November 7, 2011 / 2:08 PM / in 6 years

UPDATE 1-Wesdome Q3 loss widens on difficult mining conditions

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Nov 7 (Reuters) - Canada’s Wesdome Gold Mines Ltd posted a wider quarterly loss, hurt by challenging mining conditions.

The company, which owns the Eagle River mine in Ontario and the Kiena mine in Quebec, posted a net loss of C$1.6 million, or 1 Canadian cent per share, for the third quarter. In the same quarter last year, it posted a loss of C$118,000 or break-even per share.

“Challenging ground conditions at Kiena and development production issues have delayed the turnaround we were expecting,” Chief Executive Donovan Pollitt said in a statement.

Last week, the miner said quarterly gold production fell by a third and it expected to produce less gold than planned for the full year.

July-September revenue fell 6 percent to C$19.6 million.

Toronto-based Wesdome sold 12,000 ounces of gold at an average price of C$1,646 per ounce in the quarter.

Shares of the company closed at C$2.13 on Friday on the Toronto Stock Exchange. (Reporting by Ankur Banerjee in Bangalore; Editing by Maju Samuel)

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