Lake Shore Gold Produces 44,600 Ounces in First Quarter 2014
April 03 2014 - 6:22PM
Marketwired
Lake Shore Gold Produces 44,600 Ounces in First Quarter 2014
TORONTO, ONTARIO--(Marketwired - Apr 3, 2014) - Lake Shore Gold
Corp. (TSX:LSG)(NYSEMKT:LSG) -
- Gold production for the first quarter of 2014 of 44,600 ounces,
almost double the 23,200 ounces produced in the first quarter of
2013
- Total mill throughput of 283,800 tonnes, a 44% increase from
the same quarter in 2013
- Average grade of 5.1 grams per tonne, ahead of target levels
and 34% higher than in the first quarter of 2013
- Company on track for full-year 2014 production of 160,000 to
180,000 ounces of gold
- Company repays approximately $3.7 million of debt in first
quarter 2014 and makes $3.2 million interest payment on convertible
debentures at end of March
- Cash and bullion of approximately $41.0 million at April 3,
2014.
Lake Shore Gold
Corp. ("Lake Shore Gold" or the "Company") today announced details
of the Company's operating results for the first quarter of 2014. A
total of 44,600 ounces of gold was produced, an increase of 92%
from the first quarter of 2013. Mill throughput during the first
quarter of 2014 totaled 283,800 tonnes at an average grade of 5.1
grams per tonne with average mill recoveries of 96.6%. Total gold
poured for the first quarter of 2014 totaled 45,700 ounces, while
gold sales totaled 42,900 ounces at an average price of US$1,294
per ounce. The Company's current cash and bullion totals
approximately $41.0 million.
|
|
|
|
|
Q1/14 |
Q1/13 |
Q4/13 |
Tonnes milled |
283,800 |
197,600 |
321,800 |
Average recovery (%) |
96.6 |
95.6 |
96.3 |
Average grade (grams per tonne) |
5.1 |
3.8 |
5.2 |
Gold Ounces |
|
|
|
|
Production |
44,600 |
23,200 |
51,700 |
|
Poured |
45,700 |
20,530 |
51,400 |
|
Sales |
42,900 |
26,100 |
49,600 |
Gold price (US$ per ounce) |
1,294 |
1,630 |
1,261 |
Gold price ($ per ounce) |
1,430 |
1,642 |
1,328 |
|
|
|
|
Tony Makuch, President and CEO of Lake Shore Gold, commented:
"The strong momentum we carried through the end of 2013 continued
in the first quarter of 2014. Our production of 44,600 ounces
exceeded our plan for the quarter, our grades continued to average
over 5.0 grams per tonne and our average mill throughput remained
well above 3,000 tonnes per day despite severe winter conditions
and a scheduled four-day maintenance shutdown in March. We
continued to build our cash position, with cash and bullion
currently totaling approximately $41.0 million compared to $34.0
million at the end of 2013. During the quarter, we repaid
approximately $3.7 million of debt and, at the end of March, made a
$3.2 million interest payment on our convertible debentures. Coming
out of the first quarter we are well positioned to achieve our
production guidance for the year of between 160,000 and 180,000
ounces of gold and to continue to build our cash position at the
same time that we are repaying our debt, with total repayments
during the year expected to total between $20 and $25 million."
Details of the Company's financial performance, including
capital and operating costs, will be included in its first quarter
2014 financial results to be released on Wednesday, May 7, 2014
before the market opens. The Company's Annual General Meeting
("AGM") of shareholders will be held on the same day at 10:00 am
EST at the TMX Broadcast Centre in Toronto, Ontario. A webcast of
the AGM will be available on the Company's website at
www.lsgold.com.
Qualified
Person
Scientific and technical information contained in this press
release related to reserves has been reviewed and approved by Dan
Gagnon, P.Geo., Senior Vice-President, Operations, and Natasha Vaz,
P.Eng., Vice-President, Technical Services, both of whom are
employees of Lake Shore Gold Corp., and "qualified persons" as
defined by National Instrument 43-101 - Standards of Disclosure for
Mineral Projects ("NI 43-101").
Scientific and technical information related to resources,
drilling and all matters involving mine production geology
contained in this press release, or source material for this press
release, was reviewed and approved by Eric Kallio, P.Geo.,
Vice-President, Exploration. Mr. Kallio is an employee of Lake
Shore Gold Corp., and is a "qualified person" as defined by NI
43-101.
About Lake Shore
Gold
Lake Shore Gold is a gold mining company that is in production
and is generating net free cash flow from its wholly owned
operations in the Timmins Gold Camp. The Company is in production
at both the Timmins West and Bell Creek mines, with material being
delivered for processing to the Bell Creek Mill. In addition to
current operations, the Company also has a number of highly
prospective projects and exploration targets, all located in and
around the Timmins Camp. The Company's common shares trade on the
TSX and NYSEMKT under the symbol LSG.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release relating to the
Company's expected production levels, production growth,
exploration activities, potential for increasing resources, project
expenditures and business plans are "forward-looking statements" or
"forward-looking information" within the meaning of certain
securities laws, including under the provisions of Canadian
provincial securities laws and under the United States Private
Securities Litigation Reform Act of 1995 and are referred to herein
as "forward-looking statements." The Company does not intend, and
does not assume any obligation, to update these forward-looking
statements. These forward-looking statements represent management's
best judgment based on current facts and assumptions that
management considers reasonable, including that operating and
capital plans will not be disrupted by issues such as mechanical
failure, unavailability of parts, labour disturbances, interruption
in transportation or utilities, or adverse weather conditions, that
there are no material unanticipated variations in budgeted costs,
that contractors will complete projects according to schedule, and
that actual mineralization on properties will be consistent with
models and will not be less than identified mineral reserves. The
Company makes no representation that reasonable business people in
possession of the same information would reach the same
conclusions. 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. In particular, delays in development or mining and
fluctuations in the price of gold or in currency markets could
prevent the Company from achieving its targets. Readers should not
place undue reliance on forward-looking statements. More
information about risks and uncertainties affecting the Company and
its business is available in the Company's most recent Annual
Information Form and other regulatory filings with the Canadian
Securities Administrators, which are posted on sedar at
www.sedar.com, or the Company's most recent Annual Report on Form
40-F and ot her regulatory filings with the Securities and Exchange
Commission.
Lake Shore Gold Corp.Tony MakuchPresident & CEO(416)
703-6298Lake Shore Gold Corp.Mark UttingVice-President, Investor
Relations(416) 703-6298www.lsgold.com
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