Toronto, April 30, 2009 - Western Goldfields Inc. ("Western Goldfields" or the "Company") (TSX:WGI, NYSE Amex:WGW) today announces financial results for the three-month period ended March 31, 2009. The Company continued to focus on further enhancing its operational efficiency and met its production guidance at lower cost of sales per ounce(1) in the first quarter. All amounts are expressed in United States dollars unless otherwise indicated.
- Cash flow from operations of $8.9 million during the quarter
- Cash at March 31, 2009 of $26.6 million, including $7.5 million of restricted cash, an increase of $7.8 million during the quarter
- Gold production for the first quarter of 33,660 ounces
- Gold sales of 32,715 at an average realized price(2) of $867 per ounce
- Cost of sales per ounce(1) for the quarter of $573
- Net loss of $5.3 million, or $0.04 per share, for the first quarter of 2009, compared to a net loss of $19.6 million or $0.14 per share in 2008. The net loss in 2009 includes after tax mark-to-market losses on gold forward sales contracts of $7.5 million, or $0.06 per share as compared to $14.7 million, or $0.11 per share in the same prior year period.
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