Lake Shore Gold Reports Third Quarter 2012 Production of 20,939 Ounces of Gold, Company Remains on Track to Achieve 2012 Prod...
10 Ottobre 2012 - 11:21PM
Marketwired
Lake Shore Gold Corp. (TSX:LSG)(NYSE MKT:LSG)(NYSE Amex:LSG)
-- Gold production for third quarter 2012 of 20,939 ounces, up from 18,833
ounces for the same quarter in 2011
-- Gold poured during third quarter 2012 of 20,665 ounces, while gold sales
totaled 20,450 ounces at an average gold price of US$1,665 per ounce
-- Record quarterly mill performance with average throughput of 2,108
tonnes per day and average recoveries of 97.1%
-- Company remains on track to achieve 2012 production guidance
-- Cash and bullion inventory at September 30, 2012 of approximately $90.0
million, $35 million standby line remains undrawn
Lake Shore Gold Corp. ("Lake Shore Gold" or the "Company") today
announced details of the Company's operating results for the third
quarter of 2012. A total of 20,939 ounces of gold was processed, an
11% increase from the 18,833 ounces processed during the third
quarter of 2011. Mill throughput during the third quarter of 2012
totaled 193,999 tonnes at an average grade of 3.5 grams per tonne.
The Company's milling facility continued to perform well, with
record average mill throughput of 2,108 tonnes per day and average
recoveries of 97.1%. Total gold poured for the third quarter 2012
totaled 20,665 ounces, while gold sales totaled 20,450 ounces at an
average price of US$1,665 per ounce.
For the first nine months of 2012, 537,723 tonnes were processed
at an average grade of 3.7 grams per tonne for 62,047 ounces of
recovered gold. Gold poured totaled 61,143 ounces with gold sales
of 63,839 ounces at an average price of US$1,649 per ounce. The
Company remains on track to achieve its full-year 2012 production
guidance.
Q3/12 Q3/11 Q2/12
--------- --------- ---------
Tonnes milled 193,999 173,877 183,215
Tonnes per day 2,108 1,890 2,013
Average recovery (%) 97.1 96.6 96.8
Average grade (grams per tonne) 3.5 3.5 4.3
Gold Production (ounces) 20,939 18,833 24,426
Gold Poured (ounces) 20,665 16,693 24,298
Gold Sales (ounces) 20,450 16,570 24,915
Gold Price (US$ per ounce) 1,665 1,726 1,605
Tony Makuch, President and CEO of Lake Shore Gold, commented:
"Grades during the third quarter of 2012 at Timmins West Mine
continued to reconcile well with the reserve estimate. The average
grade for the quarter was lower than the previous quarter mainly
due to more mining in lower-grade areas of the Timmins West Mine
reserve and the Bell Creek Mine resource. We advanced lower-grade
areas of the Timmins West Mine, mainly at Thunder Creek, as a
result of taking additional time to increase the drill density in
certain high-grade areas of the UM Complex at the Timmins Deposit.
These are important areas and we are doing the work required to
maximize production and minimize dilution when these blocks are
mined. Looking ahead, we continue to make good progress with our
drilling and development programs at Timmins West Mine and our mill
expansion, which will position us to achieve our 2012 production
guidance as well as strong production growth in 2013."
Details of the Company's financial performance, including
capital and operating costs, will be included in its third quarter
and nine month 2012 financial results to be released in early
November.
As previously announced, Mario Stifano, Vice-President and Chief
Financial Officer, has resigned from the Company to become Chief
Executive Officer of a private company focused on mineral
exploration. Mr. Stifano's resignation is effective October 10,
2012.
Qualified Person
Mine development and operating activities at the Company's
Timmins assets are conducted under the supervision of Dan Gagnon,
Senior Vice-President, Operations. Mr. Gagnon is a qualified person
as defined by National Instrument 43-101 and has reviewed and
approved the information included in this news release.
About Lake Shore Gold
Lake Shore Gold is a mine development and operating company that
is in production and pursuing rapid growth through the advancement
of three wholly owned, multi-million ounce gold complexes 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. The Company continues to have an
active drilling program aimed at supporting current operations and
evaluating high-priority exploration targets around the Timmins
Camp. The Company's common shares trade on the TSX and NYSE MKT
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 other regulatory filings with the Securities and Exchange
Commission.
Contacts: Lake Shore Gold Corp. Tony Makuch President & CEO
(416) 703-6298info@lsgold.com Lake Shore Gold Corp. Mark Utting
Vice-President, Investor Relations (416) 703-6298info@lsgold.com
www.lsgold.com
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