Shanta Gold Limited Inaugural connection to the State power grid (5603X)
December 20 2019 - 2:00AM
UK Regulatory
TIDMSHG
RNS Number : 5603X
Shanta Gold Limited
20 December 2019
20 December 2019
Shanta Gold Limited
("Shanta Gold", "Shanta" or the "Company")
Inaugural connection to the State power grid
Shanta Gold Limited ("Shanta", "Company") the East
Africa-focused gold producer, developer and explorer, is pleased to
announce that its New Luika Gold Mine ("NLGM") in South West
Tanzania has successfully connected to the state power grid
supplied by TANESCO. The initial connection represents
approximately 10% of NLGM's power needs and this is anticipated to
increase over the next 12-24 months. The cost of state grid power
is approximately half that of self-generated power.
Connection to the TANESCO grid further diversifies power sources
at NLGM, thereby reducing risk. NLGM now sources power from solar,
grid electricity, and HFO which has recently undergone a routine
12,000 hour rebuild of its engines refurbishing the gensets and
ensuring longevity.
Eric Zurrin, Chief Executive Officer, commented:
"This is a significant milestone for the New Luika Gold Mine
given power generation currently represents over 25% of our cash
costs. Lowering New Luika's costs reduces the cut-off grade
required for ounces to make it into the mine plan effectively
reducing the hurdle for exploration success."
Enquiries:
Shanta Gold Limited
Eric Zurrin (CEO) +255 (0) 22 292 5148
Luke Leslie (CFO)
Nominated Adviser and Broker
Numis Securities Limited
Paul Gillam / Alamgir Ahmed + 44 (0)20 7260 0000
Financial Public Relations
Tavistock
Charles Vivian / Barnaby Hayward / Gareth
Tredway +44 (0)20 7920 3150
About Shanta Gold
Shanta Gold is an East Africa-focused gold producer, developer
and explorer. It currently has defined ore resources on the New
Luika project in Tanzania and holds exploration licenses covering
approximately 1,500km(2) in the country. Shanta's flagship New
Luika Gold Mine commenced production in 2012 and produced 81,872
ounces in 2018. The Company has been admitted to trading on
London's AIM and has approximately 787 m shares in issue. For
further information please visit: www.shantagold.com.
ENDS
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END
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