Newspaper article The Canadian Press

Wesdome Delays Shareholder Meeting in Response to Resolute Funds Complaint

Newspaper article The Canadian Press

Wesdome Delays Shareholder Meeting in Response to Resolute Funds Complaint

Article excerpt

Wesdome delays shareholder meeting

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TORONTO - Wesdome Gold Mines (TSX:WDO) is postponing its annual meeting by up to four weeks in response to a last-minute complaint by its largest shareholder, Resolute Funds.

Resolute Funds said Monday it doesn't think Wesdome's leadership is capable of addressing issues at the Eagle River gold mining complex in northwestern Ontario near Wawa.

It's raised concerns about a significant increase in Wesdome's cash depletion during the first quarter, compared with the third quarter of 2015 when the company produced 14,484 ounces of gold from the Eagle River operation.

Wesdome reported last week that the complex produced 8,036 ounces of gold in the first quarter, down 21 per cent from a year earlier, and 2016 annual production is expected to be at the low end of an estimate ranging from 54,000 to 60,000 ounces. …

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