Lake Shore Gold 2012 production on target, sharp rise expected
TORONTO (miningweekly.com) – Timmins gold camp-focused Lake Shore Gold on Friday said 2012 full-year production was on target, adding that it was positioned to sharply lift gold production during this year.
The company said that full-year 2012 production from its Timmins West mine totalled 85 782 oz from processing 719 298 t of ore at an average grade of 3.9 g/t, resulting in 85 184 oz of gold poured, in line with the company’s guidance.
During the fourth quarter ended December 31, the company produced 23 738 oz, resulting in 24 041 oz of gold poured.
During the year Lake Shore completed critical mine development and expansion projects, increasing mining and milling capacity by 25% to 2 500 t/d, and the company expects to reach 3 000 t/d during the second quarter.
Lake Shore said it expects strong production growth this year to between 120 000 oz and 135 000 oz of gold, at cash costs of between $800/oz and $875/oz, including royalties.
It has budgeted capital spending of about $80-million and exploration spending of $10-million. At the end of the quarter, the company had about $61-million in cash in the bank and bullion inventory.
"The progress we achieved in 2012 has positioned us for significantly higher production, reduced spending and improved cash operating costs in 2013,” Lake Shore Gold CEO Tony Makuch said.
The company’s stock rose 3.66% on the TSX on Friday afternoon to 85 Canadian cents apiece.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Complete range of security sealing solutions including security seals bags and labels.
VISIT SHOWROOM
CSIR International Convention Centre (CSIR ICC) - the leading conference and events venue in Pretoria/Tshwane.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
