCES
At December 31, 2010, the Company had working capital of $30.7 million,
compared to $35.2 million at year-end 2009. The Company invested $16.7
million in exploration and development, $0.7 million on exploration
properties and $2.2 on capital equipment for a total of $19.6 million,
compared to $14.2 million in exploration and development, $0.8 million on the
acquisition of exploration properties and $4.2 million on capital equipment
for a total of $19.2 million in 2009.
The Company's inventory includes 12,906 ounces of gold bullion, a
liquid asset with a market value of $18.1 million on December 31, 2010.
The Company believes it has sufficient capital resources to cover its
obligations, capital and operating
costs going forward. On April 30, 2010, the Company paid a dividend of $0.02
per share.
Production planned in 2011 should generate operating cash flow, even
at gold prices well below those
currently being realized.
OUTLOOK
In 2011, we expect similar outputs from Kiena and Eagle River plus
initial production from Mishi. This should put us over 70,000 ounces for the
year. Clarity on the contribution from Mishi will improve as regulatory
requirements are met. We expect 2012 to be a very strong year, perhaps our
best ever, as grades rise at Eagle River and the first full year of Mishi
kicks in. At Dubuisson drilling will provide information to decide on further
development potential.
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 1.2 million ounces. The
Company has 101.2 million shares issued and outstanding and trades on the Toronto
Stock Exchange under the symbol "WDO".
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
Wesdome
Gold Mines Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31
|
|
|
|
|
|
2010
|
|
|
|
|
|
2009
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
|
|
$
|
|
22,806
|
|
|
|
$
|
|
23,702
|
|
Receivables
|
|
|
|
|
|
7,442
|
|
|
|
|
|
4,022
|
|
Inventory
|
|
|
|
|
|
14,490
|
|
|
|
|
|
14,624
|
|
Marketable
securities
|
|
|
|
|
|
-
|
|
|
|
|
|
211
|
|
Future
income taxes
|
|
|
|
|
|
1,514
|
|
|
|
|
|
1,199
|
|
|
|
|
|
|
46,252
|
|
|
|
|
|
43,758
|
Restricted
funds
|
|
|
|
|
|
2,420
|
|
|
|
|
|
2,588
|
Future
income taxes
|
|
|
|
|
|
940
|
|
|
|
|
|
2,245
|
Capital
assets
|
|
|
|
|
|
-
|
|
|
|
|
|
9
|
Mining
properties
|
|
|
|
|
|
74,771
|
|
|
|
|
|
64,637
|
Exploration
properties
|
|
|
|
|
|
30,762
|
|
|
|
|
|
30,018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
155,145
|
|
|
|
$
|
|
143,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables
and accruals
|
|
|
|
$
|
|
12,938
|
|
|
|
$
|
|
7,322
|
|
Mining
taxes
|
|
|
|
|
|
1,317
|
|
|
|
|
|
-
|
|
Current
portion of obligations under capital leases
|
|
|
|
|
|
1,262
|
|
|
|
|
|
1,240
|
|
|
|
|
|
|
15,517
|
|
|
|
|
|
8,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes payable
|
|
|
|
|
|
58
|
|
|
|
|
|
82
|
Obligations
under capital leases
|
|
|
|
|
|
1,735
|
|
|
|
|
|
1,108
|
Convertible
7% debentures
|
|
|
|
|
|
10,072
|
|
|
|
|
|
9,483
|
Asset
retirement obligation
|
|
|
|
|
|
1,597
|
|
|
|
|
|
1,324
|
|
|
|
|
|
|
28,979
|
|
|
|
|
|
20,559
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling
interest in Moss Lake Gold Mines Ltd.
|
|
|
|
|
|
740
|
|
|
|
|
|
857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
stock
|
|
|
|
|
|
116,217
|
|
|
|
|
|
114,567
|
Contributed
surplus
|
|
|
|
|
|
3,807
|
|
|
|
|
|
3,770
|
Accumulated
other comprehensive loss
|
|
|
|
|
|
-
|
|
|
|
|
|
(222)
|
Equity
component of convertible debentures
|
|
|
|
|
|
1,970
|
|
|
|
|
|
1,970
|
Retained
earnings
|
|
|
|
|
|
3,432
|
|
|
|
|
|
1,754
|
|
|
|
|
|
|
125,426
|
|
|
|
|
|
121,839
|
|
|
|
|
$
|
|
155,145
|
|
|
|
$
|
|
143,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wesdome
Gold Mines Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Statements of Income and Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Years
Ended December 31
|
|
|
|
|
|
2010
|
|
|
|
|
|
2009
|
(in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold
and silver bullion
|
|
|
|
$
|
|
89,383
|
|
|
|
$
|
|
103,270
|
|
Interest
and other
|
|
|
|
|
|
78
|
|
|
|
|
|
266
|
|
|
|
|
|
|
89,461
|
|
|
|
|
|
103,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs
and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs
|
|
|
|
|
|
62,784
|
|
|
|
|
|
58,019
|
|
Amortization
of mining properties
|
|
|
|
|
|
14,040
|
|
|
|
|
|
12,869
|
|
Production
royalties
|
|
|
|
|
|
917
|
|
|
|
|
|
1,073
|
|
Corporate
and general
|
|
|
|
|
|
2,489
|
|
|
|
|
|
2,064
|
|
Stock
based compensation expense
|
|
|
|
|
|
516
|
|
|
|
|
|
495
|
|
Interest
on long term debt
|
|
|
|
|
|
1,598
|
|
|
|
|
|
1,596
|
|
Other
interest
|
|
|
|
|
|
-
|
|
|
|
|
|
16
|
|
Amortization
of capital assets
|
|
|
|
|
|
9
|
|
|
|
|
|
1
|
|
Accretion
of asset retirement obligation
|
|
|
|
|
|
79
|
|
|
|
|
|
71
|
|
|
|
|
|
|
82,432
|
|
|
|
|
|
76,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income before the following
|
|
|
|
|
|
7,029
|
|
|
|
|
|
27,332
|
Dilution
(loss) gain on Moss Lake Gold Mines Ltd.
