Hochschild Mining Stake In Lake Shore Gold To Be Diluted To 35%

Hochschild Mining PLC (HOC.LN), a precious metals company, said Thursday its current 37% holding in Lake Shore Gold Corp (LSGGF) will be diluted to 35%.

MAIN FACTS:

-Lake Shore Gold made a financing of C$76 million to fund general corporate activities and working capital.; Hochschild will not be participating in the proposed financing.

-Lake Shore Gold continues to anticipate ending 2010 at a monthly production rate of 10,000 ounces from the Bell Creek Mill with commercial production targeted for the fourth quarter.

-Longer term, the company is working towards building production with the potential to produce over 300,000 ounces of gold annually over the coming years.

-Shares of Hochschild Mining on Wednesday closed at 326.6 pence, valuing the company at GBP1.10 billion.

-By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, tapan.panchal@dowjones.com

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