Lake Shore Gold on Track for Strong Finish to 2012, Processing Capacity Increased by 25%
11 Dicembre 2012 - 11:05PM
Marketwired
Lake Shore Gold Corp. (TSX:LSG)(NYSE Amex:LSG)(NYSE MKT:LSG) ("Lake
Shore Gold" or the "Company") today announced that the Company has
achieved a processing capacity of 2,500 tonnes per day following
the completion of the first stage of its 50% mill expansion. The
mill's new capacity represents an increase of 25% from the previous
capacity of 2,000 tonnes per day. The second stage of expansion, to
a capacity of 3,000 tonnes per day, is on track for completion
during the second quarter of 2013.
Tony Makuch, President and CEO of Lake Shore Gold, commented:
"We are beginning to see the payback from a lot of hard work and
investment over the last year. With increased mill throughput and
improved grades, we are set to finish the year strong and to
achieve full year production of over 85,000 ounces of gold. Equally
important, with the progress being made at our mill and in
completing our development and drilling programs at Timmins West
Mine, we are looking to 2013 as a break-out year for the Company,
with significantly higher production, lower operating costs, and a
sharp reduction in capital expenditures. Our balance sheet is
strong and we are financed to take Timmins West Mine to full
production at which time we will be generating positive free cash
flow."
The Company's mill expansion involves major upgrades to both the
front end ("crushing/grinding") and back end ("solution") of the
mill. In October 2012, the first components of the mill expansion
were brought on line, including a new thickener, new thickener
pumps and pumpbox, the new flocculants plant and water system
upgrades. To complete the first stage of the expansion, and
increase our throughput capacity to 2,500 tonnes per day, we have
now brought on line two new carbon-in-leach tanks, the new leach
tailings screening plant, the new gland water pumping system and
pump and piping upgrades to the secondary grinding circuit. The
second stage of the expansion, to reach 3,000 tonnes per day,
involves the completion of a new front end to the circuit,
specifically the ore receiving, crushing, ore storage and grinding
facilities. Work on this part of the expansion is well advanced
with completion expected in the second quarter of 2013.
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.
(1)Timmins West Mine average grade for October and November.
To view "Photo #1 - Bell Creek Mill," please visit the following
link: http://media3.marketwire.com/docs/LAKEPHOTO%231.pdf.
To view "Photo #2 - New Carbon-In-Leach Tanks," please visit the
following link:
http://media3.marketwire.com/docs/LAKEPHOTO%232.pdf.
To view "Photo #3 - New Thickener," please visit the following
link: http://media3.marketwire.com/docs/LAKEPHOTO%233.pdf.
Contacts: Lake Shore Gold Corp. Tony Makuch President & CEO
(416) 703-6298 Lake Shore Gold Corp. Mark Utting Vice-President,
Investor Relations (416) 703-6298info@lsgold.com www.lsgold.com
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