Wesdome announces TSX approval of normal course issuer bid

TORONTO, Aug. 5, 2011 /CNW/ --
TSX: WDO

TORONTO, Aug. 5, 2011 /CNW/ - Wesdome Gold Mines Ltd. ('Wesdome')
announced today that the Toronto Stock Exchange (the 'TSX') has
approved notice of its intention to make a normal course issuer bid.

Pursuant to the terms of the bid, Wesdome may purchase its own common
shares (the 'Shares') for cancellation through the facilities of the
TSX at the prevailing market price of the Shares. The number of Shares
purchased by Wesdome will in no event be in excess of 9,999,409 Shares,
being approximately 10% of its 'public float'. Purchases will be
subject to a daily maximum of 28,997 Shares, except where such
purchases are made in accordance with the 'block purchase' exemptions
under applicable TSX policy. Wesdome will effect purchases at varying
times commencing on or after August 8, 2011 and continuing until no
later than August 7, 2012.

Wesdome's previous normal course issuer bid expired on July 13, 2011,
2011. Pursuant to that bid (July 14, 2010 to July 13, 2011), Wesdome
acquired, through the facilities of the TSX, 37,800 Shares at a
weighted average price of $2.54 per Share.

In addition to providing shareholders liquidity, Wesdome believes that
its Shares have been trading in a price range which does not adequately
reflect the value of such shares in relation to the company's business
and its future prospects. As a result, Wesdome believes that its
outstanding Shares may represent an attractive investment.

As at the close of business on August 5, 2011, Wesdome had 101,922,659
Shares issued and outstanding.

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 forward-looking 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
forward-looking 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.

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Donovan Pollitt
President
8 King St. East, Suite 1305
Toronto, Ontario M5C-1B5
Toll Free: 1-866-4-WDO-TSX
Phone: 416-360-3743, Fax: 416-360-7620
Email: invest@wesdome.com, Website: www.wesdome.com