Western Goldfields Second Quarter Production on Target
July 02 2008 - 5:52PM
PR Newswire (US)
- Gold production for second quarter at the high end of the
forecasted range - Mine became cash flow positive in June 2008
TORONTO, July 2 /PRNewswire-FirstCall/ -- Western Goldfields Inc.
(TSX:WGI, AMEX:WGW) is pleased to provide an unaudited second
quarter production update for its Mesquite Mine in California.
Second Quarter and Year-to-Date Highlights
------------------------------------------ Gold production: - Gold
produced was 28,524 ounces, which is at the high end of the
forecasted range of 20,000 - 30,000 ounces of gold. - Gold sold
during the quarter was 22,760 ounces at an average price of $893
per ounce. - Total year-to-date gold production was 37,590 ounces
and year-to-date gold sales were 32,720 ounces at an average price
of $905 per ounce. - Gold production has increased to over 600
ounces daily and is expected to remain at these levels for the
remainder of 2008. The Mesquite Mine has achieved the following: -
1,926,738 tons of ore at an average grade of 0.037 ounces gold per
ton, containing 72,840 ounces of gold, were placed on the leach pad
during the second quarter. - 3,195,474 tons of ore at an average
grade of 0.029 ounces gold per ton, containing 91,800 ounces of
gold, were delivered to the leach pad year-to-date. "The mine
equipment and operations are performing as planned and gold
production is continually increasing as we add more ore to the
leach pad," reported Mr. Raymond W. Threlkeld, President and Chief
Executive Officer. "Now that we have reached our targeted daily
gold production we will focus our efforts on optimizing operations
at the mine," he added. Daily gold production has continued to
increase since production began in January 2008. The mine became
cash flow positive during June 2008. 2008 Outlook ------------ The
Mesquite Mine is expected to produce between 55,000 to 60,000
ounces of gold during the third quarter of 2008 as higher grade ore
from the Rainbow Pit is placed on the leach pad. Gold production
for 2008 is projected to be 135,000 - 145,000 ounces of gold.
Western Goldfields Inc. ----------------------- Western Goldfields
Inc. is a gold producer and exploration company with a focus on
precious metal mining opportunities in North America. The Mesquite
Mine, currently the Company's sole asset, was brought into
production in January 2008, and the Company's focus is now on
maximizing production and completing planned improvements to the
operations. Western Goldfields common shares trade on the Toronto
Stock Exchange under the symbol WGI, and on the American Stock
Exchange under the symbol WGW. For further details, please visit
http://www.westerngoldfields.com/. Forward-Looking Information
--------------------------- Certain statements contained in this
news release and subsequent oral statements made by and on behalf
of the Company may contain forward-looking information within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 and similar Canadian legislation. Such forward-looking
statements are identified by words such as "intends",
"anticipates", "believes", "expects", "plans" and "hopes" and
include, without limitation, statements regarding the Company's
plan of business operations, production and cost estimates,
potential contractual arrangements, receipt of working capital,
anticipated revenues, and capital and operating expenditures. These
forward-looking statements are based on the best estimates of
management at the time such statements are made. There can be no
assurance that such statements will prove to be accurate; actual
results and future events could differ materially from such
statements. Factors that could cause actual results to differ
materially include, among others, those set forth in the Company's
Annual Report on Form 10-KSB for the year ended December 31, 2007
filed with the U.S. Securities and Exchange Commission and the
Ontario Securities Commission, under the caption, "Risk Factors".
Most of these factors are outside the control of the Company.
Investors are cautioned not to put undue reliance on
forward-looking statements. Except as otherwise required by
applicable securities statutes or regulation, the Company disclaims
any intent or obligation to update publicly these forward-looking
statements, whether as a result of new information, future events
or otherwise. DATASOURCE: Western Goldfields Inc. CONTACT: please
visit http://www.westerngoldfields.com/, or contact: Raymond
Threlkeld, President and CEO, (416) 324-6005, ; Brian Penny, Chief
Financial Officer, (416) 324-6002, , Julie Taylor Pantziris,
Director, Regulatory Affairs and Investor Relations, (416)
324-6015,
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