|
|
|
|
|
|
(7)
|
|
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income before income tax and non-controlling interest
|
|
|
|
|
|
7,022
|
|
|
|
|
|
27,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
tax (recovery)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
1,293
|
|
|
|
|
|
(91)
|
|
Future
|
|
|
|
|
|
2,106
|
|
|
|
|
|
(4,676)
|
|
|
|
|
|
|
3,399
|
|
|
|
|
|
(4,767)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income before non-controlling interest
|
|
|
|
|
|
3,623
|
|
|
|
|
|
32,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling
interest
|
|
|
|
|
|
112
|
|
|
|
|
|
57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
3,735
|
|
|
|
|
|
32,165
|
Other
comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
in fair value of available-for-sale marketable securities
|
|
|
|
|
|
-
|
|
|
|
|
|
68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
|
|
$
|
|
3,735
|
|
|
|
$
|
|
32,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted
|
|
|
|
$
|
|
0.04
|
|
|
|
$
|
|
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wesdome
Gold Mines Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Years
Ended December 31
|
|
|
|
|
|
2010
|
|
|
|
|
|
2009
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
$
|
|
3,735
|
|
|
|
$
|
|
32,165
|
|
Amortization
of mining properties
|
|
|
|
|
|
14,040
|
|
|
|
|
|
12,869
|
|
Accretion
of discount on convertible debentures
|
|
|
|
|
|
589
|
|
|
|
|
|
516
|
|
Dilution
loss (gain) on Moss Lake Gold Mines Ltd.
|
|
|
|
|
|
7
|
|
|
|
|
|
(9)
|
|
Non-controlling
interest
|
|
|
|
|
|
(112)
|
|
|
|
|
|
(57)
|
|
Stock
based compensation expense
|
|
|
|
|
|
516
|
|
|
|
|
|
495
|
|
Amortization
of capital assets
|
|
|
|
|
|
9
|
|
|
|
|
|
1
|
|
Future
income taxes
|
|
|
|
|
|
2,106
|
|
|
|
|
|
(4,676)
|
|
Gain
on sale of equipment
|
|
|
|
|
|
(216)
|
|
|
|
|
|
(1)
|
|
Gain
on property held for sale
|
|
|
|
|
|
-
|
|
|
|
|
|
(122)
|
|
Loss
on sale of marketable securities
|
|
|
|
|
|
362
|
|
|
|
|
|
-
|
|
Accretion
of asset retirement obligation
|
|
|
|
|
|
79
|
|
|
|
|
|
71
|
|
|
|
|
|
|
21,115
|
|
|
|
|
|
41,252
|
|
Net
changes in non-cash working capital
|
|
|
|
|
|
(568)
|
|
|
|
|
|
(4,745)
|
|
|
|
|
|
|
20,547
|
|
|
|
|
|
36,507
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise
of options
|
|
|
|
|
|
1,232
|
|
|
|
|
|
984
|
|
Funds
paid to repurchase common shares under NCIB
|
|
|
|
|
|
(78)
|
|
|
|
|
|
(38)
|
|
Funds
paid to repurchase debentures
|
|
|
|
|
|
-
|
|
|
|
|
|
(477)
|
|
Share
issuance costs
|
|
|
|
|
|
(40)
|
|
|
|
|
|
(105)
|
|
Dividends
paid
|
|
|
|
|
|
(2,013)
|
|
|
|
|
|
(1,995)
|
|
Shares
issued by a subsidiary of the company to third parties
|
|
|
|
|
|
-
|
|
|
|
|
|
17
|
|
Repayment
of obligations under capital leases
|
|
|
|
|
|
(1,589)
|
|
|
|
|
|
(1,890)
|
|
|
|
|
|
|
(2,488)
|
|
|
|
|
|
(3,504)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions
to mining and exploration properties
|
|
|
|
|
|
(23,620)
|
|
|
|
|
|
(17,857)
|
|
Proceeds
on sale of equipment
|
|
|
|
|
|
235
|
|
|
|
|
|
577
|
|
Proceeds
on sale of marketable securites
|
|
|
|
|
|
71
|
|
|
|
|
|
-
|
|
Proceeds
on property held for sale
|
|
|
|
|
|
-
|
|
|
|
|
|
400
|
|
Funds
held against standby letters of credit
|
|
|
|
|
|
168
|
|
|
|
|
|
(285)
|
|
|
|
|
|
|
(23,146)
|
|
|
|
|
|
(17,165)
|
|
Net
changes in non-cash working capital
|
|
|
|
|
|
4,191
|
|
|
|
|
|
(165)
|
|
|
|
|
|
|
(18,955)
|
|
|
|
|
|
(17,330)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Decrease)
increase in cash and cash equivalents
|
|
|
|
|
|
(896)
|
|
|
|
|
|
15,673
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents, beginning of year
|
|
|
|
|
|
23,702
|
|
|
|
|
|
8,029
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents, end of year
|
|
|
|
$
|
|
22,806
|
|
|
|
$
|
|
23,702
|
|
